Single Axis Solar PV Tracker Market Insights, Size, Share, In-Coming Trends, Top Key Players – SmartTrak Solar Systems, Titan Tracker, AllEarth Renewables, etc.
WILMINGTON, DELAWARE, UNITED STATES, February 9, 2024 /EINPresswire.com/ — A solar tracker is a device that directs and moves photovoltaic panels, reflectors, or modules toward the sun. The working principle of the technology leverages specialized light sensors, which activate the motor of the panel and cause it to align with the direction & path of the sun on account of capturing maximum solar irradiance. These PV trackers minimize the angle of incidence between the panel and incoming light, which, in turn, improves the power output of the system.
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A rise in solar PV panel installations will create ample growth opportunities for vendors in the single axis solar PV tracker market.
Solar power generation is gaining importance among all other renewable sources of energy as it is one of the not expensive sources of clean energy. During non-productive hours, the intermittent nature of solar energy can be overcome by using energy storage systems. In addition, the cost of solar energy generation is declining due to factors such as competitive bidding processes and government initiatives and subsidies. These factors have led to an increase in the number of solar PV panel installations, especially in economies such as India, China, and the US.
Governments around the world are focusing on the generation of emission-free energy to bring about a change in the energy mix. As a result, they are providing tax benefits, incentives, and subsidies to promote the adoption of renewable technologies, including solar energy. Thus, supportive government initiatives toward the adoption of clean energy systems along with rising concerns about climate change will augment the solar tracker market growth.
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Key Single Axis Solar Pv Tracker Market Segments:
Single Axis Solar PV Tracker Market By Technology
Solar Photovoltaic (PV)
Concentrated Solar Power (CSP)
Concentrated Photovoltaic (CPV)
Single Axis Solar PV Tracker Market By Application
Utility
Distributed Generation
Single Axis Solar PV Tracker Market By Type
Horizontal Type
Vertical Type
Single Axis Solar PV Tracker Market By Region
North America (US, Canada)
Europe (Germany, UK, France, Rest of Europe)
Asia-Pacific (China, Japan, India, Rest of Asia-Pacific)
LAMEA (Brazil, UAE, Saudi Arabia, South Africa, Rest of LAMEA)
Key Market Players
SmartTrak Solar Systems
Titan Tracker
AllEarth Renewables
PV Hardware
Scorpius Trackers
Convert Italia
First Solar
Arctech Solar
DEGERenergie
STI Norland
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Regional analysis
The global single axis solar PV tracker market is studied across major four regional markets, including North America, Europe, Asia-Pacific, and LAMEA. North America is expected to be the largest market over the coming years in response to the rising emphasis on renewable energy and the Paris Agreement on Climate Change that has recommended the usage of renewable energy in the nation’s energy supply. In addition to this, The government in the U.S. is also targeting to increase the usage of solar power in the economy through various initiatives, such as 2011 they launched the SunShot Initiative to make the solar industry cost-competitive with conventional energy sources by reducing charges to less than 1 USD/watt by 2020, this is further expected to complement the growth of this region. Besides this, the Middle East and Africa are expected to register significant growth due to high potential and an increase in investments in the projects in the region, particularly in UAE and Saudi Arabia.
COVID-19 impact
– The global market for single axis solar PV tracker is severely impacted by the outbreak of the COVID-19 pandemic.
– The COVID-19 pandemic saw a decline in the economic growth in almost all the major countries, thus affecting consumer spending patterns.
– Owing to the lockdown implemented across various countries, national and international transport has been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap.
– Thus, insufficiency in raw material supply is expected to hamper the production rate of single axis solar PV tracker, which negatively impacts the market growth.
– However, this situation is expected to improve as the government has started relaxing norms around the world for resuming business activities.
Key benefits of the report:
– This study presents the analytical depiction of the global single axis solar PV tracker market along with the current trends and future estimations to determine the imminent investment pockets.
– The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global single axis solar PV tracker market share.
– The current market is quantitatively analyzed to highlight the global single axis solar PV tracker market growth scenario.
– Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
– The report provides a detailed global single axis solar PV tracker market analysis depending on competitive intensity and how the competition will take shape in coming years.
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