PUBLISHER: Allied Market Research | PRODUCT CODE: 1140063
PUBLISHER: Allied Market Research | PRODUCT CODE: 1140063
The global solar tracker market was valued at $8.9 billion in 2021, and is projected to reach $16.0 billion by 2031, growing at a CAGR of 6.1% from 2022 to 2031.
Solar trackers can improve solar panel efficiency and speed up the process by which solar owners recover their installation expenditures. Solar trackers are support structures that help solar panels to follow the path of the sun as well as absorb more solar radiation. Depending on the type of tracker, they can raise efficiency of panels by 10% to 45%. They are more frequently found on large-scale solar projects such as community solar farms than on individual homes due to the high cost of the equipment and installation.
The increased emphasis on sustainable energy is fueling the expansion of the global market for solar trackers. A significant increase in the number of solar panel installations worldwide is one of the key factors that propels growth of the solar tracker market. Furthermore, the market for solar trackers is expanding as a result of adoption of helpful government laws that support numerous solar energy projects. Companies are focusing on producing advanced technology-based products as a result of rise in industrial demand for advanced equipment for tracking purposes. For instance, Soltec introduced SFOne solar tracker for high-power modules in June 2021. It is made to work with modules that have 78 and 72 cells, and it is self-powered by a module, which lowers operating costs.
The solar tracker market is segmented on the basis of technology, type, application, and region. On the basis of technology, the market is classified into concentrated PV tracker and photovoltaic. By type, it is categorized into single axis and double axis. On the basis of application, it is divided into residential, commercial, and utility. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights key areas of investments. In addition, it includes Porter's five forces analysis to understand the competitive scenario of the industry and role of each stakeholder. The report features strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of key players to increase their market share and sustain intense competition in the industry.
Key Benefits For Stakeholders
Key Market Segments
By Type
By Technology
By Application
By Region