DUBLIN–(BUSINESS WIRE)–The “Solar Tracker Installation Market by Type and End-Use Industry: Global Opportunity Analysis and Industry Forecast, 2019-2026” report has been added to ResearchAndMarkets.com’s offering.
The global solar tracker installation was valued at $162.7 billion in 2018, and is projected to reach $379.2 billion by 2025, growing at a CAGR of 11.1% from 2019 to 2026.
Solar tracking is the process of generating power from sunlight. A solar tracker is the device that directs solar panels, mirrors of heliostat, and Fresnel reflectors toward the sun. These solar trackers are used to capture the maximum solar energy throughout the day and an increase solar panel output and efficiency. The global solar market is driven by increase in energy demand worldwide. Solar trackers can increase the output of solar panels by 25% to 35% compared to modules at fixed angle.
The factors such as environmental pollution, rise in prices of fuels, and growth in awareness among people regarding clean energy are expected to drive the growth of the global solar tracker installation. However, solar tracker installation high maintenance requirement, high cost compared to stationary counterparts, and complex system than fixed racking are expected to restrain the global solar tracker installation growth. The global solar tracker installation is yet to explore its full potential. Therefore, rise in government initiatives, decrease in complexity in design, and ongoing researches in solar tracker are anticipated to offer growth opportunities for the growth of the solar tracker installation market.
Key segmentation of the solar tracker installation market is done based on type, application, and region. By type the global solar tracker is divided into single axis tracker and double axis tracker. On the basis of application, it is classified into residential, commercial, and industrial. Region wise, the global solar tracker installation is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings of the Study
For more information about this report visit https://www.researchandmarkets.com/r/xqiyhs