How COVID-19 is impacting the Solar Tracker Market 2020

The Solar Tracker Market – Global Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.

Solar power generation is expanding at a prominent rate owing to government initiatives towards adoption of green energy and declining prices of solar power generation units. The solar trackers or solar tracking systems are used to align the solar panels to the movement of the sun during the course of day with the help of motors, and associated electronics. Solar tracking results in increasing the power output per panel, thereby enhancing the efficiency of power generation. According to the Solar Energy Industries Associations, 2019, solar power generation in the United States has expanded at an average annual growth rate of around 50% during last decade. The solar power generation market is anticipated to expand significantly in coming years, thereby complimenting the growth of the global solar tracker market. The global solar tracker market is expected to grow at strong double digit growth rate during the forecast period.

Request PDF Sample: https://www.insightslice.com/request-sample/325

Minimum design complexities and rapid expansion of solar photovoltaic power plants to drive solar tracker market

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). The solar photovoltaic (PV) contributed the largest share to the global solar tracker market in 2019 and is anticipated to be the fastest growing segment during the forecast period owing to increasing installations of solar photovoltaic (PV) energy penetration. The trackers for solar PV are less complex in design as compared to trackers required for concentrated solar power (CSP), and concentrated photovoltaic (CPV), which is anticipated to bolster the growth of solar trackers for solar PV during the forecast period.

Increasing investment on green energy development is fueling adoption of solar power generation in utility applications, thereby driving solar tracker market

Based on application, the global solar tracker market is segmented onto utility, residential, and non-residential. The demand for solar tracker from utility applications contributed the largest share to the global market in 2019 owing to rising demand for renewable energy, government initiatives, and rapidly expanding solar power generation capacity in major countries such as the United States, China, India and European union. The residential solar trackers segment is anticipated to be the fastest growing segment during the forecast period owing to rising adoption of modular solar power generators, declining prices and government incentives.

Request For Discount: https://www.insightslice.com/request-discount/325

Based on geography, the global solar tracker market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America contributed the largest share to the global solar tracker market in 2019 and is anticipated to be the dominating geography during the forecast period. Government initiatives towards adoption of renewable energy sources in the United States in correspondence with the Paris Agreement on Climate Change, is anticipated to bolster the growth of solar power generation. Asia Pacific is anticipated to be the fastest growing market during the forecast period owing to rapid expansion of solar power generation fuelled by government initiatives, and availability at affordable prices in China, India, and Southeast Asian Countries.

Major players operating the global solar tracker market include AllEarth Renewables, Inc., Arctech Solar, Array Technologies, Inc., Convert Italia, First Solar Inc., GameChange Solar, Mecasolar España SL, NClave, NEXTracker Inc., PVHardware, Solar Steel, Soltec, STI Norland, Sun Action Tracker, and SunPower Corporation.