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Solar Tracker For Power Generation market Size, Trends, And Forecast 2024-2033
Solar Tracker For Power Generation Market Size, Trends, And Forecast 2024-2033
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LONDON, GREATER LONDON, UK , September 4, 2024 /EINPresswire / -- The solar tracker for power generation market has experienced robust growth in recent years, expanding from $6.75billion in 2023 to $7.41billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. Thegrowth in the historic period can be attributed to improved energy yield, cost reductions, environmental awareness, incentive programs, energy independence.
Strong Future Growth Anticipated
The solar tracker for power generation market is projected to continue its strong growth, reaching $10.71billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to advanced tracking technologies, global solar installations, energy storage integration, efficiency improvements, emerging solar markets.
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Growth Driver Of The Solar Tracker For Power Generation Market
The increasing demand for off-grid solar systems is expected to propel the growth of the solar tracker for the power generation market in the coming years. Off-grid solar systems are intended to operate independently of the main power grid. They are self-sustaining and produce power using solar panels installed on roofs. In the night hours, during the absence of the sun, the energy created by the solar panels is stored in batteries and may be used to power houses or businesses. Solar trackers can assist in improving energy production, boost energy efficiency, minimize maintenance costs, and expand energy-generating capacity in off-grid solar systems.
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Major Players And Solar Tracker For Power Generation Market Trends
Key players in the solar tracker for power generation market include NEXTracker Inc., Array Technologies Inc., PV Hardware Solutions S.L.U., Arctech Solar Holding Co. Ltd., Soltec Power Holdings SA.
Major companies operating in the solar tracker for the power generation market are focusing on single-axis solar tracking systems to better meet the needs of their existing consumers. A single-axis solar tracking system is a device designed to maximize energy extraction from the sun by continuously adjusting the orientation of solar panels along a specific axis to accurately follow the sun's position throughout the day.
Solar Tracker For Power Generation MarketSegments:
1) By Product: Single Axis, Dual Axis
2) By Technology: PV, CSP
3) By Application: Residential Solar Tracker, Commercial and Industrial, Utility
Geographical Insights: North AmericaLeading The Solar Tracker For Power Generation Market
North America was the largest region in the solar tracker for power generation market in 2023. The regions covered in the solar tracker for power generation market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Solar Tracker For Power Generation Market Definition
A solar tracker for power generation refers to positioning a photovoltaic panel at an optimum angle towards the sun to capture maximum sunlight and enhance the electricity production capacity of a solar plant. These are being used to generate clean energy and minimize carbon emissions during the power production process. It is used to generate power by enhancing the efficiency of solar panels by capturing the maximum solar energy and maximizing the solar panel output.
Solar Tracker For Power Generation Global Market Report 2024 from The Business Research Company covers the following information:
.Market size data for the forecast period: Historical and Future
.Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Solar Tracker For Power Generation Global Market Report 2024by The Business Research Company is the most comprehensive report that provides insights on solar tracker for power generation market size , solar tracker for power generation market driversand trends, solar tracker for power generation market major players, solar tracker for power generation competitors' revenues, solar tracker for power generation market positioning, and solar tracker for power generation market growth across geographies. The solar tracker for power generation market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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