Solar Tracker Market Trends, Analysis and Forecasts, 2020 – 2030
Solar Tracker is an electromechanical assembly used for tracking the movement of the Sun during the course of day in order to improve the efficiency of the solar power generation system. The solar panels are rotated in correspondence with the movement of the Sun. Increasing investment on green energy, low operational cost, and availability of subsidized products are the key parameters driving the growth of solar power generation and associated systems. The solar trackers are evolving with integration of systems to compensate the environmental factors affecting the performance of solar generators. Integration of wireless communication, wind proof design, and individual row controlling systems has resulted in improving the efficiency of the solar trackers, consequently enhancing the efficiency of solar generator. Expansion of global solar power generation infrastructure across public and private sectors fueled by government initiatives and technological advancement is anticipated to drive the growth of solar tracker market during the forecast period.
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North America contributed the largest share to the global solar tracker market owing to expanding solar power generation fueled by declining prices, increasing adoption across public and private sector, and government initiatives and policies such as the solar Investment Tax Credit in the United States, to promote the adoption of solar power generation. Asia Pacific is anticipated to be the fastest growing geography during the forecast period owing to rapid adoption in China and India. The Asia Pacific solar tracker market is anticipated to outperform North America and Europe by the end of forecast period to emerge as the largest solar power generating geography. According to the International Energy Agency, 2019, “China accounts for 40% of the global renewable capacity expansion by 2024 owing to the improved system integration, lower curtailment rates and enhanced competitiveness of solar PV.”
The report titled “Solar Tracker Market – Global Market Share, Trends, Analysis and Forecasts, 2020-2030” offers market estimates for a period 2018 to 2030, wherein 2018 is historic period, 2019 is the base year, and 2020 to 2030 is forecast period. Additionally, the study takes into consideration the competitive landscape, wherein the report would provide company overview and market outlook for leading players in the global solar tracker market. Furthermore, the report would reflect the key developments, global & regional sales network, business strategies, research & development activities, employee strength, and key executive, for all the major players operating in the market.
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The global solar tracker market is segmented based on technology, product type, application, and geography. Based on technology, the global solar tracker market is segmented into solar photovoltaic (PV), concentrated solar power (CSP), and concentrated photovoltaic (CPV). Based on product type, the global solar tracker market is segmented into single axis solar tracker, and multi axes solar tracker. Based on application, the global solar tracker market is segmented into utility, and non-utility residential, and non-residential. Based on geography, the global solar tracker market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The research provides in-depth analysis of prominent players holding majority share of the global market with a focus on all operating business segment, and would identify the segment of the company focusing on solar tracker. Further, market share of prominent companies in the global solar tracker market would also be estimated. The study takes into consideration the key competitive information such as business strategy, product portfolio, key development, SWOT analysis, and research and development focus of all the solar tracker device manufacturing companies. Furthermore, the global solar tracker market study would take into consideration the participants engaged throughout the supply chain and value chain of the market, along with their contribution. The product portfolio would focus on all the products under the solar tracker business segment of the company. Similarly, the recent development section would focus on the latest developments of company such as strategic alliances and partnerships, merger and acquisition, new product launched and geographic expansion in the global solar tracker market.