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Solar Tracker For Power Generation Market Growth And Overview Report 2024-2033
Solar Tracker For Power Generation Market Growth
As per the report, the solar tracker for power generation market size has grown strongly in recent years. It will grow from $6.75 billion in 2023 to $7.41 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The solar tracker for power generation market size is expected to see strong growth in the next few years. It will grow to $10.71 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%.
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Driving Forces In Renewable Energy Accelerating Growth In The Solar Tracker Market For Power Generation
The rising power demand for renewable energy sources is expected to propel the growth of solar trackers for the power generation market going forward. Renewable energy is the energy that comes from sources that are continuously replenished naturally, such as the sun, rain, geothermal heat, and waves. Solar trackers use renewable energy sources for the generation of power. For instance, according to the International Energy Agency (IEA) investment report 2021, a France-based autonomous intergovernmental organization for energy, the global power sector investment was expected to rise by 5% to more than $820 billion in 2021 over 2020. Renewables dominated new power generation investment, accounting for 70% of the $530 billion spent on all new power generation capacity in 2021. Therefore, the rise in power demand from renewable sources is driving the solar tracker for power generation market.
Innovative Product Development Driving Evolution In The Solar Tracker Market For Power Generation
The development of innovative products is the key trend gaining popularity in the solar tracker for the power generation market. Major companies operating in the solar tracker for power generation market are focused on developing innovative products to strengthen their position in the market. For instance, in June 2021, Soltec, a Spain-based single-axis solar tracker manufacturer, launched the SFOne solar tracker. The new SFOne solar tracker is a highly adaptable solar tracker and can be used for any type of project across the globe. The stone now has a double row 1P configuration as well as Dy wind technology.
The solar tracker for power generation market covered in this report is segmented -
1) By Product: Single Axis, Dual Axis
2) By Technology: PV, CSP
3) By Application: Residential Solar Tracker, Commercial and Industrial, Utility
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Major companies operating in the solar tracker for power generation market include NEXTracker Inc., Array Technologies Inc., PV Hardware Solutions S.L.U., Arctech Solar Holding Co. Ltd., Soltec Power Holdings SA, FTC Solar Inc., AllEarth Renewables Inc., Mechatron Solar Inc., Convert Italia SPA, SunPower Corporation, Trina Solar Co.Ltd., DEGERENERGIE GMBH & CO. KG, GameChange Solar Services India Pvt. Ltd., Soluciones Tecnicas Integrales Norland Sl, Ideematec Deutschland GmbH, MECASOLAR LLC, OPTIMUM TRACKER, Powerway Renewable Energy Co. Ltd., The Schletter Group, Xiamen Grace Solar Technology Co. Ltd., Jiangsu Aikang Industrial Group Co. Ltd., Dalian CDS Solar Energy Technology Co.Ltd., Clenergy Technology Co. Ltd., Amberroot Systems Pvt. Ltd., Ephysx Technologies Pvt. Ltd., Greenera Energy Pvt. Ltd., Hyquip Systems Ltd., Nordic Semiconductor, Canadian Solar Inc., Risen Energy Co. Ltd.
Contents of the report:
1. Executive Summary
2. Solar Tracker For Power Generation Market Report Structure
3. Solar Tracker For Power Generation Market Trends And Strategies
4. Solar Tracker For Power Generation Market - Macro Economic Scenario
5. Solar Tracker For Power Generation Market Size And Growth
…..
27. Solar Tracker For Power Generation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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