Solar Tracker Installation - Global Market Outlook (2018-2027)
According to Stratistics MRC, the Global Solar Tracker Installation market is accounted for $141.63 billion in 2018 and is expected to reach $428.88 billion by 2027 growing at a CAGR of 13.1% during the forecast period. Some of the key factors propelling the market growth are increase in installation of solar panels and growing awareness among people regarding clean energy. However high maintenance cost is the restraining factor for the growth of the market.
Solar tracking is the known process of generating power from sunlight. Solar tracker is a device that directs the mirrors of heliostat, solar panels, and Fresnel reflectors toward the sun. These existing solar trackers are used to capture the maximum solar energy throughout the day and increase solar panel output and efficiency.
By type, the dual axis segment is expected to grow at the significant market share during the forecast period due to the growing use of dual-axis trackers in Concentrated Solar Power (CSP) applications. CSP application utilizes dual axis tracking for achieving maximum sunlight to drive devices using high power.
On the basis of geography, Asia Pacific is anticipated to hold considerable market share during the forecast period due to the increase in government investment in R&D of satellite technology for civil and military uses in the region. As activity-related to CSP is expected to rise, it is predicted that the demand for solar trackers will increase in the region.
Some of the key players in Solar Tracker Installation Market include Abengoa SE, Arctech Solar, BrightSource Energy, Inc, First Solar, Inc, NEXTracker, PV Hardware, Scorpius Trackers, Siemens AG, Tata Power Solar Systems Limited, and Trina Solar Co Ltd.
• Dual Axis
• Single Axis
End Users Covered:
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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