The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The solar tracker for power generation market is expected to grow to $9.92 billion in 2027 at a CAGR of 10.2%.
Solar trackers for power generation
The solar tracker for the power generation market consists of sales of Horizontal Single-Axis Solar Tracker (HSAT), Horizontal Tilted Single-Axis Solar Tracker (HTSAT), Vertical Single-Axis Solar Tracker (VSAT), Vertical-Tilted Single-Axis Solar Tracker (VTSAT), polar-axis tracking and altitude–azimuth tracking. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Actions of solar tracker
A solar tracker for power generation refers to positioning a photovoltaic panel at an optimum angle towards the sun to capture maximum sunlight and enhance the electricity production capacity of a solar plant. These are being used to generate clean energy and minimize carbon emissions during the power production process.
It is used to generate power by enhancing the efficiency of solar panels by capturing the maximum solar energy and maximizing the solar panel output. The solar tracker for the power generation market consists of sales of solar trackers by entities (organizations, sole traders, and partnerships) that are used to generate power by enhancing the efficiency of solar panels by capturing the maximum solar energy and maximising the solar panel output. A solar tracker for power generation refers to positioning a photovoltaic panel at an optimum angle towards the sun to capture maximum sunlight and enhance the electricity production capacity of a solar plant. These are being used to generate clean energy and minimize carbon emissions during the power production process.
Types of solar trackers
The main products of solar trackers for power generation are the single-axis and dual-axis. Single-axis trackers refer to a technology that adjusts the position of a solar panel along an axis to follow the sun’s changing position throughout the passing days and years. The technologies used are PV and CSP. The various applications involved are residential, commercial, industrial, and utility.
Growth actuators
The rising power demand for renewable energy sources is expected to propel the growth of solar trackers for the power generation market going forward. Renewable energy is the energy that comes from sources that are continuously replenished naturally, such as the sun, rain, geothermal heat, and waves.
Solar trackers use renewable energy sources for the generation of power. For instance, according to the International Energy Agency (IEA) investment report 2021, a France-based autonomous intergovernmental organization for energy, the global power sector investment was expected to rise by 5% to more than $820 billion in 2021 over 2020. Renewables dominated new power generation investment, accounting for 70% of the $530 billion spent on all new power generation capacity in 2021. Therefore, the rise in power demand from renewable sources is driving the solar tracker for the power generation market.
Current focus
The development of innovative products is the key trend gaining popularity in the solar tracker for the power generation market. Major companies operating in the solar tracker for power generation market are focused on developing innovative products to strengthen their position in the market.
Recent developments
In June 2021, Soltec, a Spain-based single-axis solar tracker manufacturer, launched the SFOne solar tracker. The new SFOne solar tracker is a highly adaptable solar tracker and can be used for any type of project across the globe.
In September 2020, Trina Solar, a China-based solar products and services provider, acquired NClave for an undisclosed amount. Trina Solar can strategically expand its business in the smart PV supplier segment by making NClave an independent subsidiary of Trina Solar. Nclave is a Spanish company and a leading manufacturer of solar trackers.
