MEA Solar Tracker Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 18.36 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
MEA Solar Tracker Market Analysis
The Middle East and African solar tracker market is expected to register a CAGR of 18.36% during the forecast period.
The COVID-19 pandemic did not have any major effect on the solar tracker market in the region. Presently, the market has reached pre-pandemic levels.
- Over the long term, the solar tracker market in the Middle East and African region is expected to have remarkable progress due to the availability of highly sun-drenched regions for solar projects, low labor costs, and availability of cheap and sunny desert land for utility-scale solar projects.
- On the other hand, the aggressive competition from other renewable energy sources, like hydrogen and wind, is expected to challenge the market's growth in the near future.
- Nevertheless, as solar trackers increase the solar power generating capacity of solar panels, they are recommended for utility-scale solar power projects. Thus, the growing focus of the region on utility-scale solar projects results in ample opportunities for the market.
- The market in Saudi Arabia is expected to grow at a faster rate due to the government's efforts to expand the solar power share and the interest from private investors.
MEA Solar Tracker Market Trends
This section covers the major market trends shaping the MEA Solar Tracker Market according to our research experts:
Single-Axis Trackers Expected to Witness Significant Growth
- Single-axis trackers are devices in which only one angle is used as the axis of rotation. These trackers can increase the power production capacity by 30%. They provide simple, efficient, and low-cost options to improve the functioning of solar energy systems.
- The solar energy progress is reaching a zenith in the Middle East and African (MENA) region due to the dropping solar PV prices and success in CSP power generation. The solar PV capacity in the Middle East was around 7.96 GW in 2021 after crossing consistent growth. The proliferation of utility-scale projects was also one of the reasons behind the growth. Countries like the UAE, Saudi Arabia, and South Africa were beaming in that portfolio.
- For example, in May 2022, Emirates Water and Electricity Company (EWEC) called for applications for a utility-scale solar project in the Al-Ajban area of Abu Dhabi, with a power-generating capacity of 1,500 MW. Utility-scale projects highly demand single-axis trackers in the region due to the low cost and simple installation.
- Additionally, in May 2022, a solar power plant in South Africa got commissioned by Gold Miner, which features single-axis solar trackers supplied by STI Norland, which is owned by the Array Technologies company. The 10 MW power plant is the first solar PV facility of this capacity to be commissioned by the gold mining company.
- Such developments are expected to steer the single-axis solar trackers market in the MENA region in the near future.
Saudi Arabia Expected to Witness Significant Growth
- The Saudi Arabia solar PV market has grown substantially in the last decade, primarily due to two factors, the falling solar PV costs and the favorable government policies for an augmented growth of the renewable energy sector.
- The country has witnessed a huge number of solar PV installations on a utility-scale and in the commercial segment. In May 2022, the solar PV installed capacity was around 3 GW in the country, which is enough to power 600,000 homes. The Saudi government has pledged to generate 50% of its electricity from renewable sources, with solar energy playing the central role. As of 2021, the solar energy generation in the country was around 0.8 TWh, which still needs to improve a lot.
- The growing solar PV projects have led to the demand for solar trackers in the country. For example, in 2022, PV Hardware, the leading global solar tracker manufacturing company, opened a new solar tracker factory in Jeddah, Saudi Arabia. The production facility is expected to produce around 8 GW of solar trackers per year for solar plants.
- Furthermore, in 2022, the same company clinched a contract for the supply of 387 MWp of its Monoline 2V bifacial solar trackers for the Jeddah Noor PV solar project located in the Makkah province of Saudi Arabia.
- Owing to such developments, the country is expected to grow at a faster rate in the solar tracker market during the forecast period.
MEA Solar Tracker Industry Overview
The Middle East and African solar tracker market is moderately fragmented. Some of the key players in the market (in no particular order) include NexTracker Inc., PV Hardware, Soltec Power Holding SA, Netshield South Africa, and PowerWay Renewable Energy Co Ltd.
MEA Solar Tracker Market Leaders
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NexTracker Inc.
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PV Hardware
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Soltec Power Holding SA
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NetShield South Africa
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PowerWay Renewable Energy Co Ltd.
*Disclaimer: Major Players sorted in no particular order
MEA Solar Tracker Market News
- March 2022: NexTracker Inc. bagged a contract to supply smart solar trackers for a large solar project in Saudi Arabia, the Sudair Solar PV project. The 450 MW solar project is expected to power around 185,000 homes and reduce carbon emissions in the country by 2.9 tons annually.
MEA Solar Tracker Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Axis Type
5.1.1 Single Axis
5.1.2 Dual Axis
5.2 By Geography
5.2.1 United Arab Emirates
5.2.2 Saudi Arabia
5.2.3 South Africa
5.2.4 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 NexTracker Inc.
6.3.2 PV Hardware
6.3.3 Soltec Power Holdings SA
6.3.4 Netshield South Africa
6.3.5 PowerWay Renewable Energy Co Ltd.
6.3.6 Trina Solar Co Ltd.
6.3.7 Caracel Engineering
6.3.8 Arctech Solar Holding Co Ltd.
6.3.9 Valmont Industries Inc.
6.3.10 Array Technologies Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
MEA Solar Tracker Industry Segmentation
Solar trackers are devices that position solar panels at an angle relative to the sun in such a way that more sunlight strikes the solar panels. Thus, more energy can be absorbed and converted into electrical power. These devices are generally used for utility-scale solar projects. The Middle East and African solar tracker market is segmented by axis type and geography. By axis type, the market is segmented into single axis and dual axis. By geography, the market is divided into the United Arab Emirates, Saudi Arabia, South Africa, and the Rest of Middle East and Africa. For each segment, the market sizing and forecasts have been done based on value (USD billion).
MEA Solar Tracker Market Research FAQs
What is the current Middle East and Africa Solar Tracker Market size?
The Middle East and Africa Solar Tracker Market is projected to register a CAGR of 18.36% during the forecast period (2024-2029)
Who are the key players in Middle East and Africa Solar Tracker Market?
NexTracker Inc., PV Hardware, Soltec Power Holding SA, NetShield South Africa and PowerWay Renewable Energy Co Ltd. are the major companies operating in the Middle East and Africa Solar Tracker Market.
What years does this Middle East and Africa Solar Tracker Market cover?
The report covers the Middle East and Africa Solar Tracker Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Middle East and Africa Solar Tracker Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Middle East and Africa Solar Tracker Industry Report
Statistics for the 2024 Middle East and Africa Solar Tracker market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Middle East and Africa Solar Tracker analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
