Selbyville, Delaware, June 12, 2023 (GLOBE NEWSWIRE) --
Single Axis Solar Tracker Market is expected to cross a valuation of USD 90.1 billion by 2032, according to the latest research report by Global Market Insights Inc.
The industry growth is driven by ongoing R&D activities for the introduction of modern technologies. Innovations in tracking systems, sensors, and control mechanisms have improved the efficiency and performance of single-axis solar trackers. Advanced algorithms and AI capabilities are being integrated into tracker systems, enabling precise and real-time tracking of the sun's movement. Additionally, the use of high-quality materials, such as lightweight and durable composites, has enhanced the durability and reliability of these trackers, which are contributing to the increasing product demand.
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Vertical single-axis solar trackers to gain prominence
The vertical single axis solar tracker market is set to witness significant growth from 2023 to 2032 due to its advantages in optimizing solar energy generation. Vertical single-axis solar trackers allow solar panels to rotate vertically, following the sun's movement throughout the day, thereby maximizing sunlight exposure. This enhanced tracking capability gives increased energy efficiency, improved power output, and higher ROI for solar power projects, which is fostering the segment outlook.
Utility application segment to amass substantial gains
The industry size from the utility application type is projected to record strong growth over 2023-2032. Utility-scale solar installations have gained momentum owing to the increasing emphasis on renewable energy sources. Single-axis solar trackers have become a preferred choice for utility applications due to their ability to enhance energy production. This results in improved solar panel efficiency and higher energy yields, coupled with the benefits of reduced overall costs for utility-scale solar projects, which is likely to propel the segment expansion through 2032.
Asia Pacific to emerge as a key revenue hub
APAC single axis solar tracker market held a sizable revenue share in 2022 and is set to observe notable progression between 2023 and 2032. Favorable government policies, increasing investments in renewable energy, and the growing demand for sustainable power generation are fueling this growth. Countries like China, India, and Japan have emerged as key contributors, with a surge in connections of single-axis solar trackers in utility-scale solar projects. The region's abundant solar resources and the need to reduce dependency on fossil fuels have fueled the product adoption which is impelling regional industry development.
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Single Axis Solar Tracker Industry Leaders
Some of the major players operating in the global single axis solar tracker market are Haosolar Co. Ltd, Nextracker Inc., All Earth Renewables, MECASOLAR, H2-Trina Solar, GameChange Solar, DEGERENERGIE GMBH & CO. KG, Ltd, SunPower Corporation, Abengoa, PVHardware, Array Technologies, Inc., SmartTrak Solar Systems (Pvt) Ltd., Powerway Renewable Energy Co., SOLTEC, Scorpius Trackers, Arctech, Valmont Industries, Inc., STI Norland, ArcelorMittal, IDEEMATEC, NCLAVE, and Gonvarri Solar Steel.
Single Axis Solar Tracker Industry News
- In September 2022, FTC Solar, a provider of solar trackers, software, and engineering services, unveiled Pioneer, a revolutionary one-in-portrait (1P) solar tracker system that provides a whole 18%-36% pile count reduction per megawatt, allowing clients to benefit from lower labor and material costs.
- In August 2022, Arctech, an international racking manufacturer, released SkyWings, a dual-row tracker with a multi-point drive mechanism and proprietary bidirectional slew drives designed to perform on undulating terrain with slopes of up to 15%. Arctech built the tracker with twin rows to enhance the number of modules utilized on prior tracker models in similar project footprints.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Single axis solar tracker industry 360° synopsis, 2019 - 2032
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Application trends
2.1.4 Regional trends
Chapter 3 Single Axis Solar Tracker Industry Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.1.1 Rising demand across the utility sector
3.3.1.2 Increasing focus toward sustainable energy
3.3.1.3 Modern technological advancements
3.3.2 Industry pitfalls & challenges
3.3.2.1 High maintenance cost
3.4 Growth potential analysis
3.5 Porter's Analysis
3.6 PESTEL Analysis
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About Global Market Insights Inc.
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.
