According to the research report, the global solar tracker market was valued at USD 6.58 billion in 2022 and is expected to reach USD25.32 billion by 2032, to grow at a CAGR of 14.4% during the forecast period.
Polaris Market Research has recently published a research report titled Solar Tracker Market: By Size, Trends, Share, Growth, Segments, Industry Analysis and Forecast, 2032 that emphasizes a comprehensive analysis of current and future prospects to analyze the growth rate of the market. The report describes Solar Tracker Market size, historical trends, industry advancements, segmentation analysis, new opportunities, factors controlling the market, and developments. The report analysts have provided a detailed Solar Tracker Market segmentation assessment of the market based on type, application, and geography. Client needs with an understanding of market capacities are ensured in this analytical study.
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The demand for solar energy and eventually solar trackers is anticipated to increase throughout the forecast period at a global level due to growing concerns over energy conservation and the switch from non-renewable to renewable energy sources. To position the solar cell for focusing the sun’s energy to optimal energy absorption, solar trackers use a variety of electrical components, such as actuators, motors, and sensors.
By maximizing solar energy during the day, solar trackers are used for increasing the production and efficiency of solar panels. A rise in energy consumption is driving the global market for solar energy. Comparing solar panels at a fixed angle to those with sun trackers can increase their production by 25 to 35%.
Other major drivers of using solar trackers include energy efficiency improvement and conservation. Solar tracker research and development is a crucial differentiator for companies in the field of R&D. Companies are emphasizing the development of products based on cutting-edge technology due to the growing industrial demand for sophisticated technology for tracking purposes.
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Global Solar Tracker Market Report Highlights
- Solar trackers contribute to improved solar cell efficiency. Over the anticipated period, rising solar photovoltaic demand across several geographies is anticipated to fuel market expansion.
- Long-term demand for solar trackers is anticipated to be driven by rising solar PV installation rates during the projection period.
- Single-axis tracker is expected to dominate the market owing to low operating costs, simple to set-up, and less expensive than dual-axis tracker.
- The utility segment is anticipated to grow at the fastest rate during the forecast period due to the rising demand for renewable energy sources.
- Asia-Pacific will hold the largest market share due to rising off-grid power use and strict rules meant to cut back on traditional power generation.
- The United States emerged as a prominent consumer in the solar tracker market in North America, as more than 70% of projects have installed solar trackers in their projects.
Polaris Market Research has segmented the Global Solar Tracker Market report based on Type, Application, and Geography.
Global Solar Tracker, By Type (Revenue – USD Billion, 2019-2032)
- Single Axis Solar Tracker
- Dual Axis Solar Tracker
Global Solar Tracker, By Application (Revenue – USD Billion, 2019-2032)
- Residential
- Commercial
- Utility
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The Report Addresses the Following Queries:
- How have the production techniques evolved in recent years?
- How can the emerging players in the market establish their foothold in the current market landscape?
- The market in which region is expected to witness the highest growth during the forecast period?
- What is the projected value of the market during the forecast period?
- How can the emerging players in the market solidify their position in the market?
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