A recent report published by Infinium Global Research on solar tracker market provides in-depth analysis of segments and sub-segments in the global as well as regional solar tracker market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional solar tracker market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global solar tracker market. The value of the market in 2022 was approximately USD 5 billion and expected to reach more than USD 17 billion in 2028 with a CAGR of above 11% during the forecast period.
Solar energy is becoming a significant component in the energy profiles of several nations. Photovoltaic panels, reflectors, lenses, and other optical equipment are oriented toward the sun utilizing solar trackers. Trackers are used to position the collection system so that energy output is optimized because the sun's position in the sky varies with the seasons and the time of day. The amount of direct solar radiation, feed-in tariffs in the area where the system is implemented, the cost to install and operate the trackers, and other factors are all taken into account by solar trackers. There are majorly two types of solar trackers single axis and dual-axis. Single-axis trackers are utilized with parabolic and linear Fresnel mirror designs in concentrated solar power systems. Dual-axis tracking is crucial in solar tower applications.
Increasing adoption of renewable energies is expected to drive the growth of the market. Also, Green energy targets help to upswing the investment in the solar tracker. The rise in global demand for energy and growth in environmental awareness helps to boost the market growth of the global solar tracker market. Rapid rising population in developing countries directly impacted power generation so, the growing adoption of renewable sources in power generation is aiding the market growth. Increased awareness and the need to maximize power output are also expected to increase the demand for solar trackers. High fluctuation in raw material costs and lack of high investment can restrain the market growth. Integrated technology and new government regulation related to renewable energy are expected to create various growth opportunities for the market.
In terms of region, the solar tracker market is categorized into North America, Europe, Asia Pacific, and the Rest of the World. Among all, North America is expected to hold a significant market share due to the rising emphasis on renewable energy. Also, the U.S. government takes initiatives for renewable sources usage. Asia Pacific also anticipated significant growth in the global solar tracker market. Emerging economies such as India, China, and Japan those countries are becoming production hubs for the trackers. Also, the demand for solar power increased in European regions fueling the growth of the market. Italy, the U.K., and Germany are major countries dominating the European region.
The report on global solar tracker market covers segments such as type, technology, and application. On the basis of type, the sub-markets include single axis, and dual axis. On the basis of technology, the sub-markets include solar photovoltaic, concentrated photovoltaic (cpv), and concentrated solar power (csp). On the basis of application, the sub-markets include utility, and non-utility.
The report provides profiles of the companies in the market such as Array Technologies, Inc., PVHardware, Arctech Solar Holding Co., Ltd, Nextracker Inc., Soltec Power Holdings S.A., FTC Solar, Valmont Solar, Ideematec, GameChange Solar, and Trina Solar Acquired by (Nclave).
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the solar tracker market. Moreover, the study highlights current market trends and provides forecasts from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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