Urja Daily
No Result
View All Result
  • News
  • Renewable
    • Solar
    • Rooftop
    • Floating Solar
    • Module
    • Wind
    • Hydrogen
    • Biomass
    • Tenders
    • Sustainibility
  • Storage
  • E-Mobility
  • EV Battery
  • Smart City
  • Power
    • Smart Grid
    • Microgrid
    • Off-Grid
  • Editor’s Pick
    • Articles
    • In Talks
    • E-MAG
    • Market Research
  • On-demand Webinars
  • More
    • Events
    • Contact Us
    • Subscribe
  • News
  • Renewable
    • Solar
    • Rooftop
    • Floating Solar
    • Module
    • Wind
    • Hydrogen
    • Biomass
    • Tenders
    • Sustainibility
  • Storage
  • E-Mobility
  • EV Battery
  • Smart City
  • Power
    • Smart Grid
    • Microgrid
    • Off-Grid
  • Editor’s Pick
    • Articles
    • In Talks
    • E-MAG
    • Market Research
  • On-demand Webinars
  • More
    • Events
    • Contact Us
    • Subscribe
No Result
View All Result
Urja Daily
No Result
View All Result
Home Editor's Pick Market Research

Solar Tracker Market to Reach $16.0 Billion, Globally, by 2031

Urja Daily by Urja Daily
September 15, 2022
in Market Research
Reading Time: 4 mins read
0
solar tracker
Share on FacebookShare on TwitterShare on Linkedin

PORTLAND : Allied Market Research published a report, titled, “Solar Tracker Market By Type (Single Axis Tracker, Double Axis Tracker), By Technology (Photovoltaic, Concentrated Solar Tracker), By Application (Residential, Commercial, Utility): Global Opportunity Analysis and Industry Forecast, 2022-2031″. According to the report, the global yogurt industry generated $8.9 billion in 2021, and is anticipated to generate $16.0 billion by 2031, witnessing a CAGR of 6.1% from 2022 to 2031.

Prime determinants of growth

RELATED POSTS

What Are the Latest Technological Innovations in Fuel Cell Vehicles?

What’s Holding Back the EV Battery Revolution?

Rise in global demand for energy, growth in environmental awareness, and depletion of fossil fuels drive the growth of the global solar tracker market. However, huge initial investment for installation, complex design requirements, high maintenance costs, and minimal power restrict the market growth. Moreover, increase in government initiatives in nations such as the U.S., India, and China to shift to solar energy present new opportunities in the coming years.

Covid-19 Scenario

  • The adoption of solar tracker for electricity generation, which was strongly dependent on China and India, suffered from a huge loss of revenue during the outbreak of the COVID-19 pandemic.
  • Due to disruptions in the supply chain, shortage in labor force, and lack of raw materials, manufacturing units were forced to shut down in 2020, which had negatively impacted the global solar tracker market.
  • In addition, disruptions in transport and logistics due to strict government regulations as well as nationwide lockdown led to a significant pause in delivering the products. This led to a significant rise in shipment cost and increase in prices of fuel, taxes, workforce, and shipping facilities.
  • However, it is anticipated that the sales of solar trackers for power generation will increase in the next few years due to supportive government policies and initiatives to fulfill expanding energy demand using renewable energy sources.

The single axis tracker segment to maintain its leadership status throughout the forecast period

Based on type, the single axis tracker segment held the highest market share in 2021, accounting for nearly four-fifths of the global solar tracker market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 6.3% from 2022 to 2031. Single axis trackers are less expensive and easier to construct than dual-axis trackers, which drives the segment. The report also identifies the double axis trackers segment.

The photovoltaic segment to maintain its leadership status throughout the forecast period

Based on technology, the photovoltaic segment held the highest market share in 2021, accounting for more than four-fifths of the global solar tracker market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 6.3% from 2022 to 2031. Photovoltaic technology tracker is simple to manufacture, has cost-effective installation and low maintenance costs, owing to which it is widely preferred across the globe. The report also identifies the PV tracker segment.

The utility segment to maintain its lead position during the forecast period

Based on application, the utility segment accounted for the largest share in 2021, contributing to nearly four-fifths of the global solar tracker market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 6.3% from 2022 to 2031, owing to the fact that solar trackers help increase electricity production by around one-third, and by 40% in some regions depending upon sunlight, compared with modules at a fixed angle. The report also analyzes segments including residential and commercial.

Asia-Pacific to maintain its dominance by 2031

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global solar tracker market, and is likely to dominate the market during the forecast period. Moreover, the same region is expected to witness the fastest CAGR of 6.5% from 2022 to 2031. This is attributed to rapid industrialization and urbanization which is expected to greatly raise the energy demand and improve the outlook for the industry. Governments in the Asia-Pacific region is adopting stringent regulations and laws to reduce greenhouse gas emissions which is further boosting the market growth. Other regions discussed in the report include North America, Europe, and LAMEA.

Leading Market Players: –

  • Array Technologies, Inc.
  • Convert Italia
  • Nextracker Inc.
  • SunPower Corporation
  • Trina Solar
  • DEGERENERGIE GMBH & CO. KG
  • GameChange Solar
  • STI Norland
  • Ideematec
  • PV Hardware
  • MECASOLAR
  • Mechatron
  • OPTIMUM TRACKER
  • Powerway Renewable Energy Co. Ltd.
  • Schletter

The report analyzes these key players of the global solar tracker market. These players have adopted various strategies such as expansion, new product launches, partnerships and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world’s largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements. Avenue Library

Tags: Allied Market ResearchConcentrated Solar TrackerDouble Axis TrackerphotovoltaicSingle Axis Trackersolar tracker
ShareTweetShare
Urja Daily

Urja Daily

Related Posts

Fuel Cell Vehicle Market

What Are the Latest Technological Innovations in Fuel Cell Vehicles?

by Palak
September 8, 2025
0

The automotive industry is experiencing a profound transformation as the world shifts toward sustainable energy solutions. While battery electric vehicles...

EV Battery Revolution

What’s Holding Back the EV Battery Revolution?

by Palak
September 4, 2025
0

The Electric Vehicle (EV) Battery Market is at the center of the global clean mobility transition. With EV adoption accelerating...

Autonomous Driving Software

What Opportunities Exist for Startups in the Autonomous Driving Software Market?

by Palak
September 3, 2025
0

The rise of self-driving technology is reshaping global mobility, creating a wave of opportunities across software, hardware, and services. Among...

Electric Vehicle Polymers Market

What Challenges Could Slow Down the Electric Vehicle Polymers Market?

by Palak
September 2, 2025
0

The global automotive industry is undergoing a massive transformation with the rapid adoption of electric vehicles (EVs). Among the many...

Building Insulation Market

Top Innovations Driving the Future of the Building Insulation Market

by Palak
August 30, 2025
0

The global construction industry is undergoing a major transformation, with sustainability, energy efficiency, and advanced materials becoming the cornerstones of...

Next Post
SunPower

SunPower invests in Solar Dealers Renova Energy and EmPower Solar

SHELL

Shell To Install Over 10,000 Charging Points Across India

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

Mr. Raman Bhatia with Jerry Nie Sino Zhuhai Piwin New Energy Co., Ltd

Servotech Renewable Power Partners with Zhuhai Piwin New Energy in Exclusive Deal

September 8, 2025
Vikram Solar

Vikram Solar Bags 336 MW Module Supply Order from L&T for Khavda Project

September 8, 2025

MOST VIEWED

  • Hydrom

    Hydrom and Thyssenkrupp Nucera Partner for Green Hydrogen Projects in Oman

    0 shares
    Share 0 Tweet 0
  • SFC India Selected Dassault Systèmes for Indigenization and Digital Transformation of Wastewater Treatment Plants

    0 shares
    Share 0 Tweet 0
  • Juniper Green Energy Secures 1 GW Solar Module Deal with First Solar

    0 shares
    Share 0 Tweet 0
  • PGCIL Wins ISTS Project for Renewable Energy Integration in Karnataka

    0 shares
    Share 0 Tweet 0

Servotech Renewable Power Partners with Zhuhai Piwin New Energy in Exclusive Deal

Vikram Solar Bags 336 MW Module Supply Order from L&T for Khavda Project

What Are the Latest Technological Innovations in Fuel Cell Vehicles?

Shweta Solar set to unveil 1.2 GW Advanced Solar Module Manufacturing Facility in NCR

Transmission Lines: Myths, Facts, and Why They Matter for Powering India’s Future

UAE Energy Undersecretary Visits Tellus Power Globe Holding’s Hong Kong Office

Latest Magazine

© 2016 – 2025 TechZone Print Media | All Rights Reserved

  • About Us
  • Contact Us
No Result
View All Result
  • News
  • Renewable
    • Solar
    • Rooftop
    • Floating Solar
    • Module
    • Wind
    • Hydrogen
    • Biomass
    • Tenders
    • Sustainibility
  • Storage
  • E-Mobility
  • EV Battery
  • Smart City
  • Power
    • Smart Grid
    • Microgrid
    • Off-Grid
  • Editor’s Pick
    • Articles
    • In Talks
    • E-MAG
    • Market Research
  • On-demand Webinars
  • More
    • Events
    • Contact Us
    • Subscribe

© 2016 - 2025 TechZone Print Media | All Rights Reserved