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

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 solar tracker market is majorly driven by the increasing demand for renewable energy sources and the global shift towards sustainable power generation. By capturing more sunlight and increasing the energy output of solar installations, solar trackers help meet the rising demand for clean and sustainable electricity, thereby creating a positive market outlook. In line with this, the increasing deployments of solar trackers in utility-scale solar farms and commercial installations across the globe is creating lucrative opportunities in the market. Also, favorable government policies and incentives supporting energy targets, feed-in tariffs, and tax incentives to promote solar power generation is fueling the market growth.

The integration of advanced tracking technologies and control systems, such as integration of smart control systems, data analytics, and predictive algorithms is stimulating the solar tracker market. Some of the other factors contributing to the market include the declining production costs, rising emphasis on efficiency gains, extensive research and development (R&D) activities, and the growing adoption of solar trackers in emerging markets.

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 is a device or system that automatically adjusts the position and orientation of solar panels or solar collectors to maximize their exposure to the sun's rays throughout the day. The primary purpose of a solar tracker is to enhance the overall energy efficiency and output of a solar power system. Solar trackers typically consist of several components, including light sensors (photodiodes or phototransistors) or astronomical sensors (such as sun sensors or GPS-based systems), controller, and actuators.

Single-axis trackers move the solar panels along a single axis, typically from east to west, allowing them to follow the sun's daily path and the tilt angle of the panels remains fixed. On the other hand, dual-axis trackers can move the solar panels along both the horizontal (azimuth) and vertical (elevation) axes, enabling them to track the sun's position throughout the day and adjust for seasonal variations. By continuously adjusting the position of solar panels or mirrors, solar trackers optimize the angle of incidence between solar rays and the panels, ensuring optimal sunlight exposure.

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.