At a CAGR of 20.13% between 2022 and 2030, the global Solar Tracker Market Size is expected to grow from its 2021 valuation of USD 3.38 billion to reach USD 21.15 billion by 2030. Over 25% of total income was generated in North America in 2021, and that share is expected to grow even more by 2030.
Defining the term "Solar Tracker"
Positioning an object at an oblique angle to the sun is the job of a solar tracker. With the help of space telescopes, the most common solar tracking device tilts photovoltaic (PV) panels to face perpendicular to the sun's rays. A PV solar tracking device is used to keep a solar panel pointed in the direction of the sun at all times. The solar panel receives more sunshine, less light is reflected, and more solar energy is absorbed if it is kept perpendicular to the sun. This potential power is amenable to electrical generation.
Factors Affecting the Growth of the Market
The efficiency of a solar panel system can be significantly increased by using a solar tracker to align the panels with the sun's movement throughout the day. The global solar tracker market is expanding thanks to industry players' rising initiatives and efforts. The single-axis sun tracker for over 30PV plants with a combined capacity of around 3GW was ordered from PV Hardware Solutions S.L.U., a leading player in the solar tracker market, in April 2019.
In addition, the increasing need for renewable energy is fueling the expansion of the worldwide solar tracker market. The rising concern for the environment is also contributing to the development of the worldwide solar tracker market. Significant increases in solar panel installations are one element propelling the solar tracker market and that is the hint at the rising future of the solar tracker market in the US. And as more and more governments pass policies that encourage solar energy installations, the need for solar trackers rises.
Analysis of Product
In 2021, 90% of all tracker sales were from single-axis devices. Most solar trackers with a single axis rotate clockwise from east to west to follow the sun's daily motion. As its name implies, single-axis trackers require one axis of movement and are thus cheap, simple to install, and affordable to run. In terms of dependability, they are superior to dual-axis trackers. As opposed to single-axis trackers, dual-axis trackers wear out more quickly. Smaller enterprises or those on a tight budget should use single-axis trackers.
From 2022 to 2030, the market for dual-axis trackers is expected to expand rapidly. Dual-axis trackers produce 8-10% more energy than single-axis trackers. Due to their larger footprint, more complex technology, and extensive motor and control system maintenance, dual-axis trackers have a hefty cost of ownership.
Perspectives on Technology
The solar photovoltaic (PV) sector led the solar tracker market in 2021. A solar photovoltaic system uses sunlight and no moving parts to generate electricity. Photons are discrete, light-based units of energy, and solar photovoltaic systems directly absorb them to generate electricity or store it chemically.
In 2021, concentrated photovoltaic (CPV) systems will be the fastest-growing use for solar trackers. By concentrating sunlight on solar cells, CPV systems significantly improve their output. CPV systems focus light onto solar panels by consolidating it with lenses or mirrors.
Polymer coating solutions are one example of the new, environmentally friendly technology and equipment in widespread use today. Manufacturers utilize polymer coatings on the solar trackers' moving parts to lower friction and extend the life of these expensive machines. Manufacturers are increasingly employing polymer coatings technology in solar panel trackers due to their numerous benefits and the fact that they are REACH Compliant.
Conclusion
During the projected timeframe, increased global concerns about energy conservation and the move from nonrenewable to renewable energy are expected to drive demand for solar energy and, ultimately, solar trackers. A solar tracker employs many electrical components, including actuators, motors, and sensors, to maximize the energy harvested from the sun's rays to move the solar cell into the optimal position. Solar energy is used to generate electricity, which is consumed by many different types of consumers.
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