Sunday Jan 29, 2023

Insights on the Solar Tracker Market to 2028 – Featuring Nclave, Soltec Tracker, Titan Tracker, Trina Solar Limited Among Others | Vantage Market Research – GlobeNewswire

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WASHINGTON, Aug. 29, 2022 (GLOBE NEWSWIRE) — Over the forecast period, it is anticipated that growing concerns about energy conservation and the switch from non-renewable to renewable energy will increase demand for solar energy and, eventually Solar Tracker Market. Solar Tracker Markets use various electrical components, including actuators, motors, and sensors, to position the solar cell to focus the sunlight on maximizing the amount of energy captured. The solar radiation caught are then turned into electricity, used by different end-user segments. In addition, the popularity of solar energy as a viable source for generating commercial energy has increased as a result of the falling cost of solar PV panels, which is anticipated to boost market growth further.

The Global Solar Tracker Market revenue is expected to reach a value USD 12.4 Billion in 2028.

The Global Market revenue was valued at USD 5.9 Billion in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 13.3% during the forecast period; states Vantage Market Research, in a report, titled “Solar Tracker Market Size, Share & Trends Analysis Report by Technology (Solar Photovoltaic (PV), Concentrated Solar Power (CSP), Concentrated Photovoltaic (CPV), by Type (Single Axis, Dual Axis), by Application (Utility, Non-Utility), by Region (North America, Europe, Asia Pacific, Latin America) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028).

Key Industry Findings & Insights from the report:

  • The global Solar Tracker Market was valued USD 5.9 Billion in 2021 and is all set to surpass USD 12.4 Billion by 2028, exhibiting a CAGR of 13.3% during the forecast period 2022-2028.           
  • In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
  • In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
  • The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
  • North America captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Solar Tracker industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.

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Market Dynamics:

Drivers:

Green Energy Targets to Fuel Investments in Solar Industry

Carbon reduction has accelerated the adoption of renewable energies as the globe shifts to a clean energy future. Solar technology and other renewable energy technologies have dramatically improved, enabling quick deployment and offering affordable solutions for decarbonizing the energy sector. As a modular strategy that is easily scalable for large and small enterprises, the unequal adoption of a solar tracking system has drawn increasing attention as an energy justice issue. For instance, Mahindra Sustain chose NEXTracker to be the supplier for Sakaka Solar Park. The project is being carried out as a part of Saudi Arabia’s national initiative to deploy renewable energy sources. By 2023 and 58.7 GW by 2030, the project is anticipated to have a total capacity of 9.5 GW.

Growing Adoption …….

Source: https://www.globenewswire.com/news-release/2022/08/29/2505665/0/en/Insights-on-the-Solar-Tracker-Market-to-2028-Featuring-Nclave-Soltec-Tracker-Titan-Tracker-Trina-Solar-Limited-Among-Others-Vantage-Market-Research.html

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