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.
Solar energy is emerging as a pivotal component in the energy landscape of many nations. To optimize the use of this renewable resource efficiently, solar trackers are employed, aligning photovoltaic panels, reflectors, and optical components with the sun's movement. Solar trackers play a vital role in optimizing energy output and adapting to the sun's changing position throughout the day and across seasons. These devices consider factors like solar radiation, feed-in tariffs, installation and operational costs, and geographic location to maximize energy generation. In addition, there are two primary types of solar trackers, single-axis and dual-axis, which cater to specific applications. Single-axis trackers are used in concentrated solar power systems, particularly with parabolic and linear Fresnel mirror designs.
The growing demand for renewable energy drives the growth of the market. The demand for energy has been growing tremendously as the global population is increasing. The conventional power generation methods are not sustainable, critically harm the enjoyment, and have been leading to environmental issues such as global warming. To satisfy the growing energy demand various renewable energy sources are being employed around the world. Solar energy has emerged as one of the most affordable, convenient, and abundant renewable energy source. According to IEA, solar PV generation rose by 179 TWh from 823.8 TWh in 2020 to 1002.9 TWh in 2021. In addition, strong government support is propelling the demand of the market. For instance, the Ministry of New & Renewable Energy in India has rolled out a scheme for developing solar parks across India. The scheme provides monetary assistance and incentives for setting up power plants. However, the requirement of high initial investment restrains the market growth. Furthermore, technological advancement and new product innovation in the industry may offer numerous opportunities for market growth. The solar tracker companies are investing largely in developing new products. These companies are incorporating the latest technologies to make their products more appealing.
The solar tracker market is categorized into various regions such as North America, Europe, Asia Pacific, and the Rest of the World. North America is expected to hold a significant market share due to the rising emphasis on renewable energy. The increase in demand for energy in the U.S., and the growing emphasis on renewable energy will remain the main drivers of the market expansion. In addition, rising intervention by the U.S. government is also aiming to promote the use of solar trackers in the region. Moreover, the Asia Pacific region is also anticipated to hold a significant share in the global solar tracker market owing to the presence of emerging economies such as India, China, and Japan those countries are becoming production hubs for the trackers. Furthermore, the demand for solar power increased in Europe region fueling the growth of the market. Countries such as Italy, the U.K., and Germany are major contributors to the growth of the market in the Europe region over the forecasted period.
Report Coverage | Details |
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Market Size in 2022 | USD 3,873.8 Million |
Market Size by 2030 | USD 17217.7 Million |
Growth Rate from 2023 to 2030 | CAGR of 20.78% |
Largest Market | North America |
No. of Pages | 255 |
Market Drivers |
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Market Segmentation | By Type, By Technology, and By Application |
Regional Scope | North America, Europe, Asia Pacific, and RoW |
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 2023-2030. 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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