Solar Tracker Market to rise at CAGR of 18% through 2028 – Report by Market Research Future (MRFR)

New York, Sept. 13, 2021 (GLOBE NEWSWIRE) — Solar PV Tracker Market Overview: According to a comprehensive research report by Market Research Future (MRFR), Solar PV Tracker Market Research Report, Type, Tracking type, Drive system, End-User and Region – Forecast till 2028” the market to grow at 18% CAGR from 2021 to 2028 (forecast period).

Key Players

List of the Notable players of the global solar PV tracker market are –

  • Convert Italia (Italy)
  • Arctech Solar (India)
  • Exosun (U.S.)
  • Ideematec (Germany)
  • First Solar (U.S.)
  • Grupo Clavijo (Spain)
  • Mahindra Susten (India)
  • NClave (Spain)
  • NEXTracker (U.S.)
  • Scorpius Trackers (India)
  • Solar Steel (Spain)
  • Soltec(U.S.)
  • STi Norland (Spain)
  • PV Hardware (U.S.)
  • Sun Action Trackers (U.S.)
  • SunLink (U.S.)
  • SunPower (U.S.).

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Increased Solar Power Installations Around the World

The worldwide energy industry is shifting from relying entirely on fossil fuel plants, such as coal and oil, and toward renewable energy sources, such as solar, wind, and geothermal, for power generation. One of the primary concerns about renewable energy resources has always been their poor power generation capability in comparison to traditional sources. For example, a coal power plant equipped with cutting-edge equipment can achieve an efficiency of 35% under optimal working conditions, whereas hydropower plants can achieve far greater efficiency of 95%. Even with the most recent advancements in solar technology, the greatest efficiency of a solar panel in laboratory circumstances is 24 percent. This value reduces even more in real-world working situations, hovering around 15% -18% depending on the type of technology and operating locations. This is a key disadvantage of a renewable energy source, particularly solar energy, which also has the issue of not being able to generate power at night.

Using a solar tracker with PV systems is one method of boosting the efficiency of solar power generation. When compared to fixed solar panels, a solar tracker’s primary goal is to keep the solar panel under the best possible insolation from the sun. This is a game-changer in the solar business since experiments have shown that solar trackers can enhance operational efficiency by up to 15% to 30% over a standard fixed panel setup, depending on the location of operation. There are various types of solar tracking systems in the market.

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Another primary goal of a solar tracker is to consume less energy and maximize operational efficiency. This is mostly due to the fact that solar trackers are distinct energy-consuming entities that are attached to solar panels to improve their performance. Furthermore, it is critical that solar trackers provide operational stability across a variety of operating conditions, as any influence on tracker system performance can have a significant impact on solar panels or power system performance as a whole.

The increasing installation of solar power systems around the world will have a significant impact on the expansion of the solar PV tracker. Solar power generation is greatly wanted by governments for satisfying their electricity requirements, as panel prices have been historically low, and feed-in-tariff rates have achieved parity with conventional power generation sources. Solar trackers are becoming increasingly popular among solar power plant operators due to their ability to increase operational efficiency by 15% to 30%.

High Installation and Maintenance Cost

On the negative side, the expensive installation and maintenance expenses may limit the market growth. In recent years, there has been a growing preference for effective solutions over evaluating cost factors when making a purchasing choice, which may help to offset a market slowdown in the coming years.

Market Segmentation

The global solar PV tracker market has been segmented based on power generation type and tracking system type. 

Based on power generation type, the global solar PV tracker market has been segmented into parabolic through, power towers, linear Fresnel, and dish/engine type. 

Based on tracking systems type, the global solar PV tracker market has been segmented into fixed tilt, single axis, and dual axis tracking systems. 

Regional Analysis

APAC to Lead the Global Market

The Asia Pacific energy industry is predicted to create several potential prospects for the solar PV tracker market. The depletion of natural energy supplies such as oil and coal, as well as other fossil fuels, is producing enormous development potential as the demand for alternative energy sources grows. The increased demand for solar PV systems in the APAC region may aid in the market’s rise here.

North America to Follow APAC

The solar PV market in North America is expected to expand at a rapid pace in the next years. Technological advancements in this region are expected to support the growth of the solar PV tracker market in North America. The increasing number of solar PV system installations can help to expand the market in the region.

Segmentation of Market covered in the research:

Solar PV Tracker Market Research Report by Solar Power Type, by Tracking type, Drive system, By End-User, Forecast till 2028

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About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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