Solar Tracker Market to Cross $3.3 Billion by 2025: Global Market Insights, Inc.
SELBYVILLE, Del., Oct. 22, 2019 /PRNewswire/ -- The Solar Tracker Market revenue is expected to cross USD 3.3 billion by 2025; according to a new research report by Global Market Insights, Inc. Rising electricity demand on account of rapid urbanization & ongoing commercialization across globe will fuel the adoption of solar energy systems.
Increasing concern toward climate change along with growing regulatory norms to enhance the integration of clean energy sources will stimulate the demand for solar trackers. Several policies & reforms have been introduced to reduce the carbon emission with substantial focus toward effective utilization of sustainable energy systems. The government has further introduced renewable energy targets to increase the deployment of PV generation systems, which in turn will augment the solar tracker industry.
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Some major findings of the solar tracker market report include:
- The demand for solar tracker is increasing owing to their benefits such as high CUF and energy cost reduction.
- Positive outlook toward adoption of PV system across North America is anticipated to propel the solar tracker industry growth.
- Companies are focused toward developing efficient & low-cost products to gain a competitive advantage over other industry participants.
- The rising installation of large-scale solar PV projects by utilities will augment the demand for solar trackers.
- Major players operating in the solar tracker market include Meca Solar, SunPower Array Technologies, Powerway and Abengoa Solar amongst others.
- Stringent environmental policies have obligated the utility and commercial sectors to deploy renewable energy systems on account of rising emission levels.
Rising investment toward the development of commercial facilities including hospitals, shopping malls, and schools, has fueled the adoption of solar panels to cater to the demand for continuous electricity supply. Over the last few years, the end-users are further deploying solar tracker with an objective to enhance the capacity utilization factor and avail benefits from incentives, subsidies, and tax credits. In addition, declining PV technology costs coupled with high electricity tariffs for commercial establishments will drive the industry outlook.
Browse key industry insights spread across 283 pages with 520 market data tables & 37 figures & charts from the report, "Solar Tracker Market Size By Product (Single Axis {Horizontal, Vertical}, Dual Axis), By Application (Residential, Commercial, Utility), Regional Outlook (U.S., Canada, Mexico, UK, France, Netherlands, Germany, Sweden, Russia, Spain, Austria, China, Australia, India, Japan, South Korea, South Africa, Egypt, Algeria, Nigeria, Morocco, Saudi Arabia, UAE, Jordan, Israel, Brazil, Chile), Industry Analysis Report, Application Potential, Competitive Market Share & Forecast, 2019 - 2025" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/solar-tracker-market-report
Dual axis solar tracker is anticipated to witness strong upsurge owing to its capability to offer two-degree flexibility which enhances energy generation by 45% when compared to a conventional photovoltaic system. Consequently, these systems are observing strong demand across CPV (Concentrator Photovoltaics) and CSP (Concentrated Solar Power) power plants. Furthermore, these energy systems have observed wide scale installation on account of their high efficiency in comparison to alternative sources, which in turn will stimulate the solar tracker market growth.
Solar Tracker Market Projections, By Product
1.1 Global market share by product, 2018 & 2025
1.2 Single Axis
1.2.1 Global market from single axis, 2014 - 2025
1.2.2 Global market from single axis, by region, 2014 - 2025
1.2.3 Horizontal
1.2.3.1 Global market from horizontal, 2014 - 2025
1.2.3.2 Global market from horizontal, by region, 2014 - 2025
1.2.4 Vertical
1.2.1.1 Global market from vertical, 2014 - 2025
1.2.1.2 Global market from vertical, by region, 2014 - 2025
1.3 Dual axis
1.3.1 Global market from dual axis, 2014 - 2025
1.3.2 Global market from dual axis, by region, 2014 - 2025
Rapidly declining solar panel costs coupled with the ongoing implementation of stern environmental reforms have led to wide scale installation of solar tracker across North America. The PV tracker systems in the last few years have observed a significant increase in demand owing to their decreasing supply chain costs and increasing module efficiency. Manufacturers have been investing in research and development activities to further improve the overall performance of the solar energy system, which will complement the industry landscape.
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https://www.gminsights.com/industry-analysis/solar-energy-storage-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Corporate Sales, USA
Global Market Insights, Inc.
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Solar Tracker Market Growth 2019-2025
Worldwide solar tracker market is expected to achieve over 8.9% CAGR up to 2025, driven by increasing off grid electricity demand.
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SOURCE Global Market Insights, Inc.
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