Solar tracker market was worth USD 6.05 billion in 2021 and is poised to amplify at a CAGR of 13.5% over 2022-2030
One of the renewable energy sources with the quickest growth over the past few years in the United States has been solar photovoltaic technology. The development of PV cells as a sustainable and ongoing source of energy generation is a result of the government's increased focus on renewable energy sources. The levelized cost of electricity has decreased as a result of rising capacity expansions across the United States (LCOE). As a result, solar PV is now on par with other traditional energy sources in the nation. The U.S. government's supportive policies are to blame for the high adoption of solar energy in the nation.
By aligning the solar panels with the sun's path, a solar tracker increases the productivity of the solar panel system. The expansion of the worldwide solar tracker market is being driven by market participants' increasing initiatives and efforts.
Solar receivers and solar panels are combined with solar trackers to produce more energy. Solar collectors and solar panels are kept pointed directly at the sun by a system that tracks the sun's daily rotation from east to west. It boosts the energy output of the heat/electricity produced and increases the amount of solar energy that the solar energy collector receives.
Energy conservation and improved operational efficiency are a solar tracker's other main objectives. This is because solar trackers, which are separate energy-consuming entities affixed to solar panels to enhance their performance, are the cause. As any impact on tracker application performance can have a substantial impact on the entire performance of solar panels or power systems, solar trackers must also guarantee operational reliability across a variety of operating situations.
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Solar Tracker Market: Segmental Assessment
By Type:
- Photovoltaic
- Concentrated Solar Power
By Movement:
- Single Axis
- Dual Axis
By Application:
- Residential
- Commercial & Industrial
- Utility
Key Market players:
Trina Solar, Powerway, Meca Solar, SmartTrak Solar Systems (Pvt) Ltd., SunPower Corporation, Abengoa Solar, Array Technologies, Inc., Haosolar Co. Ltd., SOLTEC, Scorpius Trackers, Arctech, Convert Italia, AllEarth Renewables, DEGER energie GmbH & Co. KG, PV Hardware, STI Norland, GameChange Solar, Gonvarri Steel Services, ArcelorMittal, Ideematec AG, EXTracker, Inc., and NCLAVE.
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