TOKYO, Japan, Feb. 16, 2022 (GLOBE NEWSWIRE) — Facts and Factors recently released its latest research report titled, “Solar Tracker Market – By Product Type (Single and Dual Axle), By Application (Utilities) , Commercial and Residential), and by Region: Global Industry Overview, Market Size, Statistical Research, Market Intelligence, Comprehensive Analysis, Historical Data and Forecast, 2021-2028″ in its research database.
“According to recent research, the global solar tracker market size and share demand value in 2020 is approximately USD 2.2 billion and is expected to grow at a compound annual growth rate (CAGR) of over 10% during the forecast period from 2021 to 2028, It is expected to exceed $4.3 billion by 2028.”
The report explores the drivers and restraints of the solar tracker market and their impact on demand over the forecast period.Furthermore, the report analyzes emerging opportunities in the solar tracker market.
Tracking will be a complex method of installing and locating solar panels.Solar trackers are used to align solar photovoltaic panels at the sun so that the panels receive as much sunlight as possible.Fixed systems have historically experienced a reduction in overall energy efficiency because they are not intended to track the sun and be oriented at an optimal angle.As a result, they cannot get solar energy at all times of the day.
The solar tracker that bridges this gap is an innovative system that moves to track the sun’s journey across the sky, harvesting maximum sunlight and optimizing the energy output of the panel system.
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Increasing attempts to introduce and use cleaner technologies in residential, commercial, and industrial sectors are expected to drive the growth of the global solar tracker market.
The global solar tracker market is expected to be more competitive than other sustainable technologies due to the low installation cost of photovoltaic cells, configurable features, and increased power output.Furthermore, the rising energy consumption, along with the continuous attempts to increase the amount of renewable energy in the energy mix, will drive the market statistics of solar energy technology and thus favorably drive the demand for photovoltaic technology.
Increasing attempts to introduce and use cleaner technologies in residential, commercial, and industrial sectors are expected to drive the growth of the global solar tracker market.Growing demand for efficient solar energy utilization technologies and continued technological improvements in solar tracking systems will support industry expansion over the forecast period.
Surging demand for clean energy power generation in commercial establishments such as schools, retail malls, and hospitals will drive the PV system market demand, driving the growth of the solar tracker market.Rising investments in the growth of commercial facilities, along with stringent environmental and efficiency standards, will favor the growth of the solar tracker market throughout the forecast period.
Due to its high reliability index and outstanding cost-effectiveness, single-axis trackers will drive the significant growth of the solar tracker market.Both vertical and horizontal single-axis solar trackers can be used.Additionally, single-axis solar trackers require little maintenance, making them a more cost-effective option than other options, stimulating demand growth in the global solar tracker market.
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Segmentation by product type, solar trackers are classified into single-axis and dual-axis trackers, with dual-axis trackers leading the global solar tracker market with its efficient performance and significant increase in power output.GPS (Global Positioning System) is embedded in the dual-axis tracker to determine its real-time latitude and longitude location and exact date and time.Therefore, CPV (Concentrated Photovoltaic) and CSP (Concentrated Solar Energy) factories widely install dual-axis trackers in their solar panels.
Solar trackers are heavily used for utility purposes.Hence, the utility segment accounts for the major revenue share of the global solar tracker market and is expected to follow the same trend over the forecast period.This sector includes large revenue-generating projects that rely on the LCOE.In addition, the growing number of government renewable energy projects and the rapid decline in the cost of solar photovoltaic technology have boosted the solar industry, thereby driving the demand for solar trackers.
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Increasing the operating efficiency of installed panels with the largest solar tracker installation in the U.S. is expected to increase the demand for this product.Latin American countries such as Mexico and Brazil have become major importers of solar trackers.More than half of all solar tracker shipments worldwide in 2020 were to North America.
In Europe, demand for solar energy is growing at a healthy rate.Countries such as the UK, Italy, Spain and Germany are leading the way in expanding the penetration of solar energy into the country’s overall electricity mix.This trend, combined with aggressive green energy targets, presents a huge potential opportunity for the solar tracker market in the region.
The Asia-Pacific region is the center of tracker production, with China producing 40% of the world’s tracker capacity.China, India and other Southeast Asian countries are likely to increase their renewable energy generation in the coming years, leading to a significant increase in the demand for trackers.South Africa holds the largest market share in Africa and the Middle East, and the market is expected to grow at a strong rate over the forecast period with the installation of solar systems.
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Post time: May-21-2022