IMARC Group, a leading market research company, has recently released a report titled “Solar Tracker Market Report by Type (Active Solar Tracker, Passive Solar Tracker), Tracking Type (Single Axis Tracking, Dual Axis Tracking), Technology (Solar Photovoltaic (PV), Concentrated Solar Power (CSP), Concentrated Photovoltaic (CPV)), Application (Utility Sector, Residential Sector, Commercial Sector), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the global solar tracker market trends, share, size, and industry trends forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

The global solar tracker market size reached US$ 6.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 30.2 Billion by 2032, exhibiting a growth rate (CAGR) of 17.9% during 2024-2032

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What is Global Solar Tracker Market?

A solar tracker is a device or system used in solar energy installations to orient solar panels or photovoltaic arrays toward the sun's position throughout the day. Its primary purpose is to maximize the absorption of solar energy by ensuring that solar panels are constantly facing the sun, thus optimizing energy generation. Solar trackers can be either single-axis or dual-axis, depending on their range of movement. Single-axis trackers follow the sun's movement from east to west, while dual-axis trackers also adjust for changes in the sun's elevation throughout the day.

Solar Tracker Market Trends:

Ongoing innovations in solar tracker technology are leading to more reliable, efficient, and cost-effective systems which represents one of the key factors driving the growth of the market across the globe. Advancements include the use of sensors, tracking algorithms, and improved materials which is fueling the market growth. Solar trackers significantly enhance the energy production of solar panels by ensuring they follow the sun's path throughout the day. This increased energy yield is a major driver for their adoption, especially in regions with abundant sunlight. The decreasing cost of solar trackers is making them more affordable, thus making them a viable option for a wider range of solar installations, from utility-scale solar farms to commercial and residential systems.

The growing environmental awareness and concerns about climate change are driving the adoption of renewable energy sources. Solar trackers align with these sustainability goals by increasing the efficiency of solar power generation. Many governments worldwide offer incentives, subsidies, and favorable policies to promote the use of solar energy. These measures encourage the installation of solar trackers.

The integration of solar power into the electricity grid is becoming more common. Solar trackers help provide a consistent and predictable energy supply, which makes them attractive for grid-connected projects, thus facilitating the growth of the market.

Solar Tracker Market Report Segmentation:

By Type:

·         Active Solar Tracker

·         Passive Solar Tracker

By Tracking Type:

Single Axis Tracking

·         HSAT (Horizontal Single Axis Trackers)

·         VSAT (Vertical Single Axis Trackers)

·         TSAT (Titled Single Axis Trackers)

·         PSAT (Polar Aligned Single Axis Trackers)

Dual Axis Tracking

·         TTDAT (Tip-Tilt Dual Axis Trackers)

·         AADAT (Azimuth-Altitude Dual Axis Trackers)

Breakup by Technology:

·         Solar Photovoltaic (PV)

·         Concentrated Solar Power (CSP)

·         Concentrated Photovoltaic (CPV)

By Technology:

·         Solar Photovoltaic (PV)

·         Concentrated Solar Power (CSP)

·         Concentrated Photovoltaic (CPV)

By Application:

·         Utility Sector

·         Residential Sector

·         Commercial Sector

Regional Insights:

·         North America

·         Asia Pacific

·         Europe

·         Latin America

·         Middle East and Africa

Competitive Landscape with Key Players:

The competitive landscape of the solar tracker market size has been studied in the report with the detailed profiles of the key players operating in the market.

Some of These Key Players Include:

·         Arctech Solar Holding Co. Ltd.

·         Array Technologies Inc.

·         Convert Italia SpA (Valmont Industries Inc.)

·         DEGER energie GmbH & Co KG, First Solar Inc.

·         Nextracker Inc. (Flex Ltd.)

·         Powerway Renewable Energy Co.

·         (SinoTech Power Group)

·         Soltec Energias Renovables S.L.

·         Sunpower Corporation (Total S.A.)

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Key Highlights of the Report:

·         Market Performance (2018-2023)

·         Market Outlook (2024-2032)

·         Market Trends

·         Market Drivers and Success Factors

·         Impact of COVID-19

·         Value Chain Analysis

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Content Source: https://www.briefingwire.com/pr/solar-tracker-matket-2024-2032-industry-trends-segmentation-and-forecast-analysis