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According to a new report published by Allied Market Research, titled, “Solar Tracker Market,” The solar tracker market size was valued at $8.9 billion in 2021, and is estimated to reach $16.0 billion by 2031, growing at a CAGR of 6.1% from 2022 to 2031.

Solar tracker is often used to optimize the energy output from solar panels. Solar panels are always pointed directly at the sun, owing to its mechanism solar panel tracks daily rotation of sun from east to west. It enhances solar irradiation received by solar-energy collector and helps in increasing output of electricity that is generated.

Solar tracker possesses various properties such as it offers minimal wind resistance and provides electrical and thermal stability. Hence, owing to such functionalities, it is extensively used for residential, commercial, agriculture, and other purposes such as in on-grid for roofs of houses, traffic signals, street lights, cottages, and small power plants.

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The market is primarily driven by expanding global demand for energy, growing environmental awareness, and depletion of fossil fuels. Demand for solar trackers is expected to increase during the forecast period as a result of growing government initiatives in nations such as the U.S., India, and China to shift to solar energy. In addition, it is anticipated that solar tracker companies would benefit from new growth prospects brought on by ongoing product innovations in solar technology as well as growing usage of IoT and artificial intelligence.

Increase in steel costs further raises cost of these tracking systems, which are employed in majority of utility-scale projects. This is one of the main reasons impeding growth of the solar tracker market. Steel often accounts for more than 65% of the entire cost of solar tracking systems, making them more expensive. Moreover, installation of a solar tracking system is more expensive overall than placing regular solar panels, which hinders its use in residential areas where energy demand is less. This factor is estimated to hamper the solar tracker market growth.

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Development of solar trackers for unusual settings, such as capped landfills, has been identified as the main trend in the global market for solar trackers. Solar trackers are typically fixed on posts that are hammered into the ground or on posts with ballast. In addition, factors such as growing manufacturing industry, availability of feedstock at reduced prices, and arrival of local players has led manufacturers to offer solar trackers at low prices. This factor is expected to create remunerative opportunities for expansion of the solar tracker market in the future.

Key players operating in the global solar tracker market analysis include Array Technologies, Inc., Convert Italia, Nextracker Inc., SunPower Corporation, Trina Solar, DEGERENERGIE GMBH & CO. KG, GameChange Solar, STI Norland, Ideematec, PV Hardware, MECASOLAR, Mechatron, OPTIMUM TRACKER, Powerway Renewable Energy Co. Ltd., and Schletter.

Impact of COVID-19 on the global solar tracker market

The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe. The adoption of solar tracker for electricity generation, which was strongly dependent on China and India, as well as the world economy both suffered from the health crisis brought on by the spread of COVID-19. Due to supply chain interruption and a lack of raw materials, manufacturing units were forced to shut down during the lockdown which is negatively impacting the solar tracker for power generation market statistics. Additionally, a labor shortage caused supply chain issues in the United States, which was a dominating country in the solar tracker market, as well as a nation lockdown hampered industrial progress. Further, the disruptions to transport and logistics affected due to strict government regulations as well as nationwide lockdown led to a significant pause in delivering the product, rising shipment cost and price of fuel, taxes, workforce, and disruptions to shipping facilities. However, it is anticipated that sales of solar trackers for power generation will increase in the next years due to elements including supportive government policies and initiatives to fulfil expanding energy demand using renewable energy sources.

Key findings of the study

• By type, the solar axis segment is estimated to display highest growth rate, in terms of revenue, registering a CAGR of 6.3% from 2022 to 2031
• By technology, the photovoltaic segment is anticipated to register highest CAGR of 6.3% during the forecast period.
• By application, the utility segment is anticipated to register highest CAGR of 6.3% during the forecast period.

About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

The gasketed plate heat exchanger market size was valued at $3.1 billion in 2021, and is estimated to reach $5.1 billion by 2031, growing at a CAGR of 5.2% from 2022 to 2031. Gasketed plate heat exchanger consist of a series of corrugated plates hung from a carrying bar clamped between fixed and movable heads. The heat transfer plates are normally manufactured in stainless steel, however are available in other materials. In gasketed plate heat exchanger, each heat transfer plate is fitted with an elastomeric gasket, which seals and distributes the process fluids. The heads, normally referred to as channel covers, include connections to permit the entry of the process fluid into the plate pack. gasketed plate heat exchanger are used for heating and cooling for the petrochemical, food, drink, dairy, and pharmaceutical & biotechnology industries; as well as pasteurizing and sterilizing in the food and drink industries. However, the main features of gasketed heat exchanger are suitable for heating, cooling, freezing, pasteurizing, sterilizing, cooking, and concentration in the food & dairy industries. Owing to pressure and temperature gradients among plates, these devices are exposed to a high-stress level.

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Gasketed plate heat exchanger are highly used in pharmaceutical, oil & gas, and food & beverages industries. In addition, rise in demand for medicines, gasoline, and other food products across the globe may act as the major driving factor for the gasketed plate heat exchanger market growth. Moreover, rise in dependency on petrochemical has led to increase in the demand for gasketed plate heat exchanger system that is anticipated to create lucrative opportunities for the market.

The gasketed plate heat exchanger market forecast is segmented on the basis of Type, Material, End-use, and region. Depending on Type, the market is categorized into industrial GPHE, semi welded GPHE, and widegap GPHE. On the basis of Material, it is divided into stainless steel, titanium and tungsten. On the basis of End-use, it is classified into chemical, oil & gas, HVAC & refrigeration, food & beverage, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The global gasketed plate heat exchanger market analysis covers in-depth information about the major industry participants. The key players operating and profiled in the report include Danfoss, Heatex Industries Ltd., HRS Process Systems Ltd., HYDAC International GmbH, Alfa Laval, Kelvion Holding GmbH, Majestic Marine & Engineering Services, Process Engineers and Associates, Xylem, Ved Engineering, Transcon Engineers Pvt. Ltd., Delta Cooling Towers P. Ltd.,  Techtrans Engineers, and Tranter.

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The global gasketed plate heat exchanger market is analyzed and estimated in accordance with the impacts of the drivers, restraints, and opportunities. The period studied in this report is 2021-2031. The report includes the study of the market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the gasketed plate heat exchanger market growth.

Covid-19 scenario:

• The COVID-19 pandemic severely impacted the growth of the global gasketed plate heat exchanger market owing to supply chain disruptions, economic uncertainty, and weakened economic activities.
• Economic uncertainty and volatility in financial and commodity markets along with the reduction in demand for oil and gas due to disagreements with the organization of the petroleum exporting countries (OPEC) during the COVID-19 pandemic impacted the growth of the global market.
• Post lockdown, chemical, petrochemical, and food & beverages industries have commenced their functions at a rapid pace and are trying to recover their losses.

Key findings

• On the basis of Type, the industrial GPHE segment emerged as the global leader in 2021 and is anticipated to be the largest market during the forecast period.
• On the basis of Material, the stainless-steel segment emerged as the global leader in 2021 and is anticipated to be the largest market during the forecast period.
• On the basis of End-use, the food & beverage segment registered the highest gasketed plate heat exchanger market share and is projected to maintain the same during the forecast period.
• On the basis of region, Asia-Pacific registered the highest market share and is projected to maintain the same during the forecast period.

About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

The power to gas market was valued at $30.3 million in 2021, and power-to-gas market size is estimated to reach $84.4 million by 2031, growing at a CAGR of 10.8% from 2022 to 2031. Power-to-gas is the process of converting surplus renewable energy into hydrogen gas through the PEM electrolysis technology. Hydrogen can be injected into the natural gas grid. Hence; hydrogen can displace natural gas, reducing greenhouse gas emissions and reliance on high carbon fuels. Hydrogen manufactured from renewable energy is called green hydrogen, which can be used to store, transport, and utilize renewable energy. This technology helps to minimize variable renewable energy curtailment from sources, such as wind and solar, providing long-term storage and grid balancing services through electrolyzer.

According to the International Energy Administration (IEA), hydrogen demand stood at 90 million ton in 2020, almost all of which was made from fossil fuels. However, green hydrogen capacities have been growing steadily and have doubled over the last 5 years, reaching nearly 300 MW in mid-2021. In addition, nearly 350 projects with an aggregate capacity of 54 GW are currently under development and are expected to commercialize by 2030, while more than 40 other projects, which account for nearly 35GW capacity, are in the early stages of development that are expected to be commissioned by 2030.

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The green hydrogen produced by electrolyzer can also be directly used as a fuel, either for transport, replacing oil in light vehicles, railways, and marine applications, or as a feedstock for industrial applications. Green hydrogen fuel cells can also be used for energy storage. Due to the falling costs of renewable energy technologies, such as solar and wind, energy storage technologies such as power-to-gas (PtG) technology are becoming increasingly attractive, and the installed capacity of commercial electrolyzer systems has been growing steadily over the past few years. There are only a few commercially viable water electrolysis technologies, and the two most widely used technologies are alkaline water electrolysis (AWE) and proton exchange membrane (PEM) electrolysis.

In 2020, according to the European Commission, the refinery sector accounted for 48% of the hydrogen consumption, followed by fertilizers and chemical sectors. Germany is one of the major countries in the Europe power-to-gas market. As of 2020, Germany was home to around 40 small power-to-gas pilot projects that harnessed surplus green power, mainly from wind and solar projects, to carry out electrolysis by splitting water into oxygen and hydrogen to produce zero-carbon fuel. Furthermore, in July 2020, the European Union unveiled its Hydrogen Strategy that aims to increase its electrolyzed capacity by 6 GW by 2024 and 40 GW by 2030. Furthermore, the strategy targets to increase the production of renewable hydrogen from 1 million ton to 10 million ton per year by 2030. The presence of above-mentioned initiatives and applications is expected to provide ample power-to-gas market growth opportunities for the development of the market.

The power-to-gas market forecast is segmented on the basis of technology, capacity, use case, application, and region. On the basis of technology, the market is segmented into electrolysis and methanation. On the basis of capacity, the market is bifurcated into less than 100KW, 100-999KW, and 1000KW and above. On the basis of use case, the market is segmented into wind, solar, and biomass. On the basis of application, the market is segmented into residential, commercial, and utility.

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Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Europe accounts for the largest power-to-gas market share of the market, followed by North America and Asia-Pacific.

The major companies profiled in this report include, Hydrogenics, ITM Power, McPhy Energy, Siemens AG, MAN Energy Solutions, Nel Hydrogen, ThyssenKrupp, Electrochaea, Exytron, GreenHydrogen, Hitachi Zosen Inova Etogas, Fuelcell Energy, Avacon, Carbotech, and Aquahydrex. Due to rapid development of industrialization and modernization and exhaustion of fossil fuel resources have led to the innovation of alternative fuels, such as hydrogen. Increase in demand for hydrogen in various sectors has fueled the growth of the power-to-gas market. Additional growth strategies, such as expansion of production capacities, acquisition, partnership, and research & innovation in the solar energy application led to attain key developments in the global power-to-gas market trends.

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IMPACT OF COVID-19 ON THE GLOBAL POWER TO GAS MARKET

• Emergence of COVID-19 had a negative impact on the growth of the global power to gas market during this period.
• This impact is mostly attributed to the significant disruptions in the raw material transportation, presence of low-labor, led to shutdown of many manufacturing industries led to decline of demand for power to gas during this period.
• The decrease in demand for many non-essential products and shut down of construction and tourism related industries have created a negative impact on the development of global power to gas market.
• Thus, the abovementioned factors are expected to have negative impact the global power to gas market growth during the pandemic period.

Key findings of the study

• Europe is expected to exhibit CAGR of 10.4% during 2022-2031.
• As per the global power-to-gas market analysis, by technology, the electrolysis segment accounted for the largest share in 2020.
• By capacity, 1000KW and above capacity power-to-gas was the leading segment in 2021.
• By use case, the solar segment was the highest revenue contributor in 2021.
• By application, the utility segment dominated the power-to-gas market and is expected to retain its dominance during the forecast period.

About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.