In terms of revenue, the Global Solar Tracker Market is expected to reach USD 12.4 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 13.10% from 2022 to 2028.
Global energy demand growth is what is driving the global solar market. When compared to modules at a fixed angle, Solar Trackers can enhance the output of solar panels. Additionally, the increased emphasis on clean and green energy is fuelling the expansion of the global market for Solar Trackers. The global market for Solar Trackers is expanding because of rising environmental awareness. A significant increase in the number of solar panel installations worldwide is one of the key reasons behind the growth of the Solar Tracker Market. Additionally, the market for Solar Trackers is expanding because of the adoption of helpful government laws that support numerous solar energy projects.
Key Highlights from Report:
· The Single Axis segment is estimated to dominate with the highest Compound Annual Growth Rate (CAGR) in the Solar Tracker Market during the forecast period. Single-axis trackers typically follow the sun's movement from east to west. Single-axis trackers are affordable, simple to set up, and function for very little money. They are more dependable than dual-axis trackers. Compared to single-axis trackers, dual-axis trackers have a shorter lifespan. Businesses searching for a low-cost solution might choose single-axis trackers.
· The Solar Photovoltaic (PV)segment is expected to register the highest growth in the Solar Tracker Market in 2021. Solar Photovoltaic is a simple system that uses sunshine to generate electricity and contains no functional parts. Solar Photovoltaic systems directly absorb photons from the sun, tiny light particles that can independently transform some of their energy into electricity or be stored for later use in chemical reactions.
· North America holds the largest Solar Tracker Market share over the forecast period. The highest revenue share came from North America, and it is anticipated that this trend will continue. The Paris Agreement on Climate Change encouraged the use of renewable energy in the country's energy supply, and the growing emphasis on renewable energy is principally responsible for the growth.
Energy conservation and improved operational effectiveness are Solar Tracker's other main objectives. Solar TrackerResearch & Development (R&D)is a key differentiator for businesses in this market. Companies are focusing on producing advanced technology-based products because of the rising industrial demand for sophisticated technology for tracking purposes. Manufacturing companies employ various organic and inorganic expansion strategies to expand their geographic reach and product line. Large buy orders are the focus of the leading market participants' strategic strategy because doing so enables them to attain economic growth. Research and development of trackers are crucial distinctions for market participants.
North America is expected to dominate the Solar Tracker Market in 2021. The market players use innovative tactics, including joint ventures, partnerships, product launches, and collaboration. The regional market is expanding because of these tactics. Through several measures, the American government is likewise aiming to promote the use of solar power in the economy. More than 350 initiatives financed by the program involved businesses, private universities, and national laboratories. The market players use innovative tactics, including joint ventures, partnerships, product launches, and collaboration. The regional market is expanding because of these tactics.
The Global Solar Tracker Market is Segmented as follows:
- Solar Photovoltaic (PV)
- Concentrated Solar Power (CSP)
- Concentrated Photovoltaic (CPV)
- Single Axis
- Dual Axis
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
A list of the Key Players of the Global Solar Tracker Market is:
AllEarth Renewables, DEGERenergie GmbH & Co. KG, Array Technologies Inc., Abengoa Solar S.A., SunPower Corporation, Trina Solar Limited, Nclave, Soltec Tracker, Titan Tracker, Powerway Renewable Energy Co. Ltd., Energia Ercam SL, Mecasolar España SL, First Solar Inc., Arctech Solar Holding Co. Ltd., Sun Action Trackers, NEXTracker Inc.
The Global Solar Tracker Market Scope can be Tabulated as below:
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|