Solar Tracker Market was worth USD 6.05 billion in 2021 and is poised to amplify at a CAGR of 13.5% over 2022-2030, thereby amassing USD 16.73 billion by end of the assessment timeframe.
Solar trackers market is expected to reach 37,196.86 MW by 2031. The development of the worldwide sun oriented trackers market is upheld by rising government impetus programs, rising feed-in taxes (FIT), and photovoltaic (PV) request. Furthermore, rising power costs are probably going to support the interest for photovoltaic, as would be considered normal to fuel the worldwide sun based tracker market much more. Furthermore, global positioning frameworks are supposed to work on the viability of sun oriented cells, which is projected to affect the market. On the opposite side, the market’s extension is supposed to be obliged over the course of the following couple of years because of capital-serious advances.
To keep up with business congruity in spite of the predominant Covid pandemic, firms in the worldwide sun based trackers market are serving strategic applications in the utilities as well as non-utility enterprises. Sun oriented trackers, then again, have been seen to require more overhauling than super durable frameworks.
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Global Solar Tracker Market: Key Trends
Increasing Investments In The Solar Industry To Augment The Industry Outlook
With widespread industrialization and urbanization, there has been rising instances of fossil fuel depletion and surge in carbon emission rates. This in turn has increased the focus of various governments onto promoting the adoption of clean energy. It is evident that solar energy is one of the most sustainable, affordable, efficient, and easily available entity for power generation. Therefore, governments of major nations have increased their investments to boost the development of the solar industry.
Global Solar Tracker Market: Segmental Assessment
By Type:
- Photovoltaic
- Concentrated Solar Power
The photovoltaic segment is expected to amass notable gains over the stipulated timeline due to the precision and consistency of photovoltaic solar trackers.
By Movement:
- Single Axis
- Dual Axis
The single axis segment is slated to generate significant returns over the estimated timeframe owing to its affordability, efficiency, and operational simplicity.
By Application:
- Residential
- Commercial & Industrial
- Utility
Global Solar Tracker Market: Competitive Hierarchy
The prominent players characterizing the geographical terrain of this industry sphere are Trina Solar, Powerway, Meca Solar, SmartTrak Solar Systems (Pvt) Ltd., SunPower Corporation, Abengoa Solar, Array Technologies, Inc., Haosolar Co. Ltd., SOLTEC, Scorpius Trackers, Arctech, Convert Italia, AllEarth Renewables, DEGER energie GmbH & Co. KG, PV Hardware, STI Norland, GameChange Solar, Gonvarri Steel Services, ArcelorMittal, Ideematec AG, EXTracker, Inc., and NCLAVE.
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