Solar Tracker Market Growth, Revenue, Global Industry Share, Size, Rising Trends, Key Manufacturers, Challenges and Opportunities and Forecast Analysis 2033: SPER Market Research
The process of producing power from sunlight is called solar tracking. The device that points Fresnel reflectors, heliostat mirrors, and solar panels toward the sun is called a solar tracker. With the help of these solar trackers, solar panel output and efficiency can be raised while maximizing solar energy is captured throughout the day.
According to SPER market research, ‘Solar Tracker Market Size- By Technology, By Type, By Application- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Solar Tracker Market is predicted to reach USD 58.18 billion by 2033 with a CAGR of 26.43%.
One major factor propelling the market’s growth is a notable rise in the number of solar panel installations worldwide. In addition, the market is growing due to the favourable government policies that are being implemented and supporting different solar energy projects. Installing solar trackers in residential, commercial, and industrial settings is becoming more common as people’s preferences for renewable energy sources and utility-scale projects gain traction. Other significant growth-inducing factors include a variety of product innovations, such as the creation of concentrated photovoltaic and solar photovoltaic that are more affordable and efficient. These systems’ creative design makes it easier to generate power at a low cost.
The market for solar trackers is leading the way in innovative renewable energy solutions, with the potential to increase solar energy output. But there are some difficulties involved. Prominent obstacles facing the market include high upfront costs, intricate installation and maintenance requirements, a lack of skilled labour, regulatory obstacles, and a lack of awareness. Governments are providing financial incentives, manufacturers are working tirelessly to engineer more affordable solar trackers, and educational resources are illuminating their benefits. The solar tracker market industry is resilient and innovative, even as competition from other renewable energy technologies becomes more imminent.
Beyond from the global economy, the health crisis caused by the COVID-19 pandemic hindered the adoption of solar trackers for electricity generation, which was heavily dependent on China and India. The shutdown of manufacturing facilities during the lockdown was prompted by disruptions in the supply chain and a scarcity of raw materials, which had an adverse effect on the market statistics for solar power generation. Furthermore, the United States, a market leader for solar trackers, experienced supply chain problems due to a labour shortage, and the country’s lockdown impeded the advancement of industry. Delivering the product was also significantly delayed as a result of the tight government regulations, rising fuel prices, labour costs, and disruptions to shipping facilities, in addition to the disruptions to transportation and logistics caused by the nationwide lockdown.
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Recent years have seen a notable increase in installed solar energy capacity in North America, primarily due to rising government policies and investments. As a result, the demand for solar trackers has increased in the region. The demand for solar trackers is primarily driven by the United States, Canada, and Mexico in the North American region. Due to the government’s growing emphasis on renewable energy and its pro-renewable policy framework, the United States is anticipated to continue leading the solar tracker market during the forecast period. With the majority of demand coming from states like California, Arizona, Nevada, Texas, Florida, North Carolina, etc., the United States is one of the largest markets for solar trackers worldwide.
Additionally, the key market players are Soltec Tracker, SunPower Corporation, Titan Tracker, Trina Solar Limited.
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