According to the recent study the solar tracker market is projected to reach an estimated $XX billion by 2028 from $XX billion in 2023, at a CAGR of 13% to 15% from 2023 to 2028. Growth in this market is primarily driven by increasing government investment on renewable energy, increasing number of solar panel installations around the world, ability to enhance solar panel system’s production capacity, and growing usage of solar power as a potential source of commercial energy generation.
Browse XX figures / charts and XX tables in this 150 -page report to understand trends, opportunities and forecast in solar tracker market by technology (solar photovoltaic, concentrated solar power, and concentrated photovoltaic), product type (single axis and dual axis), end use industry (utility, residential, commercial and industrial, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World).
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“Solar photovoltaic market is expected to remain the largest segment during the forecast period.”
Based on technology, the solar tracker market is segmented into solar photovoltaic, concentrated solar power, and concentrated photovoltaic. Lucintel forecasts that the solar photovoltaic market is expected to remain the largest segment due to growing adoption by energy investors due to price advantage over CSP and CVP technology. Also, solar PV modules are subject to less design restrictions and take less time to build than other technologies which adds in their large scale adoption.
“Within the solar tracker market, the utility segment is expected to remain the largest end use industry”
Based on end use industry the utility segment is expected to witness the highest growth over the forecast period due to the rising demand for sustainable renewable energy sources for power generation. Also, the utility solar systems are ground-mounted and there is dominant utilization of single-axis solar trackers in utility application. Growing government subsidies and feed-in tariff programs, specifically in developed economies of North America and Europe is contributing in extensive utilization of solar tracker in utility.
“North America will dominate the solar tracker market in near future”
North America will remain the largest region due to the government incentives to promote the use of solar power in the economy. Agreement on Climate Change which recommends the use of renewable energy as the nation's primary source of energy and rising deployments of solar trackers for operational efficiency of the installed panels in the region is also contributing in high demand for solar trackers in North America region.
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Major players of solar tracker market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. NEXTracker, Array Technologies, Soltec, Convert Italia, Arctech Solar, SunPower, Sun Action Trackers are among the major solar tracker providers.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/solar-tracker-market.aspx or [email protected]