Rise in global demand for energy, growth in environmental awareness, and depletion of fossil fuels drive the growth of the global solar tracker market.
PORTLAND, Ore., Sept. 14, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Solar Tracker Market By Type (Single Axis Tracker, Double Axis Tracker), By Technology (Photovoltaic, Concentrated Solar Tracker), By Application (Residential, Commercial, Utility): Global Opportunity Analysis and Industry Forecast, 2022-2031”. According to the report, the global yogurt industry generated $8.9 billion in 2021, and is anticipated to generate $16.0 billion by 2031, witnessing a CAGR of 6.1% from 2022 to 2031.
Prime determinants of growth
Rise in global demand for energy, growth in environmental awareness, and depletion of fossil fuels drive the growth of the global solar tracker market. However, huge initial investment for installation, complex design requirements, high maintenance costs, and minimal power restrict the market growth. Moreover, increase in government initiatives in nations such as the U.S., India, and China to shift to solar energy present new opportunities in the coming years.
Download Sample PDF (216 Pages PDF with Insights): https://www.alliedmarketresearch.com/request-sample/5523
Covid-19 Scenario
The adoption of solar tracker for electricity generation, which was strongly dependent on China and India, suffered from a huge loss of revenue during the outbreak of the COVID-19 pandemic.
Due to disruptions in the supply chain, shortage in labor force, and lack of raw materials, manufacturing units were forced to shut down in 2020, which had negatively impacted the global solar tracker market.
In addition, disruptions in transport and logistics due to strict government regulations as well as nationwide lockdown led to a significant pause in delivering the products. This led to a significant rise in shipment cost and increase in prices of fuel, taxes, workforce, and shipping facilities.
However, it is anticipated that the sales of solar trackers for power generation will increase in the next few years due to supportive government policies and initiatives to fulfill expanding energy demand using renewable energy sources.
The single axis tracker segment to maintain its leadership status throughout the forecast period
Based on type, the single axis tracker segment held the highest market share in 2021, accounting for nearly four-fifths of the global solar tracker market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 6.3% from 2022 to 2031. Single axis trackers are less expensive and easier to construct than dual-axis trackers, which drives the segment. The report also identifies the double axis trackers segment.
Request for Customization at https://www.alliedmarketresearch.com/request-for-customization/5523
The photovoltaic segment to maintain its leadership status throughout the forecast period
Based on technology, the photovoltaic segment held the highest market share in 2021, accounting for more than four-fifths of the global solar tracker market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 6.3% from 2022 to 2031. Photovoltaic technology tracker is simple to manufacture, has cost-effective installation and low maintenance costs, owing to which it is widely preferred across the globe. The report also identifies the PV tracker segment.
The utility segment to maintain its lead position during the forecast period
Based on application, the utility segment accounted for the largest share in 2021, contributing to nearly four-fifths of the global solar tracker market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 6.3% from 2022 to 2031, owing to the fact that solar trackers help increase electricity production by around one-third, and by 40% in some regions depending upon sunlight, compared with modules at a fixed angle. The report also analyzes segments including residential and commercial.
If You Have Any Questions Please Feel Free To Contact Our Analyst At: https://www.alliedmarketresearch.com/connect-to-analyst/5523
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global solar tracker market, and is likely to dominate the market during the forecast period. Moreover, the same region is expected to witness the fastest CAGR of 6.5% from 2022 to 2031. This is attributed to rapid industrialization and urbanization which is expected to greatly raise the energy demand and improve the outlook for the industry. Governments in the Asia-Pacific region is adopting stringent regulations and laws to reduce greenhouse gas emissions which is further boosting the market growth. Other regions discussed in the report include North America, Europe, and LAMEA.
Leading Market Players: –
Array Technologies, Inc.
Convert Italia
Nextracker Inc.
SunPower Corporation
Trina Solar
DEGERENERGIE GMBH & CO. KG
GameChange Solar
STI Norland
Ideematec
PV Hardware
MECASOLAR
Mechatron
OPTIMUM TRACKER
Powerway Renewable Energy Co. Ltd.
Schletter
The report analyzes these key players of the global solar tracker market. These players have adopted various strategies such as expansion, new product launches, partnerships and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
Interested in Procure Data? Visit Here: https://www.alliedmarketresearch.com/solar-tracker-market/purchase-options
Access AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) at: https://www.alliedmarketresearch.com/library-access
Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world’s largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements. Avenue Library
Subscription | Request for 14 days free trial of before buying:
https://www.alliedmarketresearch.com/avenueTrial
Similar Reports We Have:
Solar Tracker Installation Market is projected to reach $379.2 billion by 2026, growing at a CAGR of 11.1% from 2019 to 2026.
Solar Photovoltaic Glass Market is projected to reach $37.6 billion by 2026, growing at a CAGR of 30.3% from 2019 to 2026.
Solar Energy Market is projected to reach $223.3 billion by 2026, growing at a CAGR of 20.5% from 2019 to 2026.
Concentrated Solar Power Market is projected to reach $ 8,046.7 million by 2026, growing at a CAGR of 10.3% from 2019 to 2026.
Solar Photovoltaic (PV) Installations Market is expected to reach $393,594 million by 2023, registering a CAGR of 17.4% from 2017 to 2023.
Solar PV Panel Market is expected to reach $641.1 billion by 2030, registering a CAGR of 11.9% from 2021 to 2030.
Rooftop Solar Photovoltaic (PV) Installation Market is projected to reach $84.2 billion by 2030, growing at a CAGR of 6.3% from 2021 to 2030.
Building Integrated Photovoltaics Market is projected to reach $86.7 billion by 2030, growing at a CAGR of 20.1% from 2021 to 2030.
Pre-Book Now with 10% Discount:
Smart Solar Power Market: Global Opportunity Analysis and Industry Forecast, 2022 – 2030
Ultra Efficient Solar Power Market: Global Opportunity Analysis and Industry Forecast, 2022 – 2030
Solar Panel Market: Global Opportunity Analysis and Industry Forecast, 2022–2030
Solar Thermal Collectors Market: Global Opportunities Analysis and industry forecast, 2022-2030
DSC Solar Technologies Market: Global Opportunity Analysis and Industry Forecast, 2022–2030
Single Axis Solar PV Tracker Market: Global Opportunity Analysis and Industry Forecast, 20222–2029
Solar Panel Cleaning Market: Global Opportunity Analysis and Industry Forecast, 2021–2030
About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact us:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free):
+1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
[email protected]
Web: www.alliedmarketresearch.com
Allied Market Research Blog: https://blog.alliedmarketresearch.com
Follow Us on | Facebook | LinkedIn | YouTube
Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
SOURCE Allied Market Research
