Solar Tracker Market to hit USD 54.19 Bn. by 2029 Technological Advancements, Data Analytics, Renewable Energy Sources and International Agreements
Pune, 9, Dec, 2022: Maximize Market Research is a leading energy and power research firm that has delivered a detailed analysis of the Solar Tracker Market The report includes key business insights, demand analysis, pricing analysis and competitive landscape. The report expects the market to grow from USD 13.30 Billion in 2021 to USD 54.19 Billion by 2029 at a CAGR of 19.2 percent during the forecast period.
Solar Tracker Market Scope and Research Methodology
The report is an in-depth analysis of all the key players in the Solar Tracker Market by market share, revenue, market penetration, financial status and region. Current trends prevailing in the Solar Tracker Market are presented and historical data is used to forecast growth rate fluctuations to equip stakeholders, investors, market key players and followers about future market conditions. The Solar Tracker Market is segmented by Type, Application and Region for a detailed analysis for understanding the market penetration, competitive structure, pricing and demand analysis. The report aids the formulation of strategic decision-making and finding investment pockets for businesses.
For the competitive landscape, major players and new entrants in the Solar Tracker Market are collated based on the revenue, portfolio, technological advancements adopted, mergers and acquisitions, joint ventures and strategic alliances. With each company profile, recommendations are provided on investments and estimations of their market size for the forecast period. New entrants can use the report to understand the future course of the Solar Tracker Market.
The bottom-up approach was employed to validate the market size and its estimation by different segments. Data was collected using both primary and secondary data collection methods for the analysis. Methods such as surveys, administering questionnaires and telephonic interviews with industry specialists, market leaders, entrepreneurs, marketing professionals, customers and retailers on the demand side and manufacturers were included in the primary methods. Secondary data was methodically collected from a curated selection of sources to ensure the reliability of the inferences. This includes official databases of various organisations and government sites, industry journals, white papers, annual reports, releases of product manufacturers and suppliers in the industry along with paid databases. SWOT analysis was conducted to provide the strengths and weaknesses of the Solar Tracker Market while PESTLE was employed to understand the potential impact of the macro-economic, social, political and technological factors affecting the Solar Tracker Market.
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Solar Tracker Market Overview
A solar tracker is a system that directs the solar panels towards the sun. These systems change their direction throughout the day, thereby maximizing the amount of energy captured by the solar modules. The trackers help in minimizing the angle of incidence between the incoming light and the panel which increases the amount of energy absorbed.
Solar Tracker Market Dynamics
The introduction of AI and machine learning is expected to drive the Solar Tracker Market growth over the forecast period. The adoption of such technology is set to reduce operational costs and give a competitive edge over other competitors. It also helps in getting real-time data about the weather for maximum efficiency of the solar tracker. Algorithms and intelligent tracker software combined will not only improve the performance but also increase the accuracy during tracking. Such innovations in the Solar Tracker Market are expected to fuel the growth of the Solar Tracker Market over the forecast period.
Trends in green energy and awareness about the reduction of greenhouse emissions have been gaining traction over the years. People are opting for green fuel sources at both domestic and commercial levels. Such trends have been increasing the demand for solar energy which thereby is expected to be a major driver for the growth of the Solar Tracker Market.
Solar Tracker Market Regional Insights
The North American region held the largest revenue share in 2021 and is expected to portray the same growth streak over the forecast period. This growth is mainly attributed to the growing awareness among the people regarding green sources of fuel and their adoption. The government is also supporting this by signing various treaties and agreements at the global level to reduce emissions. The concentration of key manufacturers in the region is also a contributing factor to the regional growth of the Solar Tracker Market.
Solar Tracker Market Segmentation
- Single Axis
- Dual Axis
Solar Tracker Market Key Manufacturers include:
- Array Technologies, Inc.
- Convert Italia
- Nextracker Inc.
- SunPower Corporation
- Trina Solar
- DEGERENERGIE GMBH & CO. KG
- GameChange Solar
- STI Norland
- PV Hardware
- OPTIMUM TRACKER
- Powerway Renewable Energy Co. Ltd.
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Key questions answered in the Solar Tracker Market are:
- What is a Solar Tracker?
- What is the current growth rate of the Solar Tracker Market?
- What is the nature of competition in Solar Tracker industry in developed and developing economies?
- Who are the key players in the Solar Tracker Market?
- Who are the market leaders in Solar Tracker in Europe?
- Who are the market leaders in Solar Tracker in USA and Canada?
- What are the factors affecting growth in the Solar Tracker Market?
- Who held the largest market share in Solar Tracker Market?
- What are the factors for the growth of Asia-Pacific region in Solar Tracker Market?
- What are the major challenges for the growth of the Solar Tracker Market?
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Type, Application and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Maximize Market Research is leading energy and power research firm, has also published the following reports:
Solar Thermal Market–The Solar Thermal Market size is expected to reach USD 30.92 billion by 2029 at a CAGR of 5.29 percent during the forecast period. The Solar Thermal Market is expected to be driven by rapid technological advancements and growing investments.
Residential Solar (PV) Inverter Market–The Residential Solar (PV) Inverter Market size is expected to reach USD 6.41 billion by 2029 at a CAGR of 4.3 percent during the forecast period. The Residential Solar (PV) Inverter Market is expected to be driven by increasing government initiatives and huge investments.
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