Tuesday Dec 06, 2022

Solar Tracker Market Size is projected to reach USD 21.15 Billion by 2030, growing at a CAGR of 20.13%: Straits Research – GlobeNewswire

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New York, United States, July 28, 2022 (GLOBE NEWSWIRE) — A solar tracker is a system that positions an object relative to the sun at an angle. The most prevalent solar tracking system involves positioning photovoltaic (PV) panels perpendicular to the sun’s rays and using space telescopes to determine the sun’s position. A PV solar tracking system adjusts the orientation of a solar panel based on the sun’s position in the sky. By keeping the panel perpendicular to the sun, the solar panel receives more sunlight, less light is reflected, and more solar energy is absorbed. This energy can be converted to electricity.

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The Need for Energy Conservation Is Driving the Market

Globally, rising concerns about energy conservation and the transition from nonrenewable to renewable energy are anticipated to increase demand for solar energy and, eventually, solar trackers during the forecast period. A solar tracker employs a number of electrical components, such as actuators, motors, and sensors, to orient the solar cell in order to maximise the energy captured by concentrating the sun’s rays. The captured solar radiations are converted into electricity, which is then utilised by a range of end-user segments. The rising use of solar power as a potential source of commercial energy generation has gained popularity as a result of the declining price of solar PV panels, which is anticipated to further stimulate market expansion.

Initiatives for Green Energy Are Driving the Market

Demand for green and clean energy is being driven by the rising trend of carbon emissions. According to the rapid carbon analysis, the British government intends to generate roughly half of its electricity from renewable sources by 2025. In addition, increasing investments in green energy projects contribute to the expansion of the market. Consequently, the rising demand for renewable energy is driving the expansion of the global solar tracker market.

The expansion of the solar tracker industry is a result of new government regulations that encourage the development of various solar energy projects. Due to the growing industry demand for sophisticated technology for tracking purposes, businesses are concentrating on developing products based on advanced technology. To expand their geographical reach and product offerings, manufacturing companies employ a combination of organic and inorganic expansion strategies.

Renewable Energy Sources Are the Need of the Hour

Approximately 29 per cent of global electricity production is currently derived from renewable energy sources. In the subsequent years, it is anticipated to increase significantly, thereby stimulating the market. In 2015, the global installed capacity for solar energy was 217.34 gigawatts (GW), and in just four years, it increased to 578.55 GW. Consequently, the increasing demand for renewable energy is creating opportunities for the expansion of the global solar tracker market.

The increasing emphasis on green and clean energy is driving growth in the global solar tracker market. As people become more environmentally conscious, the global market for solar trackers is also expanding.

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Source: https://www.globenewswire.com/news-release/2022/07/28/2488225/0/en/Solar-Tracker-Market-Size-is-projected-to-reach-USD-21-15-Billion-by-2030-growing-at-a-CAGR-of-20-13-Straits-Research.html

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