Solar Tracker Market: Global Opportunity Analysis and Industry Forecast, 2021-2031
— Allied Market Research
WILMINGTON, DELAWARE, UNITED STATES, September 25, 2023 /EINPresswire.com/ —
Allied Market Research published a report on the Solar Tracker Market By Type (Single Axis Tracker, Double Axis Tracker), By Technology (Photovoltaic, Concentrated Solar Tracker), By Application (Residential, Commercial, Utility): Global Opportunity Analysis and Industry Forecast, 2021-2031
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.
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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.
A significant increase in number of solar panel installations worldwide is one of the key factors that propels growth of the solar tracker market. Furthermore, the market for solar trackers is expanding as a result of adoption of helpful government laws that support numerous solar energy projects.
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.
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.
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.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
Array Technologies, Inc.
DEGERENERGIE GMBH & CO. KG
Powerway Renewable Energy Co. Ltd.
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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.
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.
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.
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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Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the solar tracker market analysis from 2021 to 2031 to identify the prevailing solar tracker market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the solar tracker market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global solar tracker market trends, key players, market segments, application areas, and market growth strategies.
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