Global Solar Tracker Market to Value at $16.0 Billion, by 2031 with 6.1% CAGR: States Allied Market Research
The global market for solar tracker is witnessing growth due to factors such as depletion of fossil fuels, surge in environmental awareness, and an increase in demand for energy across the globe.
Wilmington, Delaware, Oct. 31, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “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, 2022-2031“. The report indicates that the global market for solar tracker is anticipated to reach $16.0 billion by 2031, having garnered a share of $8.9 billion in 2021, with a CAGR of 6.1% during the forecast period of 2022 to 2031.
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Factors influencing the growth of the global solar tracker market:
The global market for solar tracker is witnessing growth due to factors such as depletion of fossil fuels, surge in environmental awareness, and an increase in demand for energy across the globe. On the other hand, complex design requirements, minimal power, high maintenance cost, and huge initial investment for installation restrict the market growth to some extent. Nevertheless, surge in government policies in countries like India, China, and the U.S. for preference towards solar energy will offer ample growth opportunities for the market in the upcoming years.
The photovoltaic segment to lead the trail by 2031
On the basis of technology, the photovoltaic segment generated the major share in 2021, contributing to more than four-fifths of the global solar tracker market revenue and is projected to lead the trail from 2022 to 2031. Also, the same segment would display the fastest CAGR of 6.3% throughout the forecast timeframe. Photovoltaic technology tracker is easy to manufacture, has low maintenance cost, and cost-effective installation, hence they are widely preferred across the world. The report also discusses the PV tracker segment.
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The utility segment to grab the lion’s share
By application, the utility segment held the largest share in 2021 accounting for nearly four-fifths of the total market revenue and is estimated to lead the trail with a fastest CAGR of 6.3% from 2022 to 2031. Solar trackers increase electricity production by 40% and around one-third based on sunlight as compared to modules. The residential and commercial segments are also discussed under this category.
Asia-Pacific to lead the trail by 2031
The regional analysis in the report states that the market across the APAC region was largest in 2021, garnered the major share of more than two-fifths of the overall market revenue and is estimated to rule the roost from 2022 to 2031. The same region would cite the highest growth with 6.5% CAGR throughout the forecast timeframe. The market across the region is experiencing growth due to rapid urbanization and industrialization which is estimated to raise the demand for energy and enhance the outlook for the industry. Governments across the Asia-Pacific region is adopting strict norms and laws to decrease greenhouse gas emissions which is another factor driving the market growth. The report also discusses the markets across the North America, Europe, and LAMEA regions.
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Key market players in the global solar tracker market:
- Powerway Renewable Energy Co. Ltd.
- OPTIMUM TRACKER
- PV Hardware
- STI Norland
- GameChange Solar
- DEGERENERGIE GMBH & CO. KG
- Trina Solar
- SunPower Corporation
- Nextracker Inc.
- Convert Italia
- Array Technologies, Inc.
The report examines the major key players in the global solar tracker market. These entities have implemented a variety of strategies, including expansion, the introduction of new products, forming partnerships, and other measures, to enhance their market presence and strengthen their position in the industry. The report is a valuable resource for evaluating the operational sectors, business performance, advancements, and product offerings made by each market participant.
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