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Pune, Oct 24, 2022: Maximize Market Research has published a report on the Solar Tracker Market that provides a detailed analysis for the forecast period of 2022 to 2029. According to the MMR report, the Solar Tracker Market size was valued at USD 11.19 Bn. in 2021, and the total market revenue is expected to grow by 18.17 percent from 2022 to 2029, reaching nearly USD 42.58 Bn. 370w Solar Panel
A system called a solar tracker places an object at an angle toward the sun. The most widely used method of tracking the sun includes installing photovoltaic (PV) panels perpendicular to its beams and determining its location with the use of space telescopes. Based on the location of the sun in the sky, a PV solar tracking system modifies the orientation of a solar panel. The solar panel receives more sunshine, less light is reflected, and more solar energy is absorbed when the panel is kept perpendicular to the sun. Electricity can be created from this energy.
Over the forecast period, it is expected that rising concern about energy conservation and the switch from non-renewable to renewable energy would increase demand for solar energy and eventually solar trackers. To position the solar cell for focusing the sunlight to maximize the amount of energy captured, solar trackers use a variety of electrical components, including actuators, motors, and sensors. The solar radiation that is caught is then turned into electricity, which is used by different end-user segments. The popularity of solar energy as a viable source for generating commercial energy has increased as a result of the falling cost of solar PV panels, which is expected to further boost market growth.
Companies are focusing on producing advanced technology-based products as a result of the rising industrial demand for sophisticated technology for tracking purposes. Manufacturing companies employ a range of organic and inorganic expansion strategies to expand their geographic reach and product line. Large buy orders are the focus of the leading market participants’ strategic strategy because doing so enables them to attain economic growth. Research and development on trackers is a crucial distinction for market participants.
Solar Tracker Market Regional Insights:
North America region held the largest market share in 2021. The Paris Agreement on Climate Change, which encouraged the use of renewable energy in the country’s energy supply, and the growing emphasis on renewable energy are principally responsible for the growth. Through several measures, the American government is likewise aiming to promote the use of solar power in the economy. The SunShot Initiative was started by the US Department of Energy in 2011 to bring solar energy costs down to parity with those of conventional energy sources by the year 2020.
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Based on the Product, the Solar Tracker Market is segmented into Single axis and Dual axis.
Based on Technology, Solar Tracker Market is segmented into Solar Photovoltaic (PV), Concentrated Solar Power (CSP), and Concentrated Photovoltaic (CPV).
Based on Application, Solar Tracker Market is segmented into Utility and Non-Utility.
Solar Tracker Market Key Competitors:
Key players in the Solar Tracker Market include:
Key Questions answered in the Solar Tracker Market Report are:
Related Report Published by Maximize Market Research:
Dual Axis Solar Tracker Market
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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