Solar Tracker Installation Market Regional Analysis:
North America Market Insights
North America solar tracker installation market is poised to capture revenue share of over 35% by 2035. The market is flourishing in the region due to the abundance of solar resources in areas such as the southwestern United States and parts of Canada. Also, the increasing focus on the use of renewable energy is another factor propelling the market growth.
The U.S. has witnessed increasing use of solar trackers due to rising awareness regarding energy conservation and the growing use of concentrated solar power (CSP). For instance, compared to 2003, the EPA's energy intensity was 41.7% lower in 2022. Through a combination of enhanced space usage, commissioning, and capital investments to upgrade infrastructure and equipment, EPA was able to accomplish these savings.
In Canada, the cost-effectiveness of solar technology has made it more affordable and accessible than traditional electricity sources. As a result, utility-scale, commercial, and residential solar projects are becoming increasingly financially viable. According to the Government of Canada, solar PV and wind energy are the electricity sources with the fastest growth rates. The total installed capacity of wind power has climbed from 1,846 MW in 2007 to 15,132 MW in 2022, while the cumulative installed capacity of solar PV has grown from 26 megawatts (MW) in 2007 to 6,452 MW in 2022.
APAC Market Insights
Asia Pacific will witness huge growth for the solar tracker installation market during the forecast period. The market growth can be credited to the increased production of solar trackers in the region. Also, the heightened demand for electricity due to increasing per-capita income and expanding transportation needs is accelerating the market growth in the region.
In China, the surging focus on greener energy and supportive policies are contributing to the solar tracker installation market growth. China accounted for 43% of the global additions to renewable power capacity in 2021 due to the local government’s longtime commitment to renewable power, as well as China’s vast population.
The demand for solar trackers is growing in India due to the presence of key manufacturers and distributors including Amberroot Systems, Ephysx Technologies, Greeners Energy India, Nordic (India) Solutions, and others. For instance, in November 2022, a master supply agreement (MSA) was signed by Nextracker, and Amara Raja Power Systems Limited to supply Nextracker's award-winning solar trackers for NTPC Limited's Nokh Solar Project, which is soon to become one of India's largest solar parks.
To boost the proportion of renewable energy sources in the nation's energy mix, South Korea has actively encouraged their use in recent years. This, together with the rising temperatures brought on by climate change, has made this a favorable time for the nation's solar energy sector.
