Global Solar Tracker Market is Expected to Grow at an Impressive CAGR
Global Solar Tracker market is
expected to grow due to increasing solar PV installations during the forecast
period of 2024-2028.
According to TechSci Research
report, “Solar Tracker Market - Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018 – 2028F”, the global
solar tracker market is expected to grow, due to a number of new investments
and projects taken by various companies such as launch of a new and
differentiated product named “one module” (single-module solar tracker) in
portrait (1P) Solar Tracker Solution which has high energy battery backup and other
features such as high slope tolerance and higher energy density.
Solar photovoltaic (PV)
project’s installed capacity has increased dramatically during the past ten
years, because of rising investments in the renewable energy sector, which are
encouraged by favorable government policies and aspirational renewable energy
targets established by numerous nations. The total installed solar PV capacity,
globally, increased by 22%, from 772.2 GW in 2020 to 940.0 GW in 2021,
according to SolarPowerEurope. In 2021, the global capacity of solar power
plants that were connected to the electrical grid increased by 21%, from 139.2
gigawatts (GW) in 2020 to 167.8 GW in 2021.
The global market for solar
trackers is also growing as a result of the rising focus on renewable energy. One
of the major drivers of the solar tracker market's growth is the sharp rise in
solar panel installations around the world. The market for solar trackers is
also growing as a result of the passing of supportive rules by the government
that aid several solar energy projects.
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Solar Tracker Market"
Global Solar Tracker Market
is segmented on the basis of type, technology, application and region. Based on
type, the market is bifurcated into single axis tracker and double axis
tracker. Based on technology, the market is further bifurcated into photovoltaic
and concentrated solar tracker. Based on application, the market is bifurcated
into residential, commercial and utility. Based on region, the market is
further bifurcated into North America, Asia-Pacific, Europe, South America, and
Middle East & Africa. During the projected period, Single Axis Tracker is
expected to be the dominating segment during the forecast period. A solar
tracker increases the production capacity of a solar panel system by aligning
the solar panel with the direction of the sunlight. The Solar Tracker orients a
photovoltaic (PV) module so that sunlight hits the module perpendicularly for
maximum power output. However, farther north the equator, the sun's angle
changes more between the summer and winter seasons, so the effect decreases
further north. The single-axis solar tracker is 50% more expensive than
building a fixed PV panel but offers an additional 25-35% capacity improvement.
Its simple design provides the highest PV panel placement density per square
meter and the fastest payback period.
Based on technology, the
market is further bifurcated into photovoltaic and concentrated solar tracker. During
the projected period, photovoltaic (PV) technology is anticipated to dominate
the market. The main factor driving the biggest market share for PV technology
is its compatibility with conventional photovoltaic module technologies. The
usage of solar PV in utility and non-utility applications will increase as a
result of the rising cost of power caused by the supply-demand gap.
Compared to the mirrors,
lenses, and Fresnel collectors used on the CSP and CPV technology trackers, the
use of solar trackers on PV modules is subject to less design restrictions.
Over the foreseeable period, these characteristics will propel the development
of solar trackers in PV technology. The newest technology in the solar sector
is CPV. Due to its low production costs and minimal need for raw materials, CPV
systems generate affordable solar energy.
Key market players in the Global Solar Tracker Market are:
- Soltec
Power Holdings SA
- Arctech
Solar Holdings Co Ltd.
- Ideematec
Deutschland GmbH
- Nextracker
Inc.
- Valmont
Industries Inc.
- PV
Hardware Solutions S.L.U.
- Array
Technologies Inc.
- Trina
Solar Limited
- Powerway
Renewable Energy Co. Ltd.
- Degerenergie GmbH & Co.
KG
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“Global Solar Tracker market is
expected to grow on account of increasing Solar PV installations, along with increasing
environmental concerns over carbon emission policy. During the forecast period,
North America is expected to be the dominating region due to emphasis on the
use of renewable energy in the country's energy supply, as advocated by the
Paris Agreement on Climate Change.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
“Solar
Tracker Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018–2028F, Segmented
By Type (Single Axis Tracker and Double Axis Tracker), By Technology
(Photovoltaic and Concentrated Solar Tracker), By Application (Residential,
Commercial and Utility), By Region and Competition” has evaluated the future
growth potential of solar tracker market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the Global Solar Tracker Market.
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