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SAN FRANCISCO , June 13, 2022 /PRNewswire/ -- The global solar tracker market size is expected to reach USD 29.31 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 20.5% from 2022 to 2030. The market is expected to witness substantial growth over the forecast period owing to the growing need for renewable power generation. Solar tracker is installed on a PV system to get an increased energy output during the day. PV system trackers help to minimize the angle of incidence between incoming light and panel, thereby increasing the amount of energy produced. In Concentrated Photovoltaic (CPV) technology, a large part of sunlight is focused on a solar cell using an optical device. Concentrating light requires direct sunlight, thereby limiting this technology to clear locations.
Key Industry Insights & Findings from the report:
Read 130-page market research report, "Solar Tracker Market Size, Share & Trends Analysis Report By Technology (Solar Photovoltaic, Concentrated Solar Power, Concentrated Photovoltaic), By Type, By Application, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Solar Tracker Market Growth & Trends
The single axis type segment is predicted to witness significant growth from 2022 to 2030. Single axis trackers are more economical than dual axis trackers and easy to maintain. Single axis trackers are less expensive compared to dual axis trackers, therefore, are widely employed in residential and commercial applications. Reduced non-renewable energy consumption, improved efficiency, and lower CO2 emissions are likely to drive the solar power generation market, and thus the market is expected to witness significant growth over the forecast period.
The dual axis type segment accounted for the largest revenue share in 2021 and is projected to exhibit the highest CAGR during the forecast period. Dual-axis trackers comprise two degrees of freedom that act as an axis of rotation. The axis fixed to the ground is considered the primary axis and the one referenced to the primary axis is called the secondary axis. Dual axis trackers have modules that are oriented parallel to the secondary axis of rotation. Dual axis trackers allow maximum absorption of the sun's rays on account of their ability to follow the sun both horizontally and vertically, thus generating 8% to 10% more energy than single axis trackers.
Solar PV technology held the largest revenue share in 2021. The simple design and cost-effectiveness of these trackers make them ideally suited for most PV applications at the utility level. In addition to cost-effectiveness, trackers installed on PV modules occupy less space as compared to the CPV and CSP technologies. The PV technology trackers do not require any additional lenses, mirrors, or sterling energy to generate electricity, thereby making them suitable for use in non-utility applications.
North America accounted for the largest share in terms of volume and revenue in 2021 and is expected to witness significant growth over the forecast period, considering the growing demand from the U.S., Canada , and Mexico . However, high initial investment and low cost of conventional sources of energy are likely to restrain market growth in North America .
Grand View Research has segmented the global solar tracker market based on technology, type, application, and region:
Solar Tracker Market - Technology Outlook (Volume, MW; Revenue, USD Million, 2019 - 2030)
Solar Tracker Market - Type Outlook (Volume, MW; Revenue, USD Million, 2019 - 2030)
Solar Tracker Market - Application Outlook (Volume, MW; Revenue, USD Million, 2019 - 2030)
Solar Tracker Market - Regional Outlook (Volume, MW; Revenue, USD Million, 2019 - 2030)
List of Key Players of Solar Tracker Market
Check out more related studies published by Grand View Research:
Browse through Grand View Research's Renewable Energy Industry Research Reports.
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco , the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Sherry James Corporate Sales Specialist, USA Grand View Research, Inc. Phone: +1-415-349-0058 Toll Free: 1-888-202-9519 Email: [email protected] Web: https://www.grandviewresearch.com Grand View Compass | Grand View Pipeline Follow Us: LinkedIn | Twitter
SOURCE Grand View Research, Inc.
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