Solar Tracker Market Size To Hit US$ 16.7 Billion By 2028 | IMARC Group

The latest report published by IMARC Group, titled "Solar Tracker Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," offers a comprehensive analysis of the industry, which comprises insights on the market share. The report also includes competitor and regional analysis, and contemporary advancements in the market.

The global solar tracker market size reached US$ 5.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 16.7 Billion by 2028, exhibiting a growth rate (CAGR) of 21.1% during 2023-2028.

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Solar Tracker Market Trends:

The escalating product demand across the residential, commercial, and industrial sectors, owing to the increasing preference for renewable energy sources among the masses and the high emphasis on utility-scale projects, is primarily driving the solar tracker market. Besides this, the launch of favorable policies by the government bodies to promote green power and the establishment of associated infrastructural facilities are further augmenting the market growth. Moreover, various product innovations, such as the development of more efficient and cost-effective solar photovoltaics and concentrated photovoltaics that are innovatively designed to facilitate low-cost power generation, are also catalyzing the global market. Apart from this, the elevating off-grid energy requirement and the integration of cloud computing and the internet of things (IoT)-based solutions are acting as significant growth-inducing factors. Furthermore, the extensive utilization of this device, as it reduces light reflection and maximizes energy absorption, is anticipated to propel the solar tracker market over the forecasted period.

Solar Tracker Market 2023-2028 Competitive Analysis and Segmentation:

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.)

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

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Industry Definition and Application:

A solar tracker refers to the device utilized for orienting a solar panel or reflector toward the sun to harness additional sunlight. The trackers are attached to the panels to alter their position in sync with the sun, irrespective of the weather conditions. This ensures that the solar modules are precisely positioned to gather maximum energy and improve the overall efficiency of the reflector. Based on the design and tracking mechanism, the commonly used variants include passive, single-axis, active, and dual-axis trackers. These devices offer various advantages, such as availability in binary formats, the generation of additional energy, minimal space requirements, lower electricity bills, and reduced maintenance costs.

Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• 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.