Selbyville, Delaware, March 29, 2022 (GLOBE NEWSWIRE) —
Solar Tracker Market size is expected to record a valuation of USD 12 billion by 2028, according to the most recent study by Global Market Insights Inc. Stringent clean energy targets along with grid modernization is predicted to boost the market growth. Surging investments in numerous large-scale projects across the regions will enhance the industry expansion. Shortage of dependable grid infrastructure, growing electricity requirements from the off-grid areas along with regular power outages specifically in underdeveloped regions will propel the product acceptance during the forecast timeline.
The coronavirus outbreak has affected the overall supply chain leading to project delays, affecting the overall demand of the solar trackers. However, it is slated that supportive government policies along with favorable market conditions with the introduction of vaccines and recovering economies will support augment the market progression in the coming years.
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Single axis solar tracker market is estimated to a high momentum on account of the low installing cost along with longer durability. Applying government subsidy combined with integration of cutting-edge energy infrastructure will drive the product implementation. Moreover, ongoing concerns to reduce the GHG emissions and fueling investments by the companies across the industry, will further sway the industry growth.
The products have witnessed considerable deployment across the residential owing to the reducing dependency on the conventional fuels along with growing consumer awareness toward introduction of solar in the renewable energy mix. The industry leaders are focusing on new product developments and advancements equipped with innovative software system to foster the market expansion.
The commercial & industrial segment is poised to observe a substantial growth during the forecast period due to the stringent clean energy targets across the economies. Increasing social as well as corporate incentives along with rising power demand will offer consistent demand across different commercial applications.
Europe solar tracker market is anticipated to register 9.2% growth rate through 2028. High retail electricity prices along with shifting consumer focus toward solar products will spur the market demand. Expanded fiscal support through the EU will further enable better growth opportunities, primarily for small-scale PV adoption.
Major participants operating across the market include NEXTracker, Inc, Trina Solar, Powerway, Meca Solar, SunPower Corporation, Abengoa Solar, Array Technologies, Inc., Haosolar Co. Ltd, SOLTEC, SmartTrak Solar Systems (Pvt) Ltd., Scorpius Trackers, AllEarth Renewables, DEGER energie GmbH & Co. KG, and NCLAVE.
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Some prime findings of the solar tracker market report include:
- Modernization of smart grid systems, growing power requirement will further stimulate the industry progression.
- Rising preference for renewable energy sources will increase the market value.
- Significant deployment across the domestic, industrial and utility sector will further accelerate the industry demand.
Table of Contents (ToC) of the report:
Chapter 3 Solar Tracker Market Insights
3.1 Industry Segmentation
3.2 Industry ecosystem analysis
3.3 Innovation & technology landscape
3.4 Regulatory landscape
3.5 COVID- 19 impact on the industry outlook
3.5.1 Top 10 countries impacted by COVID- 19
3.5.2 Overall view
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Industry pitfalls & challenges
3.7 Growth …….