Report Overview

An increasing demand for renewable energy and solar power in the country and government support and incentives for solar energy projects are expected to boost the growth of United Kingdom solar tracker market during the forecast period between 2023 and 2029.

United Kingdom Solar Tracker Market - Industry Trends & Forecast Report, 2029

United Kingdom solar tracker market size was estimated to be worth USD 248.56 million in 2022. During the forecast period between 2023 and 2029, the United Kingdom solar tracker market size is projected to grow at a CAGR of 13.52% reaching a value of USD 600.71 million by 2029. Major growth factors for the United Kingdom solar tracker market include a stronger focus on renewable energy. One of the major drivers of the solar tracker market's growth is the sharp rise in the number of solar panel installations across the nation. Additionally, the market for solar trackers is growing as a result of the favorable government regulations and incentives that aid several solar energy projects.

United Kingdom Solar Tracker Market – Overview

With the use of a solar tracker, an item is positioned at an angle with the sun. The two most frequent uses of solar trackers are for placing space telescopes to identify the direction of the sun and for positioning photovoltaic (PV) panels (solar panels) so that they remain perpendicular to the sun's beams. The solar energy collector receives more solar energy when solar trackers are used, which boosts the energy output of the heat/electricity produced. The output of solar panels may be increased by 20–30% with solar trackers, which boosts the project's profitability.

United Kingdom Solar Tracker Market

Growth Drivers

Increasing Demand for Renewable Energy and Solar Power

From 2020, renewable energy has continued to be a key component of the strategy to reduce carbon emissions. In the UK, several programs offer financial support for renewable energy, encouraging technological advancement and wider adoption of renewables, which in turn leads to economies of scale and lower costs. Currently, renewables produce more than 20% of the electricity used in the country, and EU targets mean that this is likely to increase to 30% by 2020. With rising government investments in boosting the solar energy sector in the country, the demand for the solar tracker is projected to expand during the forecast period.

Restraints

Higher Cost and Complex Maintenance

Solar trackers are a little more expensive than their fixed counterparts since they are thought of as sophisticated systems with moving elements. In comparison to fixed systems, trackers need greater upkeep. The amount and frequency of maintenance depend on the kind and quality of the solar tracking device. The longevity and dependability of dual-axis solar trackers are lower. Additionally, these goods operate unreliably in cloudy or gloomy conditions.

Impact of COVID-19 on the United Kingdom Solar Tracker Market

The market for solar trackers in the United Kingdom suffered from the unprecedented COVID-19 pandemic. The country's solar energy projects were directly suspended as a result of the rising number of coronavirus infections, which also caused a large fall in the market for solar trackers. The United Kingdom is also directly dependent on imports from China and India for solar tracker equipment, which also leads to huge losses to the market. On the plus side, sales of solar trackers for power generation are forecast to rise in the coming years as a result of factors including supportive government regulations and measures to meet rising energy demand using renewable energy sources.

United Kingdom Solar Tracker Market

Segmental Coverage

United Kingdom Solar Tracker Market – By Product Type

Based on product type, the United Kingdom solar tracker market is split into single-axis solar trackers and dual-axis solar trackers segments. The dual-axis solar trackers segment accounts for a higher share in the United Kingdom solar tracker market. Due to their capacity to monitor the sun both horizontally and vertically, dual-axis trackers enable maximal absorption of the sun's rays. Compared to single-axis trackers, dual-axis trackers contribute to generating 8% to 10% more energy. However, single-axis solar trackers also cover a substantial market share.

United Kingdom Solar Tracker Market – By Technology

Based on technology, the United Kingdom solar tracker market is segmented into photovoltaic (PV) solar trackers and concentrated solar power (CSP) trackers segments. The PV solar trackers segment holds a higher market share. As PV technology tracker is easy to make, has affordable installation, and requires little maintenance, it is favored by the United Kingdom market. PV trackers can dilute light that is absorbed by the sun and take direct sunlight. These features raise the market need for solar trackers based on PV technology.

United Kingdom Solar Tracker Market – By End User

Based on the end user, the United Kingdom solar tracker market is segmented into solar power developers, EPC (engineering, procurement, and construction) contractors, homeowners, and government & public utilities. The government & public utilities segment accounts for the highest share of the United Kingdom solar tracker market. Solar trackers are registering traction in utility applications due to the growing demand for renewable energy sources and rising power costs. Additionally, favorable government initiatives to establish solar power plants for public spaces are also propelling the growth of the overall market.

Competitive Landscape

Major players operating in the United Kingdom solar tracker market include Convert Energy, Soltec, Nclave Renewable SL, Array Technologies, Inc., sunPower Corporation, Scorpius Trackers, Arctech Solar Holding Co. Ltd., AllEarth Renewables, Solar FlexRack, and GameChange Solar.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

By Product Type

• Single-Axis Solar Trackers

• Dual-Axis Solar Trackers

By Technology

• Photovoltaic (PV) Solar Trackers

• Concentrated Solar Power (CSP) Trackers

By End Users

• Solar Power Developers

• EPC (Engineering, Procurement, and Construction) Contractors

• Homeowners

• Government & Public Utilities