Solar Trackers Market Key Drivers, Challenges, Growth and Opportunities - 2031

𝐒𝐨𝐥𝐚𝐫 𝐓𝐫𝐚𝐜𝐤𝐞𝐫𝐬 𝐌𝐚𝐫𝐤𝐞𝐭: 𝐈𝐧𝐭𝐫𝐨𝐝𝐮𝐜𝐭𝐢𝐨𝐧

According to a recently published study by Transparency Market Research (TMR), the global solar trackers market is expected to reach an installed capacity of 37,196.86 MW by 2031.

TMR, a U.S.-based market research firm, states in its report that the global solar trackers market, which had an annual installed capacity of 6998.8 MW in 2020, is anticipated to reach an annual installed capacity of 37,196.86 MW by 2031, at a CAGR of 16.4% during the forecast period.

𝐑𝐞𝐚𝐝 𝐑𝐞𝐩𝐨𝐫𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰 -https://www.transparencymarketresearch.com/solar-trackers-market.html

According to the report, the market for solar trackers is stimulated by the increase in demand for photovoltaic (PV), rise in feed-in tariff (FIT), and incentive schemes by governments. In addition, growth in prices of electricity is augmenting the photovoltaic market, which is further fuelling the solar trackers market.

Furthermore, solar cells' efficiency is boosted by tracking systems, thus impacting the market positively. On the other hand, the capital-intensive technology is expected to restrain the growth of the market over the next few years.

𝐄𝐱𝐩𝐚𝐧𝐬𝐢𝐨𝐧 𝐨𝐟 𝐒𝐨𝐥𝐚𝐫 𝐓𝐫𝐚𝐜𝐤𝐞𝐫𝐬 𝐌𝐚𝐫𝐤𝐞𝐭

Based on technology, the solar trackers market has been segmented into solar photovoltaic PV, Concentrated Solar Power (CSP), and Concentrated Photovoltaic (CPV).

𝐆𝐞𝐭 𝐏𝐃𝐅 𝐬𝐚𝐦𝐩𝐥𝐞 𝐟𝐨𝐫 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐚𝐧𝐝 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐈𝐧𝐭𝐞𝐥𝐥𝐢𝐠𝐞𝐧𝐜𝐞 -https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1625

CPV is one of the prime segments of the market for solar trackers owing to a number of advantages associated with Concentrated Photovoltaics. In terms of product, the market has been divided into dual axis, single axis, and fixed solar systems.

Among these, single axis trackers are majorly utilized in solar PV systems, owing to their cost-friendly nature as well as high electricity output in comparison to dual axis trackers. Single axis trackers comprise a single axis for rotation. They can be vertical, polar or tilted, and horizontally aligned. On the other hand, dual axis trackers comprise two axes for rotation and vertically trap maximum of the solar radiations. In terms of application, the solar tracker market has been segregated into non-utility and utility.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 -https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=1625

𝐒𝐨𝐥𝐚𝐫 𝐓𝐫𝐚𝐜𝐤𝐞𝐫𝐬 𝐌𝐚𝐫𝐤𝐞𝐭: 𝐏𝐫𝐨𝐦𝐢𝐧𝐞𝐧𝐭 𝐑𝐞𝐠𝐢𝐨𝐧𝐬

The solar trackers market has been split into Europe, Latin America, North America, Middle East & Africa, and Asia Pacific. In 2020, Europe led the market and constituted over 60% share of the market on the basis of annual installed capacity. North America trailed Europe on the basis of annual installed capacity and represented 26% of the market in the same year. In Europe, Germany, Italy, Greece, and Spain are the prime markets for solar trackers. Spain, within the European region, and China, within Asia Pacific, are predicted to exhibit the swiftest growth as compared to all other countries owing to government support provided for energy generation via renewable sources.

𝐌𝐚𝐤𝐞 𝐚𝐧 𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 -https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=1625

𝐒𝐨𝐥𝐚𝐫 𝐓𝐫𝐚𝐜𝐤𝐞𝐫𝐬 𝐌𝐚𝐫𝐤𝐞𝐭: 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬

The market for solar trackers is fragmented in nature, but still some companies have maintained their foothold since the past few years. Major companies operating in the market are Frontier Technology Group Ltd., Amonix, Energia Ercam, Mechatron, SmartTrak Solar Systems Pvt. Ltd, and Haosolar Co. Ltd. Among these, in 2020, Haosolar Co. Ltd. emerged as the largest producer of solar trackers and represented 23% on the basis of the annual installed capacity. It was trailed by companies such Abengoa and SunPower, as per this study.

𝐀𝐛𝐨𝐮𝐭 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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𝐂𝐨𝐧𝐭𝐚𝐜𝐭

Rohit Bhisey
Transparency Market Research Inc.
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This release was published on openPR.