Solar Tracker Market Current And Future Demand 2030

Published: 2024-07-11
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Author: swati1234
Published in: Business

Solar Tracker Market Current And Future Demand 2030

Solar Tracker Market Growth or Demand Increase or Decrease for what contains ?

The Solar Tracker Market is experiencing significant growth due to several factors. Here's a summary of the key drivers and trends:

Increasing Solar Energy Adoption:

Demand: The rising adoption of solar energy globally is a primary driver for the growth of the solar tracker market. Governments and private sectors are investing heavily in solar power projects to meet renewable energy targets and reduce carbon footprints.
Drivers: Policies promoting renewable energy, subsidies, and incentives for solar installations, as well as declining costs of solar panels and associated technologies, are boosting demand for solar trackers.

Efficiency and Performance:

Demand: Solar trackers enhance the efficiency and performance of solar power systems by optimizing the angle of the panels to follow the sun’s path, thereby increasing energy output.
Drivers: The need for higher energy yields and improved return on investment (ROI) for solar power projects is driving the adoption of solar trackers, especially in utility-scale installations.

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Solar TrackerMarket CAGR Estimation:

Global Solar Tracker Market size was valued at USD 15.85 billion in 2023 and is expected to reach USD 54.20 Bn by 2030, at a CAGR of 19.2 %.

Solar Tracker Market Segmentation:

by Type

Single Axis
Dual Axis

Dual axis trackers are substantially more expensive than single-axis trackers, depending on the drive type. Dual-axis trackers have larger land needs and higher operating and maintenance expenses since they require more sophisticated technology and high-maintenance motors and control systems. The widespread use of dual-axis trackers is seriously hampered by these issues. Compared to a fixed tilt installation, a dual-axis tracker can increase the total cost of your PV plant by up to 50%. Dual-axis trackers are not attractive for most types of installations because two-axis trackers offer yield gains of 30–40%, meaning the cost is more than the yields. Since dual-axis trackers' poles may be high enough for crops, they are usually used on highly specialized installations like farms for dual land use.

by Application

Residential
Commercial
Utility

the Utility segment is expected to grow at the highest CAGR during the forecast period in Solar Tracker Market. Increasing power costs, along with increased demand for renewable energy sources, are likely to boost the usage of solar trackers in utility applications. This trend is expected to continue over the forecast period. Because utility solar systems are ground-mounted, single-axis trackers may be utilized to track the sun throughout the day. Trackers are being utilized extensively in utility applications due to rising government subsidies and feed-in tariff programs, notably in North America and Europe.

by Technology

Solar Photovoltaic (PV)
Concentrated Solar Power (CSP)
Concentrated Photovoltaic (CPV)

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Solar Tracker Market Overview:

The Maximize Market Research report assists clients in gaining a comprehensive understanding of the competitive landscape, serving as a valuable resource for strategic planning purposes. The comprehensive Solar Tracker market overview furnishes extensive information regarding market size, trade statistics, prominent participants, and a range of market indicators, encompassing aspects such as life cycle, prevailing trends, and more.

Solar Tracker Market Growth or Demand in which regions??

North America: Significant growth driven by large-scale solar projects, favorable government policies, and the presence of key market players.
Europe: Increasing demand due to stringent renewable energy targets, supportive regulatory frameworks, and investments in solar power infrastructure.
Asia-Pacific: Rapidly growing market, particularly in China and India, due to large-scale solar installations, government initiatives, and increasing energy needs.
Latin America and Middle East & Africa: Emerging markets with growing demand for solar trackers as countries in these regions invest in renewable energy projects to diversify their energy sources and reduce dependence on fossil fuels.

Solar Tracker Market Scope Methodology:

The competitive landscape of the Solar Tracker market encompasses aspects like technology adoption, financial strength, portfolio, mergers and acquisitions, joint ventures, and strategic alliances. A comprehensive report delves into the drivers, limitations, opportunities, and challenges inherent in the Solar Tracker market. The report employed a bottom-up approach to ascertain Solar Tracker market estimations and growth rates.

To gain insights into Solar Tracker market penetration, pricing dynamics, demand analysis, and competitive panorama, the report executed regional analysis at local, regional, and global levels. Essential details about the Solar Tracker market, including stakeholders, investors, and new entrants, are presented to facilitate the development of marketing strategies and investment plans.

Both primary and secondary data gathering techniques were employed for the Solar Tracker Market. Primary approaches involved surveys, questionnaires, and interviews with industry leaders and business proprietors, while secondary data encompassed sources like press releases, annual and financial reports, white papers, etc. SWOT analysis was leveraged to pinpoint market vulnerabilities and weaknesses, while the PORTER framework was applied to gauge industry competitiveness within the Solar Tracker Market.

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Solar Tracker Market Key Players:

1. Array Technologies, Inc. (U.S.)
2. NEXTracker (U.S.)
3. Array Technologies (U.S.)
4. Trina Solar (China)
5. SunPower Corporation (U.S.)
6. ArcelorMittal Projects (Luxemburg)
7. Soltec (Spain)
8. Convert Italia (Italy)
9. PV Hardware (Spain)
10. Arctech Solar (U.S.)
11. Solar Steel (Spain)
12. Ideematec (Germany)
13. Scorpius Trackers (India)
14. Sun Action Trackers (U.S.)
15. DEGERENERGIE GMBH & CO. KG (Germany)
16. GameChange Solar (New York)
17. STI Norland (Spain)
18. MECASOLAR (Spain)
19. Mechatron (India)
20. OPTIMUM TRACKER (France)
21. Powerway Renewable Energy Co. Ltd. (China)
22. Schletter (Germany)

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Key questions answered in the Solar Tracker Market are:

What is Solar Tracker?
What is the growth rate of the Solar Tracker Market?
Which are the factors expected to drive the Solar Tracker market growth?
What are the different segments of the Solar Tracker Market?
What are the factors restraining the growth of the Solar Tracker Market?
What is the demand pattern of the Solar Tracker Market?
What major challenges could the Solar Tracker Market face in the future?

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Key Offerings:

Past Market Size and Competitive Landscape
Past Pricing and price curve by region
Market Size, Share, Size Forecast by different segment |
Market Dynamics Growth Drivers, Restraints, Opportunities, and Key Trends by Region
Market Segmentation A detailed analysis by segment with their sub-segments and Region
Competitive Landscape Profiles of selected key players by region from a strategic perspective

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