Solar Tracker Market Size is Expected to Grow at a CAGR of 18.54% During Forecast Period | Prominent Players- AllEarth Renewables, NEXTracker Inc., Soitec, Abengoa Solar

The global Solar Tracker Market size is predicted to reach USD 7.05 Billion exhibiting a CAGR of 18.54% during the forecast period.

The research is a great blend of qualitative and quantitative data, covering significant market developments, industry and competitive issues, gap analysis, and new opportunities and trends in the Solar Tracker Market. The report's goal is to give cutting-edge market knowledge and assist decision-makers in making smart investment decisions by presenting an overview of the Global Solar Tracker Market. Additionally, the research identifies and analyses upcoming trends, as well as important drivers, challenges, and opportunities.

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COVID-19 Impact

The pandemic has resulted in a greater reliance on digital platforms as the key change. All of this has an impact on energy consumption, gasoline consumption, and emissions. The immediate effects on energy consumption, mobility, and the environment are unlikely to last, and it may precipitate a global shift to a low-carbon, low-contact economy, which will benefit the market.

Key Players

Key players in the market are involved in gaining strategic advantages by expanding their operations and tapping into new regions.
Companies Covered: AllEarth Renewables, NEXTracker Inc., Soitec, Abengoa Solar, First Solar (Ray Tracker), Array Technologies, DEGERenergie, Grupo Clavijo, SunPower, Titan Tracker, PV Powerway, SmartTrak, Energia Ercam, Mecasolar, and Mechatron

Key Factors Impacting Market Growth:

• Rising awareness about renewable and sustainable sources of energy
• Rising prices of electricity due to increasing demand and supply gap

Key Development:

• Canada declared a policy for businesses/corporates offering a full tax exemption for those who have adopted PV solar panels in solar trackers.

• NEXTracker Inc., an important player in the solar tracker market, declared that the company had built India's biggest solar tracker power plant by collaborating with Adani Power Ltd. in Punjab with a capacity of 105 GW.

Segments

Market segmentation research is conducted to assist a company in identifying market segments in order to establish various plans and approaches.

By Product:

• Single Axis
• Dual Axis

By Technology:

• Solar Photovoltaic
• Concentrator Photovoltaic
• Concentrated Solar Power

By Application:
• Utility
• Commercial
• Residential

Regional analysis

Due to improvements in the supply side of the market, higher confidence on the demand side due to new federal and state-level policies is expected to propel the growth of the market in the Asia Pacific region.

Advanced technologies, increased renewable energy additions and growing investments will push the Solar Tracker market in Japan.

However, the growth in China will be largely driven by the large investments in renewable energy and network integration activities. A high growth is anticipated in the market due to significant investments in modernization of infrastructure.

Methodology

Market research fills the gap between a goods or services and its target market or client. Market research insights assist a manufacturer or service provider in developing a product or service plan that satisfies the specific needs of the target market.

Primary Market Research

Primary market research is a type of study that involves acquiring information from target industries, either through a third-party or directly from customers.

Quantitative Market Research

Quantitative market research is a method of gathering data from the target market and consumers that can be quantified.

Qualitative Market Research

Qualitative market research is a means of gathering qualitative data from target markets via the use of instruments and procedures such as focus groups and interviews.

Secondary Market Research

Secondary market research is an investigative strategy in which a firm relies on publicly available data to learn more about its customers and target markets.

The study of the market includes

• Explanation of consumer preferences, trends, opportunities, and factors impacting worldwide grid-scale power storage technologies, as well as an analysis of current industry trends.

• Market share study by end-user, service, application, and region.

• Investments in R&D and demonstration projects are covered, as well as a full overview of Solar Tracker market.

• Assessment of regulatory trends and incentives, regional economic development rate, implementation timeline, and environmental constraints.

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Frequently Asked Questions
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• Who are the key players in Solar Tracker Market?

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