According to IMARC Group’s latest report, titled “Solar Tracker Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global solar tracker market reached a value of US$ 7.7 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 16.2% during 2021-2026.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.
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A solar tracker is a device that is used to get additional sunlight by directing the solar panel or a reflector toward the sun. These are positioned perpendicular to sunrays due to which less light is reflected, and maximum energy is captured, which is then converted into power. All solar equipment are installed with trackers as they offer greater levels of renewable energy output. There are two types of solar trackers, namely single axis and dual axis trackers.
Market Trends and Drivers:
Significant growth in the power generation sector is one of the key factors creating a positive outlook for the solar tracker market. This can be attributed to the steadily increasing global population, which, in turn, is increasing the demand for uninterrupted power supply. Moreover, the implementation of green initiatives to reduce carbon emissions is supporting the market growth of solar trackers. Other factors, such as the utilization of solar power as a commercial energy source for both residential areas and industrial plants, are propelling the demand for solar trackers further.
Solar Tracker Market 2021-2026 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the solar tracker market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Convert Italia SpA (Valmont Industries Inc.)
- DEGER energie GmbH & Co KG
- Sunpower Corporation (Total S.A.)
- First Solar Inc.
- Array Technologies Inc.
- Arctech Solar Holding Co. Ltd.
- Powerway Renewable Energy Co. (SinoTech Power Group)
- Nextracker Inc. (Flex Ltd.)
- Soltec Energias Renovables S.L
Key Market Segmentation:
The report has segmented the global solar tracker market on the basis of type, tracking type, technology, application and region.
Breakup by Type:
- Active Solar Tracker
- Passive Solar Tracker
Breakup by Tracking Type:
- Single Axis Tracking
- HSAT (Horizontal Single Axis Trackers)
- VSAT (Vertical Single Axis Trackers)
- TSAT (Titled Single Axis Trackers)
- PSAT (Polar Aligned Single Axis Trackers)
- Dual Axis Tracking
- TTDAT (Tip-Tilt Dual Axis Trackers)
- AADAT (Azimuth-Altitude Dual Axis Trackers)
Breakup by Technology:
- Solar Photovoltaic (PV)
- Concentrated Solar Power (CSP)
- Concentrated Photovoltaic (CPV)
Breakup by Application:
- Utility Sector
- Residential Sector
- Commercial Sector
Breakup by Region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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