Research Nester’s recent market research analysis on “Single Axis Solar PV Tracker Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitors analysis and a detailed overview of the global single-axis solar PV tracker market in terms of market segmentation by type, technology, application, and by region.
Increasing Installation of Solar PVs will increase the Global Market Share of The Single Axis Solar PV Tracker Market
The single-axis solar PV tracker market will encounter a remarkable increase because increasing installation of solar PVs worldwide. A key reason shaping the single-axis solar PV tracker market expansion is the enhanced adoption of microgrids. Microgrids are substantially small-scale power grids that have their production and keeping resources. Additionally, microgrids can function separately or jointly with other small electricity grids. Moreover, microgrids can link and disconnect from the primary power grid to function in both grid-linked modes along island mode.
Some of the major growth factors and challenges that are associated with the growth of the global single-axis solar PV tracker market are:
Growth Drivers:
· Emerging Utilization of Solar Energy
· Rising Demand for Clean Energy
Challenges:
Competition from substitutes of single-axis trackers is one of the primary challenges impeding the single-axis solar PV tracker market expansion. There is a rising inclination for single-axis trackers among solar PV trackers over dual-axis trackers as the first is relatively inexpensive and has fewer moving parts, resulting in fewer management costs.
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By application, the single-axis solar PV tracker market is segmented into utility, commercial, and residential. The utility segment will hold the highest revenue share with 57% owing to their cost-effectiveness. The cost of a solar system relies on multiple factors, like the type and number of modules, the offset of system agents, the installation and management costs, and the incentives and allowances accessible. The offset of system materials comprises the inverters, wiring, mounting, and supervising devices that are required to link the modules to the grid or a battery.
By region, the European single-axis solar PV tracker market is to generate the highest revenue with a percentage of almost 43% by the end of 2036.
The APAC region will also encounter a significant surge in the single-axis solar PV tracker market during the anticipated period. This growth will be noticed due to the increasing consumption of solar energy in this region. For instance, China’s solar photovoltaic market has expanded drastically during the past few decades. The country has made massive exertions to grow its solar potential, which accelerated from only 4.2 gigawatts in 2012 to over 390 gigawatts in 2022.
This report also provides the existing competitive scenario of some of the key players of the global single axis solar PV tracker market which includes company profiling of All Earth Renewables, ArcelorMittal SA, Arctech Solar Holding Co Ltd, Array Technologies Inc., First Solar Inc., GameChange Solar, Gensol Engineering Ltd., Grupo Gransolar SL, Hanwha Corp., Haosolar Co. Ltd., Japan Renewable Energy Co., Ltd, Canadian Solar Inc., JinkoSolar Holding Co. Ltd, Trina Solar Co., Ltd., and others.
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