The global solar tracker market size was US$ 5,417.4 million in 2021. The global solar tracker market size is forecast to reach US$ 16,404.2 million by 2030, growing at a compound annual growth rate (CAGR) of 13.1% during the forecast period from 2022 to 2030.
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Solar trackers use many electrical parts, such as actuators, motors, and sensors, to position the cells such that the sunlight is concentrated, maximizing the amount of energy that can be harvested. Solar energy is subsequently turned into electricity for usage in various domestic and commercial applications.
The U.S. Bureau of Economic Analysis and the U.S. Census Bureau reports that the goods and services deficit rose from $68.7 billion in January 2023 to $70.5 billion in February, an increase of $1.9 billion. Due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion, the goods and services deficit increased in February. The goods and services deficit has decreased this year by $35.5 billion, or 20.3% when compared to the same period in 2022. $10.8% more, or $49.5 billion, was exported. Imports cost $2.2% more, or $14.0 billion, than exports.
Factors Influencing Market Growth
The high emphasis on sustainable energy drives the global market.
A substantial rise in the number of solar panel installations boosts the global market growth.
The complicated design requirements increased maintenance costs, and minimal power may slow down the overall market growth.
The continuous government initiatives and targets on renewable sources and the increased implementation of large-scale projects fuel the global market growth.
The continuous product innovation in solar technology and increasing adoption of IoT and AI are forecast to offer lucrative opportunities for the global market.
Impact Analysis of COVID-19
The COVID-19 pandemic had a negative impact on the global market. Due to several restrictions put in place by governments, product demand decreased during the shutdown. In order to stop the virus’s spread, transportation and manufacturing operations were suspended, which had an impact on the output and financial performance of significant market participants. In addition, strict regulations on import and export activities had an impact on the expansion of the solar tracker business.
However, it is likely that sales of solar trackers for power generation will rise in the upcoming years as a result of government policies and programs that stimulate the use of renewable energy sources to meet rising energy demand.
Regional Analysis
North America garnered a substantial market share in 2021 and is forecast to remain dominant during the forecast period. As a result of the increasing focus on renewable energy and the Paris Agreement on Climate Change that has suggested the usage of renewable energy in the nations energy supply. In addition, the comprehensive use of solar electricity.
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The Asia Pacific region is forecast to have considerable growth during the forecast period. As a result of the growing industrialization and commercialization and increasing solar technology installation. In addition, supportive regulatory policies, schemes, and tax subsidies for integrating advanced software into PV systems.
Leading Competitors
The leading prominent companies profiled in the global solar tracker market are:
Abengoa Solar S.A.
AllEarth Renewables
Array Technologies Inc.
DEGERenergie GmbH & Co. KG
Nclave
Powerway Renewable Energy Co. Ltd.
Soltec Tracker
SunPower Corporation
Titan Tracker
Trina Solar Limited
Other Prominent Players
Scope of the Report
The global solar tracker market segmentation focuses on Product Type, Technology, Application, and Region.
Segmentation based on Product Type
Single Axis
Dual Axis
Segmentation based on Technology
Solar Photovoltaic (PV)
Concentrated Solar Power (CSP)
Concentrated Photovoltaic (CPV)
Segmentation based on Application
Utility
Non-utility
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Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
Key questions answered in the global market report are:
— How does a global company acquire markets?
— What are its core strategies and policies?
— What factors will influence the market over the forecast period?
— What are the factors driving and restraining the market?
— What are the leading competitors in the global market?
— Which region is growing at a higher pace in the global market?
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