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Aug 06, 2024
Infographic: Solar tracker market reaches 94 GW of shipments in 2023
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Based on our annual shipping data collection, the global solar tracker market reached 94 GW in shipments terms in 2023, which is an increase from 73 GW in 2022. This was driven by growth outside of the three biggest tracker markets of United States, Spain and Brazil. The Saudi Arabian and Indian markets in particular saw high year-on-year growth driven by increased demand from developers and an uptick in utility scale installations. Saudi Arabia already has a high uptake of trackers, and strong growth in the utility-scale segment, complemented by potential green hydrogen installations towards the end of the decade, will drive tracker shipments. India has started to see rising tracker uptake with growing confidence in the technology, driven by relationships between major tracker suppliers and local EPCs. India is also close to the equator and has a low labor cost, which makes it ideal for trackers due to lower installation and O&M costs related to labor.
Most tracker shipments are concentrated within the 45-degree latitude lines. This is because using trackers requires North-South oriented rows which track the sun from East to West. In using trackers instead of fixed-tilt, you lose the ability to tilt the solar panels North or South towards the sun. Hence, using trackers reduces yield further from the equator.
Two-in-portrait (2P) tracker products attach twice as many solar modules per length of the tracker row. Approximately 15% of tracker shipments in 2023 were 2P globally, but in Europe that number jumps to 30%. This is due to land constraints in certain European markets, as 2P requires fewer piles per kWp. Some projects also signed contracts a few years ago when 2P products were used more frequently, which helps explain this preference.
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Joe Steveni is a research analyst based in London on the S&P Global Commodity Insights Clean Energy Technology team.
Posted 6 August 2024
This article was published by S&P Global Commodity Insights and not by S&P Global Ratings, which is a separately managed division of S&P Global.
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