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- Global Solar Tracker Market
Global Solar Tracker Market to Grow at 20.5% During 2022-2027, Bolstered by Rapid Deployment of Solar Panels
August 18, 2021
According to the latest report by IMARC Group, titled “Solar Tracker Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global solar tracker market is expected to grow at a CAGR of 20.5% during 2022-2027. 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.
Market Summary:
- Based on the type, the market has been bifurcated into active and passive solar trackers.
- On the basis of the tracking type, the market has been divided into single axis tracking (horizontal, vertical, titled, and polar aligned single axis trackers) and dual axis tracking (tip-tilt and azimuth-altitude dual axis trackers).
- Based on the technology, the market has been segmented into solar photovoltaic (PV), concentrated solar power (CSP), and concentrated photovoltaic (CPV).
- On the basis of the application, the market has been segregated into the utility, residential, and commercial sectors.
- Region-wise, the market has been segmented into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, with some of the key players being 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. and Sunpower Corporation (Total S.A.).
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