WASHINGTON, Aug. 29, 2022 (GLOBE NEWSWIRE) -- Over the forecast period, it is anticipated that growing concerns about energy conservation and the switch from non-renewable to renewable energy will increase demand for solar energy and, eventually Solar Tracker Market. Solar Tracker Markets use various electrical components, including actuators, motors, and sensors, to position the solar cell to focus the sunlight on maximizing the amount of energy captured. The solar radiation caught are then turned into electricity, used by different end-user segments. In addition, the popularity of solar energy as a viable source for generating commercial energy has increased as a result of the falling cost of solar PV panels, which is anticipated to boost market growth further.
The Global Solar Tracker Market revenue is expected to reach a value USD 12.4 Billion in 2028.
The Global Market revenue was valued at USD 5.9 Billion in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 13.3% during the forecast period; states Vantage Market Research, in a report, titled “Solar Tracker Market Size, Share & Trends Analysis Report by Technology (Solar Photovoltaic (PV), Concentrated Solar Power (CSP), Concentrated Photovoltaic (CPV), by Type (Single Axis, Dual Axis), by Application (Utility, Non-Utility), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
Key Industry Findings & Insights from the report:
- The global Solar Tracker Market was valued USD 5.9 Billion in 2021 and is all set to surpass USD 12.4 Billion by 2028, exhibiting a CAGR of 13.3% during the forecast period 2022-2028.
- In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
- In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
- The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
- North America captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Solar Tracker industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
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Market Dynamics:
Drivers:
Green Energy Targets to Fuel Investments in Solar Industry
Carbon reduction has accelerated the adoption of renewable energies as the globe shifts to a clean energy future. Solar technology and other renewable energy technologies have dramatically improved, enabling quick deployment and offering affordable solutions for decarbonizing the energy sector. As a modular strategy that is easily scalable for large and small enterprises, the unequal adoption of a solar tracking system has drawn increasing attention as an energy justice issue. For instance, Mahindra Sustain chose NEXTracker to be the supplier for Sakaka Solar Park. The project is being carried out as a part of Saudi Arabia's national initiative to deploy renewable energy sources. By 2023 and 58.7 GW by 2030, the project is anticipated to have a total capacity of 9.5 GW.
Growing Adoption of Renewable Sources for Power Generation
The population growth in developing nations has directly impacted power production over the past ten years. Power generation from renewable sources is growing at a healthy rate and is seen as the best feasible substitute for conventional power sources, such as coal and oil products, as carbon emissions are reduced. Nearly 29% of the electricity produced worldwide comes from renewable sources. Furthermore, according to the International Energy Agency (IEA), more substantial support from governmental policies and more ambitious clean energy goals are expected to propel renewables to account for nearly 95% of the growth in global power capacity by 2026, with solar PV alone accounting for more than half of capacity.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the manufacturing industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020.
Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The report on Solar Tracker Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
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Regional Analysis:
North America is expected to dominate the growth of Solar Tracker Market in 2021. The Paris Agreement on Climate Change, which encouraged the use of renewable energy in the country's energy supply, and the growing emphasis on renewable energy are principally responsible for the growth in the region. Through a number of measures, the American government is likewise aiming to promote the use of solar power in the economy.
List of Prominent Players in Solar Tracker Market:
- All Earth Renewables
- DEGE Renergie 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.
Browse market data Tables and Figures spread through 149 Pages and in-depth TOC on "Solar Tracker Market Size, Share & Trends Analysis Report by Technology (Solar Photovoltaic (PV), Concentrated Solar Power (CSP), Concentrated Photovoltaic (CPV)), by Type (Single Axis, Dual Axis), by Application (Utility, Non-Utility), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Recent Developments:
February 2022 - Solar Steel is developing a project called Digital Twins of photovoltaic plants for the design, engineering, and O&M phases. The digital twin virtually reproduces the behavior and performance of a process or product.
April 2021 - Array Technologies, Inc. bagged a contract with Primoris Services Corporation to supply up to 4 GW of Solar Tracker Markets to be used in more than ten projects across North America.
Key Questions Answered in The Report:
- Which region will show the fastest and highest growth in the near future?
- Which are the top five players and their weakness and strength of the Market?
- What will be the future innovation in the upcoming six years?
- Which application and product will lead the largest share of the Market?
- What are the growth drivers, restraints and challenges of the industry?
- What will be the CAGR and size of the Solar Tracker Market for the base year and forecast period?
This market titled “Solar Tracker Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| 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 |
Customization of the Report:
The report can be customized as per client needs or requirements. For any queries, you can contact us on sales@vantagemarketresearch.com or +1 (202) 380-9727. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.
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