SELBYVILLE, Del., March 11, 2021 /PRNewswire/ -- Global Market Insights Inc. has recently added a new report on the solar tracker market which estimates the market valuation for solar tracker will cross US $4.5 billion by 2027. The burgeoning efforts to introduce and adopt cleaner technologies across the residential, commercial and industrial sectors are likely to drive the industry's growth. Growing demand for efficient technology to harness solar energy coupled with ongoing technological advancements across the solar tracking systems will favor the industry growth in the forecast period.
The solar tracker market will witness significant growth from single-axis trackers, owing to their high-reliability index, coupled with its high-cost effectiveness. Single-axis solar trackers are available in two options including vertical axis and horizontal axis. In addition, single-axis solar trackers require very little maintenance which makes them an economical option over the other alternatives, which in turn stimulates a demand growth for the solar tracker industry across the globe.
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The solar tracker business is anticipated to gain a competitive edge over other sustainable technologies owing to PV cells on account of low installation costs, customizable functionality and improved power output. Moreover, soaring energy demand coupled with ongoing efforts to increase the share of renewable energy in the energy mix will boost the market statistics for solar technology, propelling the PV technology demand positively.
Surging demand for clean energy generation across commercial institutes including schools, shopping malls and hospitals will augment the PV systems' market demand, which in turn will enhance the solar tracker industry's growth. Growing investments toward the development of commercial facilities along with stringent environmental norms and efficiency standards will complement the growth of the solar tracker industry positively in the forecast period.
The gradual shift toward distributed power generation coupled with the expansion of remote electrical networks in Africa has positively influenced the regional solar power industry. Rising regulatory efforts to utilize existing resources to meet energy consumption effectively along with growing demand for solar rooftop and solar power PV panel installation is fueling the solar tracker industry growth. Furthermore, growing investments from international institutions comprising International Finance Corporation (IFC), World Bank toward electrification programs will enhance the business scenario. For instance, in 2017, the World Bank Group has established the scaling solar program, which started in Zambia and is expanding in other African countries.
A few major findings of the solar tracker market report include:
- The ongoing shift from conventional sources of energy including coal, petroleum and other fossil fuels to renewable energy, including wind, solar, and biomass, will proliferate the solar business growth.
- Increasing investment in solar PV module infrastructure development across commercial and residential sectors will augment the market growth.
- Rising concerns toward growing the carbon footprint across the globe will significantly enhance the renewable technology demand, complementing the solar tracker market growth.
- Growing demand for high-efficiency solar systems will drive product adoption.
- Major players operating across the solar tracker market include SunPower Corporation, NEXTracker, Inc, GameChange Solar, SOLTEC, Titan Tracker, Meca Solar, First Solar amongst others.
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Partial chapters of report table of contents (TOC):
Chapter 3 Solar Tracker Industry Insights
3.1 Industry segmentation
3.2 Industry ecosystem analysis
3.2.1 Vendor matrix
3.3 Innovation & sustainability landscape
3.3.1 Trina Solar
3.3.3 Convert Italia
3.3.5 PV Hardware
3.3.7 ArcelorMittal Projects Exosun
3.3.8 Arctech Solar
3.3.9 Solar FlexRack
3.3.10 Array Technologies
3.3.11 Scorpius Trackers
3.3.12 MecVeL SRL
3.3.13 Bodine Electric Company
3.3.14 FRABA B.V.
3.4 Regulatory landscape
3.4.1 North America
22.214.171.124.1 U.S. Feed-in Tariff Programs
126.96.36.199.2 Solar Energy Industries Association (SEIA)
188.8.131.52.2.1 UL 3703
184.108.40.206.1 2009/28/EC Renewable Energy Directive
220.127.116.11.2 The UK's National Energy Efficiency Action Plan
18.104.22.168.3 Feed-In Tariff (FIT)
22.214.171.124.4 Export Feed-In Tariff (FIT)
3.4.3 Asia Pacific
126.96.36.199.1 National Tariff Policy (Dated 28th January 2016)
188.8.131.52.2 International Solar Alliances
184.108.40.206.3 Central Financial Assistance (CFA) schemes
220.127.116.11.1 Feed-in tariff
18.104.22.168 South Africa
22.214.171.124.1 Renewable Energy Independent Power Producer Programme (REIPPP)
126.96.36.199.2 Integrated Resource Plan for Electricity (IRP)
3.4.5 Latin America
3.5 Cost structure analysis, by component,2020
3.6 Key industry trend impacting the market and product dynamics
3.7 Industry impact forces
3.7.1 Growth drivers
188.8.131.52 Growing focus on utility scale projects
184.108.40.206 Stringent clean energy targets
220.127.116.11 Increasing off-grid electricity demand
3.7.2 Industry pitfalls & challenges
18.104.22.168 High initial cost
3.8 COVID-19 impact on the industry outlook
3.8.1 Optimistic view
3.8.2 Realistic view
3.8.3 Pessimistic view
3.9 Growth potential analysis
3.10 Porter's Analysis
3.10.1 Threat of new entrants
3.10.2 Supplier power
3.10.3 Buyer power
3.10.4 Threat of new substitutes
3.11 Competitive landscape, 2020
3.11.1 Strategy dashboard
22.214.171.124 Component suppliers
126.96.36.199.1 Cone Drive
188.8.131.52.2 Kinematics Manufacturing
184.108.40.206.2.1 Strategic collaboration
220.127.116.11.2.2 Product launch
18.104.22.168.2.3 New establishment
22.214.171.124.3 EKO Instruments B.V.
126.96.36.199.4 Kipp & Zonen B.V.
188.8.131.52.4.1 Product launch
184.108.40.206.5 Siemens AG
220.127.116.11.5.1 Joint Ventures
18.104.22.168.6 Schaeffler AG
22.214.171.124.7 Hiwin Corporation
126.96.36.199.7.1 New product
188.8.131.52.8.1 Strategic Collaboration
184.108.40.206.9 AMETEK, Inc.
220.127.116.11.10 Fraba B.V.
18.104.22.168.10.1 Product launch
22.214.171.124 Solar Tracker manufacturer
126.96.36.199.1 Array Technologies
188.8.131.52.1.1 Partnership agreement
184.108.40.206.1.3 Product launch
220.127.116.11.2.1 Partnership agreement
18.104.22.168.2.2 Product Launch
22.214.171.124.3 Trina Solar
126.96.36.199.4 Ideematec AG
188.8.131.52.5 First Solar
184.108.40.206.6 PV Hardware
220.127.116.11.7 Arctech Solar
18.104.22.168.7.1 Website launch
22.214.171.124.7.2 Business Expansion
126.96.36.199.7.3 Product launch
188.8.131.52.8.2 Product Launch
184.108.40.206.8.3 Business Expansion
220.127.116.11.9 GameChange Solar
18.104.22.168.9.1 Supply Contract
22.214.171.124.10 Convert Italia
126.96.36.199.10.1 Product Innovation
188.8.131.52.11 RP Construction Services, Inc.
184.108.40.206.12 STI Norland
220.127.116.11.12.1 Product launch
18.104.22.168.13 Scorpius Trackers
22.214.171.124.13.1 Product launch
3.12 PESTLE Analysis
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Solar Tracker Market size to cross $4.5 Bn by 2027
Solar Tracker Market is expected to surpass USD 4.5 Billion by 2027, as reported in the latest study by Global Market Insights Inc.
SOURCE Global Market Insights Inc.