Global Solar Tracker Market anticipates 14.5% CAGR during 2020-2026
Posted On February 05, 2020
The Global Solar Tracker Market revenue is valued closely at USD 4.3 BN in 2019 and is anticipated to grow at USD 11 BN by 2026 with a CAGR of 14.5% during the year 2020-2026 as per the report published by Value Market Research. The ascending demand across the world for photovoltaic cells and favourable government’s framework for development is expected to drive the expansion of the market. Increasing prices of electricity and lesser availability of water for electricity production are also anticipated to fuel the growth within the forthcoming years. Besides, improved supportive regulations and instruments for installation and increasing R&D for improvement of the technology are also projected to propel the market.
Solar trackers are used at a large scale to enhance the energy received from solar panels. Solar tracker is a device which follows the direction of the sun as it moves from east to west every day. It is also used to keep solar collectors directed towards the sun as it moves. Using Solar Trackers improves the amount of energy collected from the solar power collector and increases the energy production of electricity which is generated. Thereby increasing the output of Solar Panels by 20-30% which, at large scale, boosts the economics of the solar panel project and simultaneously conserving an enormous amount of power. Multiple varieties of solar trackers comprise of one-axis trackers like the ones which revolve horizontally, vertically and slightly tilted. The trackers with dual-axis continually confront the sun as they can move in two directions. Thus, varieties of solar trackers enable consumers to look for various kinds of products thereby boosting the growth of the market.
The report "Global Solar Tracker Market Report By Product (Single Axis And Dual Axis), By Application (Utility And Non-Utility), By Technology (Solar Photovoltaic (SPV), Concentrated Photovoltaic (CPV) And Concentrated Solar Power (CSP)), And By Regions - Industry Trends, Size, Share, Growth, Estimation And Forecast, 2019-2026" begins with the market introduction, market snapshot followed by in-depth regional revenue/volume for the next six years. The market drivers responsible for pushing the market growth are discussed in length in the report. The solar tracker market opportunities are useful to identify the profit centers and take the strategic decision accordingly.
By Product the market is segmented into Single Axis and Dual Axis. Single axis accounted for the largest share among all the products as these are more reliable with a longer lifespan along with being low in cost due to its simple mechanism.On the basis of application market is segmented into utility and non-utility.
By Technology, Solar Photovoltaic (SPV), Concentrated Photovoltaic (CPV), and Concentrated Solar Power (CSP) are classified in the report. Solar Photovoltaic (SPV) is the dominant technology and occupies maximum share among all.
The Europe region is expected to dominate the market over the next six years followed by North America. North America, Europe, Latin America and Middle East & Africa are deeply researched in the report.
The Report Segments Global Solar Tracker Market -
- Solar Photovoltaic (SPV)
- Concentrated Photovoltaic (CPV)
- Concentrated Solar Power (CSP)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Players Profiled In the Report:
Abengoa Solar, S.A., All Earth Renewables, Inc, Array Technologies, Inc., DEGERenergie GmbH, Energia Ercam SL, First Solar, Inc., Grupo Clavijo Elt SL, Mecasolar España SL, Powerway Renewable Energy Co., Ltd., SunPower Corporation, Titan Tracker SL and Wuxi Hao Solar Technology Co. Ltd.
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