WILMINGTON, DE / ACCESSWIRE / December 14, 2022 / Transparency Market Research Inc. - According to a study published by Transparency Market Research, the Global Solar Trackers Market Share is expected to advance at a compound annual growth rate of 15.6% during the forecast period from 2021 to 2031.
Demand for renewable energy sources has risen significantly in the last few years owing to the continuous depletion of natural resources and fossil fuels. Solar trackers are witnessing increased demand from both residential and commercial applications and with supportive government policies promoting the use of solar trackers, demand is projected to remain high during the forecast period, thereby helping in market growth.
Leading players are gaining an edge over other players and generating significant revenue by launching new products. China-based Antaisolar announced the launch of the world's longest solar tracker called SPACE, in June 2021, which has helped reduce solar mounting system costs by 18%.
Additionally, well-established solar tracker players are signing collaborative agreements with smaller players to expand their market presence and improve their revenue.
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Key Findings of Market Study
- Increase in Demand for Single-Axis Solar Trackers Propelling Overall Market: Single-axis solar tracker products are extensively used in solar photovoltaic systems, over dual-axis solar trackers. The cost-effective nature of single-axis solar trackers and high electricity production are key factors driving the demand for single-axis solar trackers, in turn boosting the overall solar tracker industry growth.
- COVID-19 Pandemic Outbreak Fuels Growth in Global Solar Trackers Market: The COVID-19 pandemic phase enhanced growth in the Solar Trackers Market. The increase in the number of COVID-19 cases globally led to professionals across different organizations shifting to working from home, which triggered the need for renewable energy utility services and in turn prompted the demand for solar trackers and augmented market growth
Solar Trackers Market-Key Drivers
- The increase in demand for solar trackers functioning on concentrated photovoltaic technology is driving the global market growth
- The rise in the number of solar tracker installations in developing economies globally is aiding market development
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Solar Trackers Market-Regional Insights
- Europe emerged as the dominant region in 2020 owing to an increase in preference for solar trackers in solar photovoltaic systems that are used to generate electricity in countries such as Germany and Italy.
- North America is estimated to witness significant growth during the forecast period. Governments in the U.S. and Canada are pushing for the use of renewable energy sources, which could trigger the demand for solar trackers and help in market development
- The market in Asia Pacific is expected to witness strong growth during the forecast period because of the increase in the adoption of renewable energy in both developed and developing economies such as China and India
Solar Trackers Market-Key Players
Competition in the global Solar Trackers Market is fragmented because of the presence of several players. Competition is likely to intensify with the entry of new players in the market during the forecast period.
Prominent players are investing in research and development undertakings to manufacture improved products to meet consumer requirements in different end-use industries.
Some of the key players in the global Solar Trackers Market include
- Abengoa Solar,
- SunPower,
- Energia Ercam,
- First Solar, and Qbotix.
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The global Solar Trackers Market is segmented as follows:
Technology Analysis
- Solar PV
- Concentrated Photovoltaic (CPV)
- Concentrated Solar Power (CSP)
Product Analysis
- Single Axis
- Dual Axis
- Fixed Solar Systems
Application Analysis
- Utility
- Non-utility
Regions Covered
- Europe
- Asia Pacific
- Latin America
- North America
- Middle East & Africa
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