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According to the latest report by IMARC Group, titled “Solar Tracker Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global solar tracker market size reached US$ 7.7 Billion in 2020. A solar tracker refers to a device that orients solar panels toward the sun. These systems use computers and sensors with complex algorithms for altering the position of a solar panel. This ensures that photovoltaic (PV) panels are positioned perpendicularly to the sunlight, which reduces light reflection and maximizes energy absorption. Solar trackers offer various benefits, such as extra power generation, minimal space requirements, lower electricity bills, and reduced maintenance costs.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Solar Tracker Market Trends:
The increasing deployment of solar panels and the shifting focus toward renewable energy production are majorly driving the global solar tracker market growth. This is further supported by the launch of green energy initiatives by governments of various nations, thus facilitating the number of new solar energy projects and the establishment of associated infrastructural facilities. Additionally, the rising population has led to an increase in global power consumption, which is acting as another growth-inducing factor. Moreover, the increasing utilization of solar power as the main energy source across the residential, commercial, and industrial sectors are contributing to the market growth. Apart from this, rapid technological advancements, such as the large-scale integration of solar and concentrated photovoltaics with cloud computing and the Internet of Things (IoT)-based solutions, are creating a positive outlook for the market. Looking forward, the market is expected to grow at a CAGR of around 16.2% during 2021-2026.
Market Summary:
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