September 16, 2022 12:39 ET | Source: Facts & Factors Facts & Factors
DUBLIN, Ireland, Sept. 16, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has recently published a latest study report titled “Solar Tracker Market - By Product Type (Single-axis and Dual-axis), By Use (Utility, Commercial, and Residential), and By Region: Global Industry Overview, Market Size, Statistical Research, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts, 2021–2028” in its research database.
“According to the most recent research study, the demand of global Solar Tracker Market size & share was valued at around USD 2.2 Billion in 2020 and is projected to grow at a Compound Annual Growth Rate (CAGR) of more than 10% during the forecast period 2021 to 2028 and is anticipated to surpass USD 4.3 Billion by 2028.”
The report explores the solar tracker market’s drivers & restraints and the impact they have on the demand during the projection period. Furthermore, the report examines emerging opportunities in the solar tracker market.
Tracking would be a sophisticated method of installing and positioning solar panels. A solar tracker is used to align a solar PV panel towards the sun so that the panels receive the most sunlight possible. Fixed systems have historically experienced a reduction in overall energy utilization since they are not intended to track the sun and orient at an optimal angle. As a result, they could not obtain the sun's energy at all times of the day.
Solar trackers, which compensate for this gap, are innovative systems that can move to track the journey of the sun across the entire sky, gathering maximum sunlight and optimizing the energy output of the panel system.
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Key Insights from Primary Research
The growing attempts to introduce and use cleaner technologies in the residential, commercial, and industrial sectors are expected to boost the global solar tracker market’s growth.
The global solar tracker market is expected to develop a competitive advantage over other sustainable technologies due to PV cells' inexpensive installation costs, configurable functionality, and increased power output. Furthermore, rising energy consumption, together with continued attempts to raise the amount of renewable energy in the energy mix will boost market statistics for solar technology, favorably boosting PV technology demand.
The growing attempts to introduce and use cleaner technologies in the residential, commercial, and industrial sectors are expected to boost the global solar tracker market’s growth. Growing demand for efficient solar energy harnessing technology, together with continued technological improvements in solar tracker systems, will support industry expansion during the forecast period.
The surging need for clean energy generation in commercial institutions such as schools, retail malls, and hospitals would boost PV system market demand, boosting the solar tracker market's growth. Growing investments in the growth of commercial facilities, as well as severe environmental and efficiency criteria, will favorably contribute to the growth of the solar tracker market throughout the forecast period.
Because of their high dependability index and great cost-effectiveness, single-axis trackers will drive significant growth in the solar tracker market. Vertical and horizontal single-axis solar trackers are accessible. Furthermore, single-axis solar trackers need very little maintenance, making them a more cost-effective option than other options, stimulating demand growth for the global solar tracker market.
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The global solar tracker market is segmented into product type, use, and region.
Based on the product type segment, the solar tracker is bifurcated into a single axis and double axis tracker, of which the latter one leads the global solar tracker market owing to its efficient performance and significant enhancement in the power output.GPS (Global Positioning System) is embedded in the double-axis tracker to determine its real-time latitudinal & longitudinal position along with the exact date & time. As a result, CPV (Concentrator Photovoltaics) and CSP (Concentrated Solar Power) plants widely install dual-axis trackers in their solar panels.
Solar trackers are considerably employed for utility purposes. Therefore, the utility segment holds the major revenue share of the global solar tracker market and is projected to follow the same trend during the forecast period. The segment encompasses LCOE-dependent huge revenue-generating projects. Moreover, a growing number of government-based renewable projects along with the swift decline in solar photovoltaic technology costs have propelled the solar energy sector, thereby fueling the demand for solar trackers.
North America is likely to be at the forefront of the global solar tracker market during the forecast period.
The use of maximum solar tracker installation for operational efficiency of installed panels in the United States is projected to boost demand for the product. Latin American countries such as Mexico and Brazil have emerged as the leading importers of solar trackers. More than half of all solar tracker shipments worldwide in 2020 were for North America.
In Europe, demand for solar energy has expanded at a healthy rate. Countries such as the United Kingdom, Italy, Spain, and Germany have led the way in expanding solar penetration in the country's overall power mix. This tendency, combined with aggressive green energy targets, presents huge potential opportunities for the region's solar tracker market.
The Asia Pacific region is the tracker production center, with China producing 40% of the world's tracker capacity. China, India, and other Southeast Asian countries are likely to increase their renewable energy generation in the next few years, resulting in a significant increase in demand for trackers. South Africa holds the largest share of the market in the African and Middle Eastern areas, which is predicted to increase at a strong rate over the forecast period as systems for solar power are installed.
Browse the full “Solar Tracker Market - By Product Type (Single-axis and Dual-axis), By Use (Utility, Commercial, and Residential), and By Region: Global Industry Overview, Market Size, Statistical Research, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts, 2021–2028" report at https://www.fnfresearch.com/solar-tracker-market
The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.
Some of the main players in the global solar tracker market include
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This report segments the global solar tracker market as follows:
By Product Type Segment Analysis
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