Kenneth Research, in its repository of market research reports, have recently added a report on the Global Solar Tracker Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Global Solar Tracker Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical/Energy industries, creating a huge demand for Global Solar Tracker Market products.
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It is also anticipated to grow on account of the growing demand for alternative renewable energy sources, backed by the growing concern for pollution worldwide emitted from burning conventional fuel sources. Total electricity capacity from renewable energy sources around the world increased from around 750,000MW in 2000 to about 2,500,000MW in 2019. Additionally, electricity from hydropower energy, wind, solar, and bioenergy, grew from around 780000MW, 16000MW, 1200MW, and 29000MW in 2000 to 1300000MW, 620000MW, 580000MW, and 120000MW in 2019 respectively.
Solar tracker is mounted on a photovoltaic (PV) device to provide improved energy production throughout the day. The PV system helps to minimize the angle of incidence between the incoming light and the panel, thus increasing the amount of energy produced. The ability of a solar tracker to produce more electricity than stationary counterparts makes it feasible to adopt it, boosting market demand. Furthermore, it has been examined that the system can increase the efficiency of solar panels from 10 % to 25% depending on the geographical location of the tracking system. Energy consumption worldwide has seen significant growth due to rapid industrialization and urbanization. Continuing concerns about rising carbon emissions, together with the introduction of favorable policies and schemes, have fueled the market size of solar technology. for instance, in January 2020, Lightsource BP, a major solar company, has reported the acquisition of approximately $ 100 million in equipment from the single-axis solar tracker maker Array Technologies. In fact, a substantial reduction in the price of parts would improve the popularity of the commodity. Moreover, Factors such as environmental pollution, rising fuel prices and increasing people’s awareness of clean energy are expected to drive the growth of the global market for solar trackers. High maintenance requirements, high costs compared to stationary counterparts, and complex fixed rack systems are expected to be the limiting factors for the global market for solar trackers. Opportunities such as government initiatives, declining design complexity, and solar tracker research are expected to boost the growth of the solar tracker market.
The regional analysis of global Solar Tracker market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America’s market share is projected to grow dramatically by 2026, led by a rise in the pace of deployment of renewable energy systems and the modernization of the current electricity grid. That government and private investment in the construction of modern solar systems in line with the increasing need for decentralized electricity production would drive the development of the industry. In addition, technological innovation in product design to improve efficiency and reduce costs will have a positive impact on market growth.
Major market player included in this report are:
Array Technologies, Inc.
Nclave Renewable S.L
Convert Italia S.p.A
Gonvarri Steel Services
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Concentrated solar power (CSP)
Concentrated photovoltaic (CPV)
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2022 to 2031
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Target Audience of the Global Solar Tracker Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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