GLOBAL SOLAR TRACKER MARKET IS PREDICTED TO REACH USDÂ XXÂ BILLION BY 2033: SPER Market Research
Solar trackers focus the sun’s rays on the solar cell to optimize the amount of energy captured. They do this by using a range of electrical components, including actuators, motors, and sensors. The collected solar energy is then processed to create electricity, which is used in a variety of end-user industries, including utility, commercial, and residential.
According to SPER market research, ‘Global Solar Tracker Market Size- By Technology, By Type, By Application – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Solar Tracker Market is predicted to reach USD 58.18 billion by 2033 with a CAGR of 26.43%.
Drivers:
The market is expanding because renewable energy is being deployed more widely around the world. When governments and companies realize they need sustainable energy options, solar power becomes a popular option. Power optimization tools have become essential, such as solar trackers that allow solar panel efficiency to be optimized by watching the sun’s movement. National renewable energy goals are being set, and policies, such as tax credits and subsidies, are being offered to encourage the installation of more solar power systems.
Additionally, the industry is expanding due to the growing demand for utility-scale solar installations. Large-scale installations are required for these projects since maximizing production levels requires the deployment of effective tracking systems.
Challenges:
There are challenges to the expansion of the worldwide solar tracker industry. The hefty upfront cost of solar tracker systems may turn off some individuals. Enough room for installation is another problem, especially in crowded places. Furthermore, energy output is limited by the intermittent nature of sunshine, which is regulated by meteorological factors. Furthermore, durability and maintenance are problems because of moving parts and external variables. Moreover, finding and paying for experienced labor for installation and maintenance might be challenging. Notwithstanding these challenges, the sector is growing thanks to innovations and increasing awareness.
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The global market for solar trackers has been significantly impacted by the COVID-19 epidemic. Supply chain interruptions have limited the manufacturing and availability of solar trackers by causing delays and shortages of essential components. The market for solar trackers has been impacted by project delays and cancellations brought on by financial difficulties and economic uncertainty. The availability of labor has decreased due to travel restrictions and social distancing policies, which has an impact on construction activities and may raise expenses. Additionally, a decline in global energy demand has an impact on the solar power and solar tracker businesses due to decreasing energy consumption and investment uncertainties.
Additionally, some of the market key players are; Abengoa Solar S.A., AllEarth Renewables, Array Technologies Inc., DEGERenergie GmbH & Co. KG, Nclave, Powerway Renewable Energy Co. Ltd., Soltec Tracker.
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