Tuesday Dec 06, 2022

Solar Tracker for Power Generation Market Is Projected to Register A CAGR of 7.5% During The Forecast Period 2022-2032: FMI – GlobeNewswire

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DUBAI, United Arab Emirates, March 28, 2022 (GLOBE NEWSWIRE) — During the projection period, the solar tracker for the power generation market is expected to increase at a CAGR of 7.5 percent, from US$ 6 billion in 2021 to US$ 9.5 billion in 2027.

Attributes Details 
Solar Tracker for Power Generation Market CAGR (2022 – 2032)  7.5  %
Solar Tracker for Power Generation Market (2021)  US$ 6 Bn 
Solar Tracker for Power Generation Market (2027)  US$ 9.5 Bn

The increase in CAGR is due to the demand for solar tracker for power generation, which is expected to revert to pre-pandemic levels once the pandemic is over.

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Rising investments in various utility-scale solar tracker projects throughout developing countries are expected to boost solar’s part of the renewable energy mix, boosting solar tracker for power generation market growth. Despite the epidemic, global shipments have climbed significantly, prompting large corporations to focus on expanding their supply networks to satisfy post-pandemic demand.

Environmental degradation, rising fuel prices, and growing public awareness of the benefits of renewable energy are projected to propel the worldwide solar tracking system market forward.

The global demand for solar tracker for power generation is likely to be restrained by high maintenance requirements, high costs compared to stationary competitors and a more sophisticated system than fixed racking. Government initiatives, reduced design complexity, and solar tracker research are expected to drive the solar tracker market forward.

Power generation by solar panel market growth is threatened by high capital investment and a lack of required infrastructure. The initial large capital investments necessary to deploy these devices are the primary limitation for the sales of solar tracker for power generation. Another …….

Source: https://www.globenewswire.com/news-release/2022/03/29/2411467/0/en/Solar-Tracker-for-Power-Generation-Market-Is-Projected-to-Register-A-CAGR-of-7-5-During-The-Forecast-Period-2022-2032-FMI.html

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