Overview and Scope
A solar tracker for power generation refers to positioning a photovoltaic panel at an optimum angle towards the sun to capture maximum sunlight and enhance the electricity production capacity of a solar plant. These are being used to generate clean energy and minimize carbon emissions during the power production process. It is used to generate power by enhancing the efficiency of solar panels by capturing the maximum solar energy and maximizing the solar panel output.
Sizing and Forecast
The solar tracker for power generation market size has grown strongly in recent years. It will grow from $6.75 billion in 2023 to $7.41 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to improved energy yield, cost reductions, environmental awareness, incentive programs, energy independence..
The solar tracker for power generation market size is expected to see strong growth in the next few years. It will grow to $10.71 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to advanced tracking technologies, global solar installations, energy storage integration, efficiency improvements, emerging solar markets.. Major trends in the forecast period include technological advancements and enhanced efficiency, growing adoption of dual-axis trackers, digitalization and data-driven optimization, artificial intelligence (ai) and machine learning (ml), smart inverters..
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The solar tracker for power generation market covered in this report is segmented –
1) By Product: Single Axis, Dual Axis
2) By Technology: PV, CSP
3) By Application: Residential Solar Tracker, Commercial and Industrial, Utility
North America was the largest region in the solar tracker for power generation market in 2023. The regions covered in the solar tracker for power generation market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The rising power demand for renewable energy sources is expected to propel the growth of solar trackers for the power generation market going forward. Renewable energy is the energy that comes from sources that are continuously replenished naturally, such as the sun, rain, geothermal heat, and waves. Solar trackers use renewable energy sources for the generation of power. For instance, according to the International Energy Agency (IEA) investment report 2021, a France-based autonomous intergovernmental organization for energy, the global power sector investment was expected to rise by 5% to more than $820 billion in 2021 over 2020. Renewables dominated new power generation investment, accounting for 70% of the $530 billion spent on all new power generation capacity in 2021. Therefore, the rise in power demand from renewable sources is driving the solar tracker for power generation market.
Key Industry Players
Major companies operating in the solar tracker for power generation market include NEXTracker Inc., Array Technologies Inc., PV Hardware Solutions S.L.U., Arctech Solar Holding Co. Ltd., Soltec Power Holdings SA, FTC Solar Inc., AllEarth Renewables Inc., Mechatron Solar Inc., Convert Italia SPA, SunPower Corporation, Trina Solar Co.Ltd., DEGERENERGIE GMBH & CO. KG, GameChange Solar Services India Pvt. Ltd., Soluciones Tecnicas Integrales Norland Sl, Ideematec Deutschland GmbH, MECASOLAR LLC, OPTIMUM TRACKER, Powerway Renewable Energy Co. Ltd., The Schletter Group, Xiamen Grace Solar Technology Co. Ltd., Jiangsu Aikang Industrial Group Co. Ltd., Dalian CDS Solar Energy Technology Co.Ltd., Clenergy Technology Co. Ltd., Amberroot Systems Pvt. Ltd., Ephysx Technologies Pvt. Ltd., Greenera Energy Pvt. Ltd., Hyquip Systems Ltd., Nordic Semiconductor, Canadian Solar Inc., Risen Energy Co. Ltd.
The solar tracker for power generation market report table of contents includes:
1. Executive Summary
2. Solar Tracker Market Characteristics
3. Solar Tracker Market Trends And Strategies
4. Solar Tracker Market – Macro Economic Scenario
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31. Global Solar Tracker Market Competitive Benchmarking
32. Global Solar Tracker Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Solar Tracker Market
34. Solar Tracker Market Future Outlook and Potential Analysis
