Increasing Awareness about Benefits of Tracking to Drive Solar PV Tracker Market
The global solar PV tracker market is expected to exhibit a solid 18% CAGR over the forecast period till 2023, according to the latest research report from Market Research Future (MRFR). The global solar PV tracker market is studied in great detail in the latest report from Market Research Future (MRFR), which includes a detailed analysis of the market’s historical growth trajectory and present condition. Major trends operating in the global solar PV tracker market are examined in the report. Based on this information, accurate and reliable projections for the market’s likely growth trajectory over the forecast period till 2023 are presented in the report. Leading drivers and restraints operating on the global solar PV tracker market are examined in the report. The impact of these major drivers and restraints on the global solar PV tracker market is examined in detail in the report. Thus, the major factors enabling the market’s growth are enlisted and profiled in the report. Leading players operating in the global solar PV tracker market are also profiled in the research report. The competitive landscape of the global solar PV tracker market is thus examined in detail in the report. The report also examines the impact of the COVID-19 pandemic on the global solar PV tracker market.
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The global energy industry is witnessing a drastic change these days, from being completely dependent on fossil fuels, such as coal and oil, to renewable energy sources, such as solar, wind, and geothermal. One of the main concerns about renewable energy resources has always been their low power production capacity compared to conventional sources. For instance, a coal power plant with the latest technology can operate at an efficiency of 35% at its prime operating conditions and in hydropower plants, it can be much higher at 95%. However, even with the latest development and advancement in solar technology, the maximum efficiency of a solar panel at laboratory conditions stands at 24%. In real-world operating conditions, this value drops even further and hovers around 15%-18%, depending on the type of technology and operating area. This is a significant disadvantage for renewable energy systems, especially solar energy, which also has a further downside of not being able to generate power during the night.
One of the ways of increasing the solar power generation efficiency is by using a solar tracker with the PV systems. A solar tracker works with the prime objective of keeping the solar panel at the best angle to trap all the available radiation from the sun at all times of the day. This is a game changer in the solar industry, as it is proved by experiments that solar trackers can actually increase the operational efficiency of solar panels by up to 15% to 30%. There are several types of solar tracking systems available in the market. One of the other main objectives of a solar tracker is to consume less energy and maximize the efficiency of operations. This is mainly because the solar trackers are separate energy consuming entities added to solar panels for increasing their performance. Moreover, it is essential that solar trackers offer reliability of operations under different operational conditions, as any impact on tracker system performance can have a substantial impact on solar panel or power system performance on the whole.
Competitive Leaderboard:
Leading players in the global solar PV tracker market include SunPower, SunLink, Sun Action Trackers, STi Norland, Soltec, Solar Steel, Scorpius Trackers, PV Hardware, NEXTracker, NClave, Mahindra Susten, Ideematec, Grupo Clavijo, First Solar, Exosun, Convert Italia, and Arctech Solar.
Segmentation:
The global solar PV tracker market is segmented on the basis of drive system, solar technology type, tracking type, end use, and region.
By drive system, the global solar PV tracker market is segmented into active and passive.
By solar technology type, the global solar PV tracker market is segmented into solar PV, CSP, and concentrated solar thermal.
By tracking type, the global solar PV tracker market is segmented into fixed tilt, single-axis, and dual-axis.
By end use, the global solar PV tracker market is segmented into residential, commercial, and utilities.
Regional Analysis:
Asia Pacific is likely to emerge as a major regional market for solar PV trackers over the forecast period due to the increasing emphasis on solar power generation in emerging countries such as India and China.
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