Pricetracker system drivers#

The market is consolidated by major companies striving to maintain their position by focusing on new launches. Moreover, China and Japan are the leading countries in the world in terms of using solar energy. This is attributable to the rising shift towards renewables sources of energy in developing countries such as China and India. The market stood at USD 9.99 billion in 2020.Īsia Pacific is expected to showcase a significant solar tracker market share. Therefore, the demand for these trackers to expand the efficiency of solar panels will propel the product's demand. Energy Information Association, the total solar electricity generation increased from 5 million kWh in 1984 to about 133 billion kWh in 2020. North America is expected to remain at the forefront and hold the highest position market during the forecast period owing to the extensive use of solar electricity in the region. On the other hand, factors such as the initial requirement of heavy capital investments and lack of required infrastructure are slowing down the market growth. For instance, in 2015, global solar energy accounted for 217.34GW, increasing to 578.55 GW in just four years. This is expected to see a considerable rise in the upcoming years. In the present situation, renewable sources account for around 29% of the total electricity generation across the globe. The rising demand for renewable energy sources to reduce carbon emissions is driving the solar tracker market growth. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the market's growth.

Pricetracker system drivers#

The market report provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In terms of application, it is divided into utility and non-utility. These are economically feasible and have less complex operations compared to the dual-axis. These single-axis trackers generate ample power required in solar panels. Based on movement, the single-axis segment held the highest share of 91.9% in 2020.On the basis of movement, the market is segmented into single axis and dual axis. Heavy Capital Investment and Lack of Required Infrastructure Poses Threat to Market Growthīy type, the market for solar trackers is bifurcated into photovoltaic and concentrated solar power. Growing Adoption of Renewable Sources for Power Generation to Boost Market North America to Remain at Forefront Backed by Extensive Use of Solar Electricity in the Region Key Players to Focus on Launching New Products to Strengthen the Market Growth Rising Demand for Renewable Energy Sources to Fuel Market Growth Report Scope & Segmentation Report Coverage However, the market is expected to boom back again in upcoming years.Ĭlick here to get the short-term and long-term impact of COVID-19 on this market. Thus the solar industry suffered its share of immediate challenges due to COVID-19, such as shortage of manpower, and lack of equipment required to make trackers. The lockdowns & restrictions have made economies squelch across the globe, thereby disrupting supply chains, delaying many solar projects. To curb its spread, different preventive measures were put in place.

The global economy felt a state of shock due to the virus outbreak. List of Key Players in Solar Tracker Market: The renewable energy sector in the region is expected to hold a 26% share to meet its target of clean energy. To achieve their goal of green energy, they are heavily investing in such technologies. For instance, China aims to achieve 16% of its energy from renewable sources by 2030. The increasing awareness about green energy and renewable sources to generate power is expected to drive the market during the foreseeable years.

In its report titled 'Solar Tracker Market, 2021-2028,' Fortune Business Insights mentions that the market stood at USD 16.11 billion in 2020. Pune, India, J(GLOBE NEWSWIRE) - The global solar tracker market size is expected to gain momentum by reaching USD 54.23 billion by 2028 while exhibiting an impressive CAGR of 16.3% between 2021 to 2028.