According to IMARC Group’s latest report, titled “Solar Tracker Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global solar tracker market reached a value of US$ 7.7 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 16.2% during 2021-2026.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.
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A solar tracker is a device that is used to get additional sunlight by directing the solar panel or a reflector toward the sun. These are positioned perpendicular to sunrays due to which less light is reflected, and maximum energy is captured, which is then converted into power. All solar equipment are installed with trackers as they offer greater levels of renewable energy output. There are two types of solar trackers, namely single axis and dual axis trackers.
Market Trends and Drivers:
Significant growth in the power generation sector is one of the key factors creating a positive outlook for the solar tracker market. This can be attributed to the steadily increasing global population, which, in turn, is increasing the demand for uninterrupted power supply. Moreover, the implementation of green initiatives to reduce carbon emissions is supporting the market growth of solar trackers. Other factors, such as the utilization of solar power as a commercial energy source for both residential areas and industrial plants, are propelling the demand for solar trackers further.
Solar Tracker Market 2021-2026 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the solar tracker market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
Key Market Segmentation:
The report has segmented the global solar tracker market on the basis of type, tracking type, technology, application and region.
Breakup by Type:
Breakup by Tracking Type:
Breakup by Technology:
Breakup by Application:
Breakup by Region:
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Key Highlights of the Report:
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