Solar Tracker Installation Market Market Trends

Growth Drivers

• Increased demand for renewable energy: Solar trackers are necessary to maximize solar power generating efficiency due to the growing global demand for sustainable energy. According to the International Energy Agency, by 2028, electricity generated worldwide will be derived from renewable sources at a rate of over 42%, with solar and wind power producing 25% of the total. These systems optimize energy capture and greatly increase production, enabling solar panels to track the sun's movement throughout the day.
  
  Solar trackers have become increasingly widespread due to their enhanced efficiency, particularly in large-scale solar projects where maximum energy production is essential. The solar tracker installation market has grown even more as a result of continuing advancements in tracking systems and falling prices related to solar technologies.
• Augment of hybrid solar tracking systems: The hybrid solar tracking systems combine the best aspects of dual- and single-axis tracking to maximize efficiency and minimize innate constraints. Key features include machine learning algorithms for selecting the tracking mode in real time, seamless connection with weather forecasting systems, and dynamic tracking decisions based on weather conditions. According to early testing, hybrid dual-axis tracking improves energy output, cost-effectiveness, and ease of maintenance, while reducing system power consumption compared to continuous tracking.
• Integration of advanced technologies: The application of artificial intelligence (AI) has propelled solar tracking systems beyond basic sun tracking to predictive optimization. AI-driven systems are bringing in a new era of intelligence-driven solar energy collection by using weather forecasts and historical data to predict the ideal panel orientation for optimum solar radiation.
  
  Additionally, major companies are launching and investing in solar control systems or trackers equipped with AI, which will foster solar tracker installation market growth in the coming years. For instance, in January 2024, Enerflo, the only lead-to-PTO, open API solar platform, collaborated with Aerialytic to provide sales dealers and installers with an integrated AI-powered solar PV system design tool solution that takes a fraction of the time and costs of existing design tools.

Challenges

• Lack of skilled labor force: Installing, using, and maintaining new technology requires training for employees, and to maximize performance, some renewable energy sources would need to be operated in a particular climate. Therefore, the unavailability of a trained labor force may impede the solar tracker installation market.
• High investment costs: The increase in steel costs, which also raises the costs of the tracking systems employed in major utility-scale projects, is a significant factor impeding the market's growth. Steel usually accounts for more than 65% of the entire cost of solar tracking systems, which drives up the price of these devices. Therefore, higher investment costs may hinder the growth of the solar tracker installation market.