London, May 31, 2023 (GLOBE NEWSWIRE) -- As the ill effects of climate change become more evident, a growing number of governmental and respective authorities around the world are now taking measures to achieve lower carbon emission levels. These steps have led to higher adoption of renewable energy solutions such as solar power. Solar trackers enable increased energy production by maximizing solar panel exposure to sunlight. This makes these trackers an essential part of solar energy installations, in turn fostering the growth of the global solar tracker market.
A study by Fairfield Market Research has found that factors such as the decreasing cost of solar panels, higher incentives by various governments, as well as the conscious effort being made to adhere to renewable energy targets, have all led to higher adoption of solar energy installations, thereby fortifying the expansion pace of solar tracker market.
In conjunction with this, there continue to be various advancements being made in the field of solar technology, innovations in tracking algorithms, control systems, sensor technology, and communication capabilities. This has led to more precise and exact solar tracking, thus maximizing energy output. Factors such as these are slated to have a positive influence on the growth trajectory of the global solar tracker market in the coming years.
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Insights into Segmentation Analysis
The global solar tracker market is generally segmented based on – Product Type, Technology, Application, and Region. With respect to the product type aspect of this market, the ‘Singular-Axis’ solar tracker sub-segment is slated to account for the majority share of the market. However, the ‘Dual-Axis’ solar tracker segment is gradually gaining more popularity. Based on Technology, the ‘Photovoltaic’ solar tracker sub-segment is the most widely used technology. From an application perspective, the ‘Utility-Scale' solar tracker sub-segment held the largest market share.
Insights into Regional Analysis
As per the initial report findings, North America, and Europe dominated the global solar tracker market owing to favourable governmental initiatives and high solar generation capacities. The Asia Pacific is also expected to index considerable growth due to the increased adoption of solar installations in countries such as China, and India. On the other hand, the Middle East & Africa are slated to experience significant growth in the years ahead owing to increasing power projects in countries such as Saudi Arabia, and the UAE.
Key Market Players
NEXTracker, Amonix Inc., Energia Ercam, Abengoa Solar S.A (Stand Alone)., Powerway Renewable Energy Co. Ltd., NClave, Artech Solar, PV Hardware, Array Technologies Inc., DEGERenergie GmbH & Co. KG, Haosolar Co. Ltd., Mechatron, SunPower Corporation, Titan Tracker SL, SmartTrak Solar Systems Pvt Ltd., Mecasolar España SL, First Solar, Soitec, CM Tracker, and Optimum Tracker, constitute some of the major competitors dominating the competitive landscape of the global solar tracker market.
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Global Solar Tracker Market is Segmented as Below:
Technology Coverage
- Solar Photovoltaic (PV)
- Concentrated Solar Power (CSP)
- Concentrated Photovoltaic (CPV)
Axis Type Coverage
- Single Axis
- Horizontal
- Vertical
- Tilted
- Dual Axis
End-user Coverage
- Utility
- Residential
- Commercial
Geographical Coverage
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Leading Market Companies
- Nextracker Inc.
- Array Technologies Inc.
- PV Hardware
- Arctech Solar Holding Co., Ltd,
- GameChange Solar
- Soltec
- Trina Solar
- Axial Structural Solutions
- FTC Solar
- Valmont Solar
- Big Sun Energy Technology Inc.
- Clenergy
- Grace Solar
- Ideematec
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