(MENAFN- Ameliorate Digital Consultancy)
The qualitative report published by Market Insights reports research on the “ Smart Solar Tracker Market offers an in-depth examination of the current trends, latest expansions, conditions, market size, varidrivers, limitations, and key players along with their profile details. The Smart Solar Tracker market report offers the historical data for 2017 to 2022 and also makes available the forecast data from the year 2023 to 2029 which is based on revenue. With the help of all this information research report helps the Market contributors to expand their market positions. With the benefit of all these explanations, this market research report recommends a business strategy for present market participants to strengthen their role in the market. This report analyzes the impact of the COVID-19 pandemic on the Smart Solar Tracker Market from a Global and Regional perspective.
The Global Smart Solar Tracker Market was valued at USD 5.66 Billion in 2023 and is expected to reach a value of USD 15.14 Billion by 2029. The Global Market is anticipated to expand by exhibiting a Compound Annual Growth Rate (CAGR) of 26.5% over the forecast period.
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Top Key Players are covered in the Smart Solar Tracker Market Report:
ECO-WORTHY, EcoFlow, Brown Dog Gadgets, Nextracker, REI, AllEarth, Arctech, Jutracker, Suntactics, Robotistan, KSENG, Array Technologies, SunPower, Trina, ScorpTrackers, Sun Action, Powerway, Titan Tracker,PVHardware, Solar Steel
KEY INDUSTRY DEVELOPMENTS:
April 2023 – Nextracker Inc. plans to double India's solar tracker manufacturing capacity to 10 gigawatts in the next few years. They will manufacture the semiconductors under the production-linked incentives scheme and indigenously produce 100% of the products. The company said India's target of 500 GW renewable capacity by 2030 would see at least 7-8 GW of projects annually have trackers. February 2023 – PVHardware announced it will build Spain's world's largest solar tracker factory. This facility will occupy a space of 65,000 square meters of area. The firm wants to take its capacity to 25 GW, making it the world's top solar tracker producer. February 2023 – Solar Steel and Electrum have signed an agreement, where Solar Steel will supply its TracSmarT + solar trackers with a capacity of 21MW for the Osów project, which is said to be the largest solar tracking project in Poland. The single-rowed solar trackers will provide energy equivalent to the consumption of around 7,000 homes and help reduce more than 4,200 tons of carbon dioxide (Co2) emissions annually. February 2022 – Solar Steel is developing a project called Digital Twins of photovoltaic plants for the design, engineering, and O&M phases. The digital twin virtually reproduces the behavior and performance of a process or product. This allows for predicting failures and anomalsituations and performing certain actions to avoid them. April 2022 – Array Technologies, Inc. has agreed to supply 1 GW of DuraTrack HZ v3 single-axis solar trackers for the Gemini solar project. The project is expected to be one of the largest solar storage plants in the U.S.
Smart Solar Tracker Technology Analysis:
The photovoltaic solar trackers market is estimated to record over 17% share by 2029. The service providers across the industry are substantially focusing on technological innovations comprising environmental compatibility, enhanced power output, and unit optimization to strengthen market growth. For instance, FTC Solar, in 2021, announced the supply of solar trackers for a 504 MW project along with 260 MW of AC power storage in Arizona. In addition, the growing precision of the PV systems along with the consistency of the trackers will considerably enhance the performance of PV modules.
Regional Analysis:
The region-wise coverage of the market is mentioned in the report, mainly focusing on the regions:
North America (NA) – US, Canada, and Mexico
Europe (EU) – UK, Germany, France, Italy, Russia, Spain & Rest of Europe
Asia-Pacific (APAC) – China, India, Japan, South Korea, Australia & Rest of APAC
Latin America (LA) – Brazil, Argentina, Peru, Chile & Rest of Latin America
The Middle East and Africa (MEA) – Saudi Arabia, UAE, Israel, South Africa
Asia Pacific is forecast to expand at the highest CAGR during the prediction period
Due to rising off-grid electricity consumption and tightening regulations aimed at reducing conventional power generation, the Asia-Pacific region will experience growth. The business environment will be boosted by favorable governmental regulations, standards, and subsidies for installing solar panels. In addition, the market landscape will improve because of ongoing technological advancements that combine cutting-edge software and algorithms across solar PV equipment.
Market Segment Analysis :
The Smart Solar Tracker Market Report provides a preliminary review of the industry, definitions, classifications, and enterprise chain shape. Market analysis is furnished for the worldwide markets which include improvement tendencies, hostile view evaluation, and key regions development. Development policies and plans are discussed, and manufacturing strategies and fee systems are also analyzed.
Smart Solar Tracker Market Segmentation by Types:
Single Axis
Dual Axis
Smart Solar Tracker Market Segmentation by Applications:
Household
Power Station
Others
Solar Trackers are anticipated to be used more frequently in utility applications due to rising electricity costs and growing demand for renewable energy sources. Throughout the predicted period, this tendency is expected to persist. Since solar utility installations are ground-mounted, and Single-Axis trackers may be used to follow the sun all day, they are the most popular solar tracking system in the utility industry. Due to growing government subsidies, feed-in tariff programs, and other factors, trackers are widely utilized in utility applications. The high cost of trackers is one of the primary constraints preventing their use in non-utility applications. Although installing Solar Trackers can be very expensive, it produces 25% to 30% more solar power than a fixed solar panel. Due to the impossibility of using trackers because of land restrictions, non-utility applications have a lower market share than utility applications.
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Significant Features and Key Highlights of the Smart Solar Tracker Market Reports :
– Detailed overview of The Smart Solar Tracker market.
– Changing market dynamics of the industry.
– In-depth market breakdown by Type, Application, etc.
– Historic, existing, and predictable market size in terms of extent and worth.
– Recent manufacturing trends and developments.
– Competitive landscape of The Smart Solar Tracker market.
– Approaches to significant performers and product help.
– Prospective and niche sectors/regions exhibiting promising growth.
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Detailed TOC of Smart Solar Tracker Market Research Report 2023 – 2029
Chapter 1 Smart Solar Tracker Market Overview
Chapter 2 Global Economic Impact on Industry
Chapter 3 Global Market Competition by Manufacturers and, Market data
Chapter 4 Global Supply (Production), Consumption, Export, Import by Regions
Chapter 5 Global Production, Revenue (Value), Price Trend by Type and Region
Chapter 6 Global Market Analysis by Application
Chapter 7 Manufacturing Cost and, Gross profit Analysis
Chapter 8 Industrial Chain, Sourcing Strategy, and Downstream Buyers
Chapter 9 Marketing Strategy and, StaAnalysis, Distributors/Traders
Chapter 10 Market Driving Effect Factors Analysis
Chapter 11 Global Smart Solar Tracker Market Trends and, Forecast
Chapter 12 Research Methodology
COVID-19 and Russia-Ukraine War Influence Analysis
The readers in the section will recognize how the Smart Solar Tracker market scenario changed across the globe during the pandemic, post-pandemic, and Russia-Ukraine War. The study is done keeping in view the changes in aspects such as demand, consumption, transference, consumer behavior, supply chain management, export and import, and production. The industry experts have also highlighted the key factors that will help create opportunities for players and stabilize the overall industry in the years to come. These factors negatively affected the market during the war.”
The Smart Solar Tracker Market report gives answers to the following:
What guidelines are followed by key performers to contest this Covid-19 condition? What are the important matters drivers, opportunities, challenges, and dangers of the market? will face surviving? Which are the essential market players in the Smart Solar Tracker industry? What is the forecast compound annual growth rate (CAGR) of the global market for the duration of the forecast period (2023-2029)? What could be the anticipated value of the Smart Solar Tracker marketplace during the forecast period?
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