Solar Tracker Market to Expand with Significant CAGR During 2022- 2029

The size of the worldwide market for solar trackers was estimated at USD 3.40 billion in 2021, and it is anticipated to increase at a CAGR of 20.5% from 2022 to 2029.
Over the forecast period, it is anticipated that growing concerns about energy conservation and the switch from non-renewable to renewable energy would increase demand for solar energy and eventually solar trackers. To position the solar cell for focusing the sunlight to maximize the amount of energy captured, solar trackers use a variety of electrical components, including actuators, motors, and sensors. The solar radiation that is caught are then turned into electricity, which is used by different end-user segments. One of the renewable energy sources with the quickest growth over the past few years in the United States has been solar photovoltaic technology. The development of PV cells as a sustainable and ongoing source of energy generation is a result of the government's increased focus on renewable energy sources. The Levelized cost of electricity has decreased as a result of rising capacity expansions across the United States (LCOE). As a result, solar PV is now on par with other traditional energy sources in the nation. The U.S. government's supportive policies are to blame for the high adoption of solar energy in the nation.

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Top Key Players are included in this report:
Optimum Tracker, SmartTrak Solar, SunPower, Abengoa Solar, Mechatron, Titan Tracker, AllEarth Renewables, Wuxi Hao Solar Technology, Soitec, First Solar, Grupo Clavijo, Array Technologies, Ercam, Mecasolar, DEGERenergie

With a revenue share of over 85.0%, was solar photovoltaic (PV). The main factor behind the largest share of PV technology is the compatibility of PV cells with conventional photovoltaic module technologies. The usage of solar PV in utility and non-utility applications will be further boosted by the growing cost of power caused by the supply-demand gap. Compared to the mirrors, lenses, and Fresnel collectors used on the CSP and CPV technology trackers, the use of solar trackers on PV modules is subject to fewer design restrictions. Over the predicted period, these attributes will promote the development of solar trackers in PV technology. A new technology in the solar sector is CPV. During the projection period, it is projected that growing global concerns about energy conservation and the switch from nonrenewable to renewable energy sources will raise demand for solar energy and, eventually, solar trackers. A solar tracker uses a variety of electrical parts, including actuators, motors, and sensors, to position the solar cell in order to focus the sun's rays and maximize the energy captured. A variety of end-user segments consume the electricity produced from the solar radiation that was caught. Due to the falling cost of solar PV panels, which is predicted to further spur industry expansion, the use of solar power as a possible source of commercial energy generation has grown in popularity.

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The rising trend in carbon emissions is what is driving the demand for green and clean energy. By 2029, the British government wants to produce around half of its electricity from renewable sources, according to the fast carbon analysis. The industry is also growing as a result of rising investments in green energy initiatives. As a result, the global market for solar trackers is growing due to the increasing need for renewable energy. New government rules that support the development of numerous solar energy projects have Marketed to the growth of the solar tracker business. Businesses are focussing on developing products based on cutting-edge technology due to the expanding industry demand for sophisticated technology for tracking purposes. Currently, the production of power worldwide comes from renewable energy sources to an approximately extent of 29%. It is predicted to rise dramatically in the years to come, encouraging the market. As a result, there is potential for the worldwide solar tracker market to grow due to the rising demand for renewable energy. The global market for solar trackers is expanding as green and renewable energy become more and more important. The global market for solar trackers is growing along with the number of people who are concerned about the environment.

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This release was published on openPR.