Tokyo, May 09, 2022 (GLOBE NEWSWIRE) — The global solar tracker market size was estimated at US$ 19.94 billion in 2021. The increasing emphasis on clean and green energy is propelling the worldwide solar tracker market forward. The worldwide solar tracker market is also expanding as people become more conscious of environmental issues. A large increase in the number of solar panel installations around the world is one of the main factors driving the growth of the solar tracker industry.
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Furthermore, the solar tracker industry is expanding as a result of new government rules that encourage the development of various solar energy projects.Companies are focusing on developing advanced technology-based products as a result of the rising industry demand for sophisticated technology for tracking reasons. Manufacturing companies utilize a combination of organic and inorganic expansion strategies to expand their geographical reach and product portfolio.
- On the basis of product, single axis tracker segment holds the largest market share in the global solar tracker market. Single axis solar trackers take up more space than fixed panels since their movement might cast shadows on surrounding panels, reducing their efficiency.
- On the basis of technology, solar photovoltaic (PV) segment holds the largest market share in the global solar tracker market. The increased use of solar photovoltaic (PV) in non-utility and utility applications will be aided by the growing cost of power due to the demand supply gap.
- On the basis of application, utility segment holds the largest market share in the global solar tracker market. The usage of trackers in utility applications is likely to increase as electricity costs rise in relation with the demand for renewable energy sources.
Scope of the Report
|Market Size in 2021||USD 19.54 Billion|
|CAGR||15.6% from 2022 to 2030|
|Revenue Forecast by 2029||USD 56.69 Billion|