Report Description

Forecast Period

2024-2028

Market Size (2022)

USD 7.8 Billion

CAGR (2023-2028)

6.2%

Fastest Growing Segment

Single Axis

Largest Market

Europe


Market Overview

Global Solar Tracker for Power Generation Market was valued at USD 7.8 Billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of  6.2 % through 2028. The rising trend of carbon emissions is driving the global demand for green and clean energy. According to the fast carbon analysis, the UK government plans to generate almost half of its electricity from renewable sources by 2025. Additionally, the market is expanding due to the rising investments in green energy initiatives. As a result, the global market for solar tracker for power generation is expanding due to the increase in demand for green energy. A fixed PV panel arrangement costs 50% more than a single-axis solar tracker, increasing capacity by 25% to 35%. Its straightforward construction has a quicker payback period and delivers the highest PV panel placement per square density. At the moment, horizontal single-axis trackers (HSAT) are the most popular option for trackers since they can offer 20–30% more energy without the additional expense and complexity of dual–axis tracking systems. Additionally, the cost of single-axis tracking systems is declining, which is increasing the demand for single-axis tracking systems largely, thus boosting the overall demand for the solar tracker for power generation market.

Furthermore the factors such as the environmental degradation coupled with the rising fuel prices will drive industry growth. Moreover, the public awareness of the benefits of renewable energy along with the numerous favorable government policies that promote solar energy projects also accelerates the market growth.

Key Market Drivers

Solar energy is one of the most promising and rapidly growing sources of clean and renewable energy in the world. To harness the maximum potential of solar power, solar tracking systems have become essential components of solar power plants. These tracking systems are used to orient solar panels or photovoltaic modules to follow the path of the sun, ensuring they capture the maximum amount of sunlight throughout the day. This technology has given rise to the global solar tracker market, which plays a pivotal role in the advancement of solar power generation.

Understanding Solar Trackers

Solar trackers are devices that enable solar panels to follow the sun as it moves across the sky, optimizing the angle of incidence of sunlight and increasing the energy output of photovoltaic systems. There are primarily two types of solar trackers: single-axis and dual-axis.

Single-Axis Trackers: These trackers move along a single axis, usually from east to west. They adjust the tilt of solar panels to follow the sun's path throughout the day. Single-axis trackers are simpler and more cost-effective than dual-axis trackers.

Dual-Axis Trackers: These trackers move along both horizontal (east to west) and vertical (up and down) axes. This allows solar panels to follow the sun's daily and seasonal variations, optimizing energy capture.

Importance of Solar Trackers

The role of solar trackers is crucial in enhancing the efficiency of solar power generation. Solar panels are most effective when they are directly facing the sun. As the sun's position changes throughout the day and seasons, a fixed, non-tracking solar panel will not receive sunlight optimally. Solar trackers address this limitation by continuously adjusting the orientation of panels to maximize energy production.

Global Solar Tracker Market Overview

The global solar tracker market has been experiencing remarkable growth in recent years. Several key factors contribute to this expansion:

Increasing Solar Installations: As the world seeks to transition to cleaner energy sources, there has been a significant increase in solar installations, both for utility-scale and distributed solar power generation.

Efficiency Improvements: Solar trackers substantially enhance the efficiency of solar panels, leading to greater energy production and making solar energy more cost-effective.

Falling Costs: With advancements in technology and economies of scale, the cost of solar trackers has been decreasing, further driving their adoption.

Government Incentives: Many governments around the world offer incentives, tax credits, and subsidies to promote the use of solar energy, incentivizing the installation of solar trackers.

Solar Tracker Drives in Power Generation

Drives are essential components in solar tracking systems. They are responsible for the movement and positioning of solar panels in response to the sun's path. There are various drive mechanisms employed in solar tracking systems:

Hydraulic Drives: These drives use hydraulic fluid to move the solar panels. Hydraulic drives are known for their high precision and reliability but can be relatively expensive to install and maintain.

Electric Drives: Electric drives use electric motors to adjust the position of solar panels. They are more cost-effective than hydraulic drives and are commonly used in single-axis trackers.

Linear Actuators: Linear actuators are used in many dual-axis trackers. They convert rotary motion into linear motion, allowing precise control over panel positioning.

Gear Drives: Gear drives are a fundamental component of most tracking systems. They allow for controlled rotation and alignment of the solar panels.

Advantages of Solar Tracker Drives

The integration of drives into solar tracking systems offers several advantages:

Increased Energy Capture: Solar tracker drives ensure that solar panels are always positioned optimally to capture sunlight, resulting in higher energy production.

Precision and Accuracy: Drives enable precise tracking, ensuring that solar panels are aligned with the sun's position at all times. Depending on the type of drive used, solar tracker systems can be reliable and require minimal maintenance.

Maximized ROI: The enhanced energy production achieved with solar tracker drives often results in a quicker return on investment for solar power plant operators.: Although the cost of solar trackers has been decreasing, they still represent a substantial initial investment, especially for large-scale projects. Some types of solar tracker drives can be complex and may require regular maintenance, adding to operational costs. The manufacturing and disposal of solar trackers, as with any technology, have environmental impacts that need to be managed responsibly. Solar trackers are exposed to the elements and must withstand harsh weather conditions, which can pose challenges in terms of durability.

Future Trends in the Solar Tracker Market

The global solar tracker market is expected to continue evolving with several key trends:

Advancements in Technology: Ongoing advancements in solar tracker technology, including more efficient drives and control systems, will further improve energy capture. The integration of solar trackers with energy storage systems will allow for more consistent and reliable power generation, even during periods of low sunlight.

Sustainability and Recycling: As the industry matures, there will be a growing focus on sustainability and responsible disposal or recycling of solar tracker components. Emerging markets in Asia, Africa, and South America are expected to drive significant growth in the solar tracker market as solar energy adoption spreads.

In conclusion, the global solar tracker market is a vital component of the solar energy industry. It enables the efficient harnessing of solar power, making it a more cost-effective and reliable source of renewable energy. Solar tracker drives play a central role in ensuring that solar panels are continually positioned for maximum sunlight capture. As technology advances and the industry matures, the future of the solar tracker market looks promising, contributing to a greener and more sustainable energy landscape worldwide.