Solar Tracker Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Solar Tracker Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The energy sector is experiencing a transformation with the emergence of reliable renewable energy sources, overcoming production deficits and gas-emission challenges. Robust facilities for solar and wind energy production have led to a surge in renewable energy sources worldwide. Solar trackers, a crucial component of solar energy infrastructure, have witnessed rapid advancements in recent years. The increasing installation of solar panels in commercial, industrial, and residential sectors is expected to drive demand in the global solar tracker market. Solar trackers play a crucial role in maximizing energy output from solar panels, making them increasingly popular. As photovoltaic technologies continue to dominate the solar energy industry, the use of solar trackers becomes a key differentiator between intermediate and high-energy installations.

Solar Trackers Boost Electricity Output

The use of solar trackers has been found to significantly increase the total electricity output of solar installations. In certain regions, these trackers can improve electricity output by up to 40%, depending on the angle of adjustment. Therefore, solar tracker technology is projected to attract substantial demand in the coming years.

Double-Axis Solar Trackers Garner Tremendous Attention

While single-axis solar trackers in various configurations such as vertical, horizontal, and tilted offer resilience to solar panels and parabolic troughs, dual-axis solar trackers lead in terms of demand and utility. Dual-axis trackers offer greater resilience in optimizing solar energy production and are more streamlined to perform the designated function.

Challenges Related to Solar Tracker Depreciation

Solar trackers face several challenges, including weather fluctuations, irregular maintenance, and cumbersome replacement processes. These factors may raise concerns among commercial and residential sectors about the efficiency of solar trackers. Additionally, heavy storms can damage the entire solar tracker ecosystem, resulting in negative ROIs and prolonged energy capacity loss. However, solar energy facilities can address these challenges through careful tracker selection based on weather, latitude, and system size.

North America's Promising Growth Opportunities

The US solar energy sector has witnessed significant investments, with a 50% share of solar tracker shipments in 2019. Government incentives towards improving solar energy output have further fueled demand for solar trackers in the US market. Given these factors, the solar tracker market in North America is expected to follow a lucrative pathway.

Key Players in the Global Solar Tracker Market

Prominent names in the global solar tracker market include:
• Powerway Renewable Energy Co. Ltd.
• Abengoa Solar S.A.
• Artech Solar
• NClave
• PV Hardware
• Array Technologies, Inc.

The global solar tracker market is witnessing growth due to the increasing demand for renewable energy sources. Solar trackers play a vital role in maximizing energy output and are essential for high-energy installations. Despite some challenges, the solar tracker market is poised for impressive growth, particularly in North America with significant investments in the solar energy sector.

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