Precision Business Insights has published a report on the global solar tracker market, estimating its value at USD 7.6 billion in 2024 and is expected to expand at a compound annual growth rate (CAGR) of 12.2% over the forecast period 2025-2031. The report explores the market growth and potential opportunities in the market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.
View the detailed report description here - https://www.precisionbusinessinsights.com/market-reports/solar-tracker-market
The solar tracker market refers to the industry focused on systems that enable solar panels to follow the sun's movement throughout the day. This technology maximizes the amount of sunlight captured, thereby increasing the efficiency of solar energy generation. Solar trackers are commonly used in utility-scale solar power plants, as well as in residential and commercial installations. They are categorized into types like single-axis and dual-axis trackers, depending on their movement capabilities.
Drivers:
1) Increased Efficiency: Solar trackers enhance the energy output of solar panels by optimizing their alignment with the sun, making them more efficient than fixed systems.
2) Rising Demand for Renewable Energy: The global shift towards clean energy sources has boosted the adoption of solar trackers in utility-scale and residential solar projects.
The global solar tracker market segmentation:
1) By Type: Photovoltaic (PV), Concentrated Solar Power (CSP)
2) By Movement: Single Axis, Dual Axis
3) By Application: Utility, Non-Utility
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Regional Overview:
The report also examines the current concerns and their Future Effects on the solar tracker market by the region. The report covers all regions and countries, North America was the largest and Asia was the fastest-growing region in the solar tracker market. The market has been segmented into numerous primary regions and a detailed evaluation of primary countries.
North America (U.S., Canada)
Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
Asia-Pacific (China, India, Japan, Australia, Southeast Asia, Rest of Asia Pacific)
Latin America (Mexico, Brazil, Argentina, Columbia, Rest of Latin America)
Middle East & Africa (GCC, Egypt, Nigeria, South Africa, Rest of Middle East and Africa)
The competitive landscape is dominated by major players like nextracker, inc., array technologies, inc., pv hardware solutions s.l.u., arctech solar holding co. ltd, soltec power holdings sa.
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