The Solar Tracker Market is expected to reach USD 65.28 Billion by 2028, according to a new report by Reports and Data. This can be mainly associated with increasing awareness about renewable sources of energy globally. Based on statistics, increased concern about adverse effects of climate change is expected to become the most common growth interest globally in the coming years. Stringent government rule coupled with technological advancements has led to high growth rates.
Solar trackers are devices that help in increasing the performance of installed payloads such as panels, mirrors, Fresnel’s, and parabolic troughs. The standard shift in line with large scale combination of renewable energy resources coupled with favorable regulatory steps towards the widespread adoption of solar technology will improve the global solar tracker market size. Prerequisite of leveraging schemes, tax credits, fiscal incentives, rebates and soft loans along with following re-structuring of the existing electrical infrastructure will further spur the business growth. The solar industry is subjected to ambitious renewable energy targets abided by the nations across the globe which has resulted in the appreciable increase over the period of time. Fast deployment of solar power systems to favor a compelling energy mix across the whole power sector is also expected stimulate the solar tracker market growth. Also, growing concerns about curb emissions from conventional plants will impact the growth.
Europe accounts for the largest market share of 38.32% in 2020. Countries such as Spain and Germany drive the global market due to the presence of a large number of manufacturers in this region. The market growth in the area can be attributed to central geographic location resulting in the highest amount of sunlight in the whole of Europe, throughout the year.
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Key participants include Abengoa Solar, S.A., Titan Tracker SL, Wuxi Hao Solar Technology Co. Ltd., Array Technologies, Inc., AllEarth Renewables, Inc., Mechatron S.A., SunPower Corporation, DEGERenergie , GmbH Grupo Clavijo Elt SL, SmartTrak Solar Systems Pvt. Ltd., Energia Ercam SL, Mecasolar España SL, First Solar, Inc., Powerway Renewable Energy Co., Ltd., Soitec, Optimum Tracker and CM Tracker.
Further key findings from the report suggest
Power and energy industry comprises of key companies operating in fuel, petroleum, natural gas, and nuclear power markets. Constant production of energy and power is imperative for country’s economic growth. It also covers exploration and production of oil and gas reserves, oil and gas drilling, and refining industries. Power and energy sector is one of the most diversified sector across the globe. Rapid industrialization and urbanization has increased the dependency on power and energy and industries today consume large amounts of fuel making energy industry a crucial element of today’s industrial infrastructure.
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The report sheds special focus on the factors that propel the growth of the industry. For better understanding, the report segments the Solar Tracker market into key divisions such as types, applications, end-use, technology, region, and others. These segments are extensively analyzed to offer better forecast for the global and regional market and key factors influencing their growth are also covered in the report.
For the purpose of this study, Reports and Data have segmented the global Solar Tracker Market on the basis of Product, Technology, application and region:
Product Outlook (Volume, MW; and Revenue, USD Million; 2020-2028)
Technology Outlook (Volume, MW; and Revenue, USD Million; 2020-2028)
Application Outlook (Volume, MW; and Revenue, USD Million; 2020-2028)
Regional Analysis Covers:
North America (U.S.A., Canada, Mexico)
Europe (U.K., Italy, Germany, France, Rest of Europe)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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