The solar tracker market worldwide centres around a particular solar power generation technology. Solar power, a form of renewable energy, utilizes the sun's energy to produce electricity. Solar trackers are devices that help with the movement and tracking of solar panels throughout the day. By moving with the sun, these devices allow the panels to capture the most sunlight possible, increasing their efficiency in converting sunlight into usable electricity. The solar tracker market is primarily concerned with the design, manufacture, and sale of these specialised devices. Solar trackers use sensors and motors to adjust the position of solar panels so that they are always directly facing the sun. This technology is instrumental in optimizing the energy output of solar power systems.
Global Solar Tracker Market Driving Factors and Challenges
Several driving factors influence the global solar tracker market, contributing to its growth and expansion. The growing demand for clean and sustainable energy sources is a significant factor. As people become more aware of the environmental impact of traditional energy sources, there is a growing interest in using renewable energy sources such as solar power. Solar trackers are essential for increasing the efficiency of solar panels and making them more appealing to individuals and businesses.
Another factor is the declining cost of solar energy technology. Solar power has become more affordable as technology has advanced and economies of scale have increased. As the cost of solar panels falls, so does the demand for solar trackers, which increase the panels' power generation capability.
Furthermore, The global solar tracker market is facing a number of challenges that will have an impact on its growth and development. The high initial cost of installing solar tracker systems is a significant challenge. While solar power has become more affordable, the additional cost of installing solar trackers may be prohibitive for some individuals and businesses. Another issue is the requirement for sufficient space for solar tracker installations. Solar trackers require more space than fixed solar panels because they need to move and track the sun's position. Finding suitable space for solar tracker installations can be difficult in densely populated areas or locations with limited land availability.
Impact of COVID-19 on Global Solar Tracker Market
Due to COVID-19, the global solar tracker market has faced challenges such as supply chain disruptions, project delays and cancellations, labour constraints, and a decline in energy demand. However, the industry has shown resilience, and as the world begins to recover, the solar tracker market has the potential to regain momentum and play a critical role in the expansion of renewable energy sources.
Solar Tracker Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Abengoa Solar S.A., AllEarth Renewables, Titan Tracker, Array Technologies Inc., Soltec Tracker, DEGERenergie GmbH & Co. KG, Nclave, Powerway Renewable Energy Co. Ltd., SunPower Corporation, Trina Solar Limited.
Global Solar Tracker Market Segmentation:
By Technology: Based on the Technology, Global Solar Tracker Market is segmented as; Solar Photovoltaic (PV), Concentrated Solar Power (CSP), Concentrated Photovoltaic (CPV).
By Type: Based on the Type, Global Solar Tracker Market is segmented as; Single Axis, Dual Axis.
By Application: Based on the Application, Global Solar Tracker Market is segmented as; Utility, Non-utility.
By Region: This report also provides the data for key regional segments of Europe, Asia-Pacific, Middle East, Africa, and North America, Latin America.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.