Single Axis Solar PV Tracker Market Size & Share, by Type (Horizontal Type, Vertical Type); Technology (Photovoltaic, Concentrated Solar Tracker); Application (Residential, Commercial, Utility) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5556
  • Published Date: Jan 22, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Single Axis Solar PV Tracker Market size is expected to reach USD 90 Billion by the end of 2036, expanding around 19% CAGR during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of single axis solar PV tracker around USD 18 Billion. The primary reason behind the growth of the market is the rapid consumption of fossil fuels across the world. The EIA’s forecasts are dependent on an assumption of a major expansion in renewables and electric vehicles by 2030 under recent government policies. Even though international energy demand is set to increase by 7% by 2030 under the Stated Policies Scenario, the requirement will convert towards renewables and nuclear. Oil demand extends in the 2030s but still stays almost 100 million barrels/day through 2050 without major policy conversions. Natural gas requirements will increase by 40% by 2050, while coal utilization will reduce.

Another reason that will highly impact the growth of the single axis solar PV tracker market is the increasing production of solar energy across the world. Solar PV production accelerated by a record 270 TWh (up 26%) in 2022, touching almost 1 300 TWh. It showed the biggest absolute production expansion of all renewable technologies in 2022, exceeding wind for the first time in history. This production expansion rate equals the level planned from 2023 to 2030 in the Net Zero Emissions by 2050 case. The assessment released Wednesday by independent climate assume tank Ember noticed that 12% of the global power came from solar and wind in 2022, increased from 10% of international electricity production in 2021. Solar photovoltaic (PV) utilizes electronic devices, also named solar cells, to shift sunlight straight into electricity. It is one of the quickest-expanding renewable energy technologies and is playing a steadily essential role in the international energy transformation. The total installed capability of solar PV touched 710 GW internationally at the end of 2020. About 125 GW of the latest solar PV potential was added in 2020, the biggest potential addition of any renewable energy source.


Single Axis Solar PV Tracker Market overview
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Single Axis Solar PV Tracker Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

∼19%

Base Year Market Size (2023)

~USD 18 Billion

Forecast Year Market Size (2036)

~USD 90 Billion

Regional Scope

  • Europe (Germany, Spain, UK, France, Italy, Russia, Others)
  • North America (North America, Canada, Mexico)
  • Asia Pacific (Japan, China, India, Australia, Others)
  • Middle East and Africa (South Africa, UAE, Others)
  • Latin America (Brazil, Argentina, Others)
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Single Axis Solar PV Tracker Sector: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • The Rapid Increase in Energy Consumption in Industrialization - Almost a third of the energy used internationally is focused on the industrial sector. A very high value that, with the recent levels of concern and ecological requirement, gives a massive opportunity for modification in terms of energy proficiency: encouraging a drastic change, the domination of a more renewable world that regards the environment. Industrial energy utilization is generally utilized for production, together with for lighting and other business implements in the manufacturing industries. Industrial generation makes up just over half of all international energy utilization and is projected to increase by an equivalent of 1.5% internationally each year through 2035. In multiple industry sectors like food, wine and beverages, textiles, transport tools, machinery, or pulp and paper, the share of heat requirement below 250 °C is almost 60% (Likelihood of Solar Heat for Industrial Processes). Solar heat can also be unified straight into industrial heat supply networks, either by heating air-tight water or by solar steam production. Moreover, solar air collectors can be utilized to preheat air for drying or burning, together with heat generation halls.
  • High Efficiency of Solar Energy - Solar panels are an outstanding way to generate free electricity. Thin film solar panels are made by encircling a substrate of glass, plastic, or metal with one or more thin layers of photovoltaic components. Thin film solar panels are generally pliable and low in weight. Moreover, there has been a rising awareness related to solar panel recycling across the globe. It is acknowledged that thin-film solar panels lower moderately quicker than mono and polycrystalline solar panels. Generation of these types of panels is less intricate, therefore their output is 5% less than monocrystalline solar panel effectiveness. Usually, thin film cells provide between 15-22% solar panel effectiveness.
  • Solar Energy Is Comparatively Affordable - Energy costs can account for a substantial part of a manufacturer's functioning expenditures. By modifying energy effectiveness, manufacturers can limit energy consumption, lower energy costs, and modify their bottom line. In line with a report, the cost of solar energy will go on to fall and the single axis solar PV tracker market will grow even without government allowances and ecological initiatives. Solar energy production is now becoming economically practicable day by day. Solar costs have reduced by 90% in the last 20 years and are projected to fall by another 15% to 25% by 2030.

Challenges

  • High Maintenance Cost - The yearly maintenance and recurring costs are almost trifling since there are no moving parts and the input fuel (sunlight) is costless. For optimal execution, the system only needs the cleaning of modules and primary hindrances and remedial management. However, for off-grid systems where batteries are utilized, the management costs are higher on account of battery substitution every 3-5 years. To confirm high production and low maintenance costs, daily supervision through data loggers is highly suggested. Basically, the management costs for smaller Solar PV systems are about 2% of the bigger system cost, and for bigger systems is about 1% of the beginning cost. 
  • Crisis of Skilled Technicians
  • Limitation in Learning the System


Single Axis Solar PV Tracker Segmentation

Application (Residential, Commercial, Utility)

The utility segment of the single axis solar PV tracker market will hold the biggest share with almost 57% revenue share by the end of 2036. This growth will be noticed primarily because of the lower cost of solar energy. In fact, the cost of solar has reduced by 90% over the earlier 20 years and is anticipated to decline by another 15% to 25% by 2030. Furthermore, recently, solar energy has already been the most cost-effective type of new electricity production in 16 US states, including Spain, Italy, and India. Even with the COVID-19 epidemic frenzied, the international installations surpassed 115GW in 2020, related to 1.5GW in 2006. The functioning costs of solar energy projects are anticipated to decline over the next decade.  Technologies that are already extensively implemented by the wind power industry, like utilizing drones and thermal imaging for reviews, will make the operations of solar projects more effective, as will creating technologies like artificial intelligence.

Technology (Photovoltaic, Concentrated Solar Tracker)

The photovoltaic segment of the single axis solar PV tracker market will increase rapidly during the forecast period and will hold the biggest share with almost 60%. And this growth can be witnessed due to the increased use of photovoltaic technology across the world. Photovoltaics (PVs) are semiconductors that produce electricity straight from sunlight. Solar technologies produced 3.4% of the U.S. A sustainable energy supply is needed across the world to match the rising electricity demand with a quick rise in population and economy. Solar energy is the most prospective renewable energy worldwide, whereby most of its place gets abundant solar radiation annually.

Our in-depth analysis of the global single axis solar PV tracker market includes the following segments:

          Types

  • Horizontal Type
  • Vertical Type

          Technology

  • Photovoltaic
  • Concentrated Solar Tracker

          Application

  • Residential
  • Commercial
  • Utility

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Single Axis Solar PV Tracker Industry - Regional Synopsis

European Market Analysis

The single axis solar PV tracker market in the European region will increase the most and will have the biggest revenue share of around 43% by the end of 2036 owing to the massive consumption of solar power in this region. In line with the European Environment Agency's (EEA) early calculations, 22.5% of energy used in the EU in 2022 was produced from renewable sources. This little rise related to 2021, was massively pushed by power expansion in solar power. Over the long haul, Sweden, Denmark, and Estonia have noticed the biggest expansion in RES shares, with more than 20 percentage points rise since 2005. Romania and Slovenia, on the other hand, have noticed a rise of less than six percentage points between 2005 and 2022.

North American Region

The North American market will also increase by the end of 2036 and will hold the second-largest position in the single axis solar PV tracker market owing to the favorable government policies to adopt solar energy. As the solar photovoltaic (PV) market expands, so will the amount of end-of-life panels. In general, 3.3 percent of electricity in the United States was generated by implementing solar technologies in 2020. By 2030, the United States is projected to have as much as one million complete tons of solar panel trash. As a comparison, the entire production of U.S. municipal solid waste (MSW) in 2018 was 292.4 million tons. By 2050, the U.S. is projected to have the second-largest number of end-of-life panels in the globe, with up to a calculated 10 million total tons of panels.

Research Nester
Single Axis Solar PV Tracker Market size
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Companies Dominating the Single axis Solar PV Tracker Landscape

top-features-companies
    • All Earth Renewables 
      • Company Overview
      • Business Planning
      • Main Product Offerings
      • Financial Execution
      • Main Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • ArcelorMittal SA
    • Arctech Solar Holding Co Ltd
    • Array Technologies Inc.
    • First Solar Inc.
    • GameChange Solar
    • Gensol Engineering Ltd.
    • Grupo Gransolar SL
    • Hanwha Corp.
    • Haosolar Co. Ltd.
    • Canadian Solar Inc.

In-the-news

In The News

  • 05 July 2023: ArcelorMittal SA declared that CHAR Technologies has been chosen as the winner of its inaugural XCarb Accelerator Programme, gaining a USD 5 million investment through ArcelorMittal’s XCarb. Innovation Fund. ArcelorMittal initiated the XCarb Accelerator Programme in mid-2022. The program – a search for the best organizations and brightest innovative technologies that hold the possibility to increase the decarbonization of the steel industry – accomplished an extremely positive reaction, with over 90 start-ups from five varied continents delivering applications across seven specific technology domains.
  • 8th January 2024: Arctech Solar Holding Co Ltd, the world's foremost solar tracking, racking, and BIPV solutions provider, came into a strategic cooperation deal with Alpon Energy in Istanbul, Turkey. This prosperous deal marks the growth of Arctech’s impression in Turkey.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 5556
  • Published Date: Jan 22, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The installation of solar PVs across the world will majorly drive the market growth of the single axis solar PV tracker market.

The market size of the single axis solar PV tracker market is expected to get a CAGR of approximately 19% over the forecast period, i.e., 2024-2036.

The major players in the market are All Earth Renewables, ArcelorMittal SA, Arctech Solar Holding Co Ltd, Array Technologies Inc., First Solar Inc., GameChange Solar, Gensol Engineering Ltd., Grupo Gransolar SL, Hanwha Corp., Haosolar Co. Ltd., Japan Renewable Energy Co., Ltd, Canadian Solar Inc., JinkoSolar Holding Co. Ltd, Trina Solar Co., Ltd.

The utility segment is anticipated to reap the largest market size with almost 57% by the end of 2036 and demonstrate substantial growth scopes.

The market in the European region is expected to have the largest market share by the end of 2036 and provide more business opportunities in the future.
Single Axis Solar PV Tracker Market Report Scope
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