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Solar Tracker Market worth over $12bn by 2028

  • Published Date: March 17, 2022

Solar Tracker Market size is set to surpass USD 12 billion by 2028, according to a new research report by Global Market Insights Inc.

Solar tracker market growth is attributed to the increasing energy demand as well as ongoing capital ventures toward the implementation of renewable energy sources. Solar tracker is a tool which follows the sun’s movement and adjust the solar panel position according to its direction. Rising concerns for GHG emissions as well as adapting new federal incentives are some of the factors spurring the industry expansion.

The outbreak of COVID-19 pandemic has affected the market substantially. However, the condition has improved a bit in post lockdown period in various countries. It has been projected that the industry will be able attain its prior growth rate with government initiatives in order to escalate their corresponding economic growth.

Advanced energy durability along with broad usage are the utmost elements driving the market value

Brazil Solar Tracker Market Size

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Dual axis based solar tracker will gain significant momentum during the forecast period due to the less solar accessibility in sub-tropical countries. Since these trackers follow the sun vertically and on a level plane, they acquire most of the sunlight. Moreover, Better power durability and extensive application in commercial as well as utility sector will influence the market in a positive way for more product adoption. In addition, increasing energy security along with ongoing urbanization will improve the industry demand.

Browse key industry insights spread across 400 pages with 724 market data tables & figures & charts from the report, “Solar Tracker Market Size, By Product (Single Axis {Horizontal, Vertical}, Dual Axis), By Technology (PV, CSP), By Application (Residential, Commercial & Industrial, Utility), COVID-19 Impact Analysis, Regional Outlook Application Potential, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:

Demand for efficient solar trapping to develop large solar power plant will propel the market expansion

The CSP segment in the solar tracker market has observed a substantial transition in the recent years owing to the rising technology penetration as per area availability and solar intensity. Growing ventures to balance the high energy demand along with increasing operation of renewable energy source will foster the industry growth from grid services.

Frequent power blackout along with growing need for continuous electricity supply are the essential components complementing the utility scale market demand

Rising necessity of flexible power system on account of increasing power outages will boost the utilities to develop more stable & consistent products. Additionally, high reliability index, extended lifetime and lower cost are the crucial benefits which will accelerate the industry progression. For instance, In July 2021, Antaisolar has provided Helios D2 solar tracker with 30MW capacity, for utility scale solar farm. This bifacial module single axis product will support achieve low LCOE costs.

Expanding operation of sustainable electricity production technologies will stimulate the regional growth

Asia Pacific solar tracker market is estimated to register growth of 5.8% by 2028. Rising government rates to meet surging power demand have established a favorable industry scenario for the tracker producers, which in turn will sway its industry size. Companies are continuing attempts by adapting strategic alliances to augment the productivity of these systems have increased the market dynamics of these units.

Major players operating in the market are NEXTracker, Inc, Trina Solar, Powerway, Meca Solar, SunPower Corporation, Abengoa Solar, Array Technologies, Inc., Haosolar Co. Ltd, SOLTEC, SmartTrak Solar Systems (Pvt) Ltd., Scorpius Trackers, AllEarth Renewables, DEGER energie GmbH & Co. KG, Arctech, Convert Italia, PV Hardware, STI Norland, GameChange Solar, Gonvarri Steel Services, ArcelorMittal, Ideematec AG, NCLAVE.

Authors: Ankit Gupta, Srishti Agarwal