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Solar Tracker Market Growth and Share, Emerging Trends, Revenue, Key Manufacturers, Business Challenges, Opportunities and Forecast 2033: SPER Market Research
According to SPER market research, 'Solar Tracker Market Size- By Technology, By Type, By Application - Regional Outlook, Competitive Strategies and Segment Forecast to 2033' state that the Solar Tracker Market is predicted to reach USD 58.18 billion by 2033 with a CAGR of 26.43%.
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The driving factors of the global solar tracker market include the increasing demand for clean energy, decreasing costs of solar power technology, supportive government policies, the need for energy independence, and ongoing technological advancements. These factors contribute to the growth and development of the market, making solar power an increasingly attractive and viable energy option.
However, the global solar tracker market faces challenges such as installation costs, space requirements, intermittent sunlight, maintenance and durability issues, a lack of skilled labour, and regulatory obstacles. Despite these challenges, technological advancements, supportive policies, and increased awareness of the benefits of solar power are helping to overcome these obstacles and propel the solar tracker industry forward.
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Furthermore, The COVID-19 pandemic has had a significant impact on the global solar tracker market. One significant effect has been the disruption of global supply chains. Transportation and manufacturing restrictions imposed to control the virus's spread have resulted in delays and shortages of critical components required for solar tracker production. This has slowed the manufacturing process and reduced the market availability of solar trackers. Projects have also been delayed or cancelled as a result of the pandemic. Many solar power projects, including those involving the installation of solar trackers, have been halted or postponed as a result of the pandemic's economic uncertainty and financial challenges. Reduced investment and financial constraints have hampered the development of new solar projects, thereby reducing demand for solar trackers.
Furthermore, North America holds the largest portion of the global market and is projected to maintain this dominance until 2030. The main reason for this growth is the increasing focus on renewable energy and the influence of the Paris Agreement on Climate Change, which encourages the use of renewable energy sources in the country's energy production. Additionally, some of the market prominent players are Abengoa Solar S.A., AllEarth Renewables, Array Technologies Inc., DEGERenergie GmbH & Co. KG, Nclave, Powerway Renewable Energy Co. Ltd.
Solar Tracker Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Technology: Based on the Technology, Global Solar Tracker Market is segmented as; Solar Photovoltaic (PV), Concentrated Solar Power (CSP), Concentrated Photovoltaic (CPV).
By Type: Based on the Type, Global Solar Tracker Market is segmented as; Single Axis, Dual Axis.
By Application: Based on the Application, Global Solar Tracker Market is segmented as; Utility, Non-utility.
By Region: This report also provides the data for key regional segments of Europe, Asia-Pacific, Middle East, Africa, and North America, Latin America.
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