Solar Tracker Market Ongoing Trends, Opportunities & Forecast To 2031

The solar tracker market size was valued at $8.9 billion in 2021, and is estimated to reach $16.0 billion by 2031, growing at a CAGR of 6.1% from 2022 to 2031.

A solar tracker is a device that orients solar panels or photovoltaic modules toward the sun to maximize their exposure to sunlight throughout the day. Solar trackers automatically adjust the position of solar panels to follow the sun's movement across the sky, optimizing energy generation and increasing the overall efficiency of solar power systems.

Download Report Sample: https://www.alliedmarketresearch.com/request-sample/5523

Solar trackers improve energy production compared to fixed solar panels that are stationary. By continuously tracking the sun's position, solar trackers can maintain an optimal angle between the solar panels and the sun's rays, maximizing the amount of sunlight received. This allows solar panels to generate more electricity throughout the day, especially during peak solar hours.

Key players operating in the global solar tracker market analysis include Array Technologies, Inc., Convert Italia, Nextracker Inc., SunPower Corporation, Trina Solar, DEGERENERGIE GMBH & CO. KG, GameChange Solar, STI Norland, Ideematec, PV Hardware, MECASOLAR, Mechatron, OPTIMUM TRACKER, Powerway Renewable Energy Co. Ltd., and Schletter.

The solar tracker market is primarily driven by expanding global demand for energy, growing environmental awareness, and depletion of fossil fuels.

Demand for solar trackers is expected to increase during the forecast period as a result of growing government initiatives in nations such as the U.S., India, and China to shift to solar energy.

It is anticipated that solar tracker companies would benefit from new growth prospects brought on by ongoing product innovations in solar technology as well as growing usage of IoT and artificial intelligence.

Increase in steel costs further raises cost of these tracking systems, which are employed in majority of utility-scale projects. This is one of the main reasons impeding the solar tracker market growth.

By type, the solar axis segment is estimated to display highest growth rate, in terms of revenue, registering a CAGR of 6.3% from 2022 to 2031

By technology, the photovoltaic segment is anticipated to register highest CAGR of 6.3% during the forecast period.

By application, the utility segment is anticipated to register highest CAGR of 6.3% during the forecast period.

Steel often accounts for more than 65% of the entire cost of solar tracking systems, making them more expensive.

Buy This Report (216 Pages PDF with Insights, Charts, Tables, and Figures): https://bit.ly/3YPJB3e

Solar trackers offer several benefits, including increased energy generation, improved system efficiency, and a higher return on investment. However, they also have considerations to keep in mind. Solar trackers require additional maintenance and have higher upfront costs compared to fixed solar panels. They are more suitable for large-scale solar installations or areas with high solar resource availability, where the increased energy output justifies the additional costs.

Solar tracker possesses various properties such as it offers minimal wind resistance and provides electrical and thermal stability. Hence, owing to such functionalities, it is extensively used for residential, commercial, agriculture, and other purposes such as in on-grid for roofs of houses, traffic signals, street lights, cottages, and small power plants.

Development of solar trackers for unusual settings, such as capped landfills, has been identified as the main trend in the global solar trackers market.

Solar trackers are typically fixed on posts that are hammered into the ground or on posts with ballast.

Factors such as growing manufacturing industry, availability of feedstock at reduced prices, and arrival of local players has led manufacturers to offer solar trackers at low prices.

Impact of COVID-19

The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe.

The adoption of solar tracker for electricity generation, which was strongly dependent on China and India, as well as the world economy both suffered from the health crisis brought on by the spread of COVID-19.

Read More Information: https://www.alliedmarketresearch.com/solar-tracker-market

Additionally, a labor shortage caused supply chain issues in the United States, which was a dominating country in the solar tracker market, as well as a nation lockdown hampered industrial progress.

Similar Reports:-

OFF-Grid Solar Market by Application (Residential, Commercial, Industrial): Global Opportunity Analysis and Industry Forecast, 2022-2031

https://www.alliedmarketresearch.com/off-grid-solar-market-A74613

Solar Lights Market by Type (Outdoor Solar Lights, Indoor Solar Lights), by Panel Type (Polycrystalline, Monocrystalline, Amorphous), by Solar Power Systems (Off-Grid, On-Grid, Hybrid), by Application (Highways and Roadways, Residential, Commercial and Industrial, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031

https://www.alliedmarketresearch.com/solar-lights-market-A47447

Solar Roofing Market by Type (Thin film, Crystalline, Others), by Grid Type (On-Grid, Off-Grid), by Installation Type (Residential, Commercial, Utility-Scale): Global Opportunity Analysis and Industry Forecast, 2021-2031

https://www.alliedmarketresearch.com/solar-roofing-market-A15569

David Correa5933 NE Win Sivers Drive#205, Portland, OR 97220United StatesUSA/Canada (Toll Free):+1-800-792-5285, +1-503-894-6022UK: +44-845-528-1300Hong Kong: +852-301-84916India (Pune): +91-20-66346060Fax: +1(855)550-5975help@alliedmarketresearch.com

Web: www.alliedmarketresearch.com

Allied Market Research Blog:

https://blog.alliedmarketresearch.com

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.