The solar tracker for power generation global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Solar Tracker For Power Generation Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The solar tracker for power generation market size has grown strongly in recent years. It will grow from $6.75 billion in 2023 to $7.41 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to improved energy yield, cost reductions, environmental awareness, incentive programs, energy independence.
The solar tracker for power generation market size is expected to see strong growth in the next few years. It will grow to $10.71 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to advanced tracking technologies, global solar installations, energy storage integration, efficiency improvements, emerging solar markets. Major trends in the forecast period include technological advancements and enhanced efficiency, growing adoption of dual-axis trackers, digitalization and data-driven optimization, artificial intelligence (ai) and machine learning (ml), smart inverters.
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Scope Of Solar Tracker For Power Generation Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Solar Tracker For Power Generation Market Overview
Market Drivers –
The rising power demand for renewable energy sources is expected to propel the growth of solar trackers for the power generation market going forward. Renewable energy is the energy that comes from sources that are continuously replenished naturally, such as the sun, rain, geothermal heat, and waves. Solar trackers use renewable energy sources for the generation of power. For instance, according to the International Energy Agency (IEA) investment report 2021, a France-based autonomous intergovernmental organization for energy, the global power sector investment was expected to rise by 5% to more than $820 billion in 2021 over 2020. Renewables dominated new power generation investment, accounting for 70% of the $530 billion spent on all new power generation capacity in 2021. Therefore, the rise in power demand from renewable sources is driving the solar tracker for power generation market.
Market Trends –
The development of innovative products is the key trend gaining popularity in the solar tracker for the power generation market. Major companies operating in the solar tracker for power generation market are focused on developing innovative products to strengthen their position in the market. For instance, in June 2021, Soltec, a Spain-based single-axis solar tracker manufacturer, launched the SFOne solar tracker. The new SFOne solar tracker is a highly adaptable solar tracker and can be used for any type of project across the globe. The stone now has a double row 1P configuration as well as Dy wind technology.
The solar tracker for power generation market covered in this report is segmented –
1) By Product: Single Axis, Dual Axis
2) By Technology: PV, CSP
3) By Application: Residential Solar Tracker, Commercial and Industrial, Utility
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Regional Insights –
North America was the largest region in the solar tracker for power generation market in 2023. The regions covered in the solar tracker for power generation market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the solar tracker for power generation market include NEXTracker Inc., Array Technologies Inc., PV Hardware Solutions S.L.U., Arctech Solar Holding Co. Ltd., Soltec Power Holdings SA, FTC Solar Inc., AllEarth Renewables Inc., Mechatron Solar Inc., Convert Italia SPA, SunPower Corporation, Trina Solar Co.Ltd., DEGERENERGIE GMBH & CO. KG, GameChange Solar Services India Pvt. Ltd., Soluciones Tecnicas Integrales Norland Sl, Ideematec Deutschland GmbH, MECASOLAR LLC, OPTIMUM TRACKER, Powerway Renewable Energy Co. Ltd., The Schletter Group, Xiamen Grace Solar Technology Co. Ltd., Jiangsu Aikang Industrial Group Co. Ltd., Dalian CDS Solar Energy Technology Co.Ltd., Clenergy Technology Co. Ltd., Amberroot Systems Pvt. Ltd., Ephysx Technologies Pvt. Ltd., Greenera Energy Pvt. Ltd., Hyquip Systems Ltd., Nordic Semiconductor, Canadian Solar Inc., Risen Energy Co. Ltd.
Table of Contents
- Executive Summary
- Solar Tracker For Power Generation Market Report Structure
- Solar Tracker For Power Generation Market Trends And Strategies
- Solar Tracker For Power Generation Market – Macro Economic Scenario
- Solar Tracker For Power Generation Market Size And Growth
…..
- Solar Tracker For Power Generation Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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