Solar Tracker Market Outlook, Size, Share, Leading Companies, Growth and Business Opportunities 2022-2027

The latest report published by IMARC Group, titled "Solar Tracker Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," offers a comprehensive analysis of the industry, which comprises insights on the market growth. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global solar tracker market size reached US$ 4.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 13.8 Billion by 2027, exhibiting a growth rate (CAGR) of 20.5% during 2022-2027.

Solar Tracker Market Trends:

The rising consumer inclination towards renewable energy sources, the increasing emphasis on utility-scale projects across the residential, commercial and industrial sectors, and the development of associated infrastructural facilities are primarily driving the solar tracker market. Additionally, the escalating demand for off-grid energy and the launch of several favorable policies by government bodies for promoting solar energy projects are further catalyzing the market growth. Besides this, the introduction of more efficient and cost-effective solar photovoltaics and concentrated photovoltaics that are innovatively designed to facilitate low-cost power generation is acting as another significant growth-inducing factor. Moreover, the inflating popularity of the Internet of Things (IoT)-based solutions is also positively influencing the global market. Apart from this, continuous technological advancements, such as the growing integration of concentrated photovoltaics with cloud computing, and extensive investments in R&D activities are anticipated to fuel the solar tracker market over the forecasted period.

Download a free sample report to get a detailed overview of the market: https://www.imarcgroup.com/solar-tracker-market/requestsample

Covid-19 Impact Analysis:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Competitive Landscape With Key Players:

The competitive landscape of the solar tracker market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• Arctech Solar Holding Co. Ltd.
• Array Technologies Inc.
• Convert Italia SpA (Valmont Industries Inc.)
• DEGER energie GmbH & Co KG
• First Solar Inc.
• Nextracker Inc. (Flex Ltd.)
• Powerway Renewable Energy Co. (SinoTech Power Group)
• Soltec Energias Renovables S.L.
• Sunpower Corporation (Total S.A.)

Industry Definition and Application:

A solar tracker represents the device used for orienting a solar panel or solar reflector towards the sun to harness additional sunlight. It is attached to the solar panels to alter their position in sync with the sun irrespective of the weather conditions. This ensures that the solar modules are correctly positioned to improve the overall efficiency of the solar panels and gather maximum solar energy. Based on the design and tracking mechanism, some of the commonly available variants include passive, single-axis, active, and dual-axis trackers. They offer numerous associated benefits, such as the generation of additional energy, availability in binary formats, minimal space requirements, etc.

Key Market Segmentation:

The report has segmented the global solar tracker market based on type, tracking type, technology, application and region.

Breakup by Type:

• Active Solar Tracker
• Passive Solar Tracker

Breakup by Tracking Type:

• Single Axis Tracking:
o HSAT (Horizontal Single Axis Trackers)
o VSAT (Vertical Single Axis Trackers)
o TSAT (Titled Single Axis Trackers)
o PSAT (Polar Aligned Single Axis Trackers)

• Dual Axis Tracking:
o TTDAT (Tip-Tilt Dual Axis Trackers)
o AADAT (Azimuth-Altitude Dual Axis Trackers)

Breakup by Technology:

• Solar Photovoltaic (PV)
• Concentrated Solar Power (CSP)
• Concentrated Photovoltaic (CPV)

Breakup by Application:

• Utility Sector
• Residential Sector
• Commercial Sector

Breakup by Region:

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa

Ask Analyst for Customization and Explore Full Report With TOC & List of Figures: https://www.imarcgroup.com/request?type=report&id=2401&flag=C

Key Highlights of the Report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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This release was published on openPR.