Energy & Environment Industry Today
Solar Trackers Market Is Projected to Increase at a CAGR of 16.4% During the Forecast Period (2021-2031)
Europe is expected to have a high DNI (Direct Normal Irradiance), which comes to approximately 5.5kWh/m2. Hence, solar trackers is one of the preferred renewable technologies used for energy generation in this region. Dual axis solar tracker applications are projected to increase in CSP (Concentrated Solar Power) and CPV (Concentrated Photovoltaic) plants. Single axis solar trackers are preferred in utility scale projects due to low installation cost and high efficiency. Single axis tracker systems accounted for more than 85% revenue share of the solar trackers market in 2020.
Published 31 March 2022
Solar Trackers Market: Introduction
According to a recently published study by Transparency Market Research (TMR), the global solar trackers market is expected to reach an installed capacity of 37,196.86 MW by 2031. TMR, a U.S.-based market research firm, states in its report that the global solar trackers market, which had an annual installed capacity of 6998.8 MW in 2020, is anticipated to reach an annual installed capacity of 37,196.86 MW by 2031, at a CAGR of 16.4% during the forecast period.
According to the report, the market for solar trackers is stimulated by the increase in demand for photovoltaic (PV), rise in feed-in tariff (FIT), and incentive schemes by governments. In addition, growth in prices of electricity is augmenting the photovoltaic market, which is further fuelling the solar trackers market. Furthermore, solar cells’ efficiency is boosted by tracking systems, thus impacting the market positively. On the other hand, the capital-intensive technology is expected to restrain the growth of the market over the next few years.
Get Brochure of the Report @https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=1625
Expansion of Solar Trackers Market
Based on technology, the solar trackers market has been segmented into solar photovoltaic PV, Concentrated Solar Power (CSP), and Concentrated Photovoltaic (CPV). CPV is one of the prime segments of the market for solar trackers owing to a number of advantages associated with Concentrated Photovoltaics. In terms of product, the market has been divided into dual axis, single axis, and fixed solar systems. Among these, single axis trackers are majorly utilized in solar PV systems, owing to their cost-friendly nature as well as high electricity output in comparison to dual axis trackers. Single axis trackers comprise a single axis for rotation. They can be vertical, polar or tilted, and horizontally aligned. On the other hand, dual axis trackers comprise two axes for rotation and vertically trap maximum of the solar radiations. In terms of application, the solar tracker market has been segregated into non-utility and utility.
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Solar Trackers Market: Prominent Regions
The solar trackers market has been split into Europe, Latin America, North America, Middle East & Africa, and Asia Pacific. In 2020, Europe led the market and constituted over 60% share of the market on the basis of annual installed capacity. North America trailed Europe on the basis of annual installed capacity and represented 26% of the market in the same year. In Europe, Germany, Italy, Greece, and Spain are the prime markets for solar trackers. Spain, within the European region, and China, within Asia Pacific, are predicted to exhibit the swiftest growth as compared to all other countries owing to government support provided for energy generation via renewable sources.
Get Trending Report-https://www.prnewswire.com/news-releases/hybrid-power-systems-market-is-expected-to-surpass-us-1-bn-by-2031-states-tmr-study-301509149.html
Solar Trackers Market: Key Players
The market for solar trackers is fragmented in nature, but still some companies have maintained their foothold since the past few years. Major companies operating in the market are Frontier Technology Group Ltd., Amonix, Energia Ercam, Mechatron, Ideematech Deutschland GmbH, SmartTrak Solar Systems Pvt. Ltd, and Haosolar Co. Ltd. Among these, in 2020, Haosolar Co. Ltd. emerged as the largest producer of solar trackers and represented 23% on the basis of the annual installed capacity. It was trailed by companies such Abengoa and SunPower, as per this study.
About Us
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision
Contact
Rohit Bhisey
Transparency Market Research,
90 State Street, Suite 700,
Albany, NY 12207
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com/
According to a recently published study by Transparency Market Research (TMR), the global solar trackers market is expected to reach an installed capacity of 37,196.86 MW by 2031. TMR, a U.S.-based market research firm, states in its report that the global solar trackers market, which had an annual installed capacity of 6998.8 MW in 2020, is anticipated to reach an annual installed capacity of 37,196.86 MW by 2031, at a CAGR of 16.4% during the forecast period.
According to the report, the market for solar trackers is stimulated by the increase in demand for photovoltaic (PV), rise in feed-in tariff (FIT), and incentive schemes by governments. In addition, growth in prices of electricity is augmenting the photovoltaic market, which is further fuelling the solar trackers market. Furthermore, solar cells’ efficiency is boosted by tracking systems, thus impacting the market positively. On the other hand, the capital-intensive technology is expected to restrain the growth of the market over the next few years.
Get Brochure of the Report @https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=1625
Expansion of Solar Trackers Market
Based on technology, the solar trackers market has been segmented into solar photovoltaic PV, Concentrated Solar Power (CSP), and Concentrated Photovoltaic (CPV). CPV is one of the prime segments of the market for solar trackers owing to a number of advantages associated with Concentrated Photovoltaics. In terms of product, the market has been divided into dual axis, single axis, and fixed solar systems. Among these, single axis trackers are majorly utilized in solar PV systems, owing to their cost-friendly nature as well as high electricity output in comparison to dual axis trackers. Single axis trackers comprise a single axis for rotation. They can be vertical, polar or tilted, and horizontally aligned. On the other hand, dual axis trackers comprise two axes for rotation and vertically trap maximum of the solar radiations. In terms of application, the solar tracker market has been segregated into non-utility and utility.
Enquiry Before Buying: https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=1625
Solar Trackers Market: Prominent Regions
The solar trackers market has been split into Europe, Latin America, North America, Middle East & Africa, and Asia Pacific. In 2020, Europe led the market and constituted over 60% share of the market on the basis of annual installed capacity. North America trailed Europe on the basis of annual installed capacity and represented 26% of the market in the same year. In Europe, Germany, Italy, Greece, and Spain are the prime markets for solar trackers. Spain, within the European region, and China, within Asia Pacific, are predicted to exhibit the swiftest growth as compared to all other countries owing to government support provided for energy generation via renewable sources.
Get Trending Report-https://www.prnewswire.com/news-releases/hybrid-power-systems-market-is-expected-to-surpass-us-1-bn-by-2031-states-tmr-study-301509149.html
Solar Trackers Market: Key Players
The market for solar trackers is fragmented in nature, but still some companies have maintained their foothold since the past few years. Major companies operating in the market are Frontier Technology Group Ltd., Amonix, Energia Ercam, Mechatron, Ideematech Deutschland GmbH, SmartTrak Solar Systems Pvt. Ltd, and Haosolar Co. Ltd. Among these, in 2020, Haosolar Co. Ltd. emerged as the largest producer of solar trackers and represented 23% on the basis of the annual installed capacity. It was trailed by companies such Abengoa and SunPower, as per this study.
About Us
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision
Contact
Rohit Bhisey
Transparency Market Research,
90 State Street, Suite 700,
Albany, NY 12207
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com/
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Contact Information
Mr. Rohit Bhisey
Transparency Market Research
State Tower, 90 State Street,
Suite 700,
Albany
12207
+91- 8600924083
http://www.transparencymarketresearch.com/
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