The Global Solar Tracker Market is anticipated to reach USD 7.35 billion by 2025, according to a new report by Radiant Insights, Inc. It is anticipated to expand at a CAGR of 14.1% during the forecast period. Increasing demand for photovoltaic cells and favorable government regulations in most regions across the globe is expected to drive the growth. Rising prices of electricity are also anticipated to fuel the growth in the forthcoming years.
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North America and Europe held considerable market share in the past and are expected to drive the growth in the future as well due to growing installed capacities. Moreover, supportive regulations for installation and increasing R&D for improvement of the technology are also projected to propel the market.
Growing purchase rate of solar trackers is an opportunity for the manufacturers to achieve economies of scale. Moreover, increasing efforts by the producers to expand product portfolio and strengthen their market is anticipated to create more opportunities for the market players.
Increasing favorable investment on unconventional energy source like FIT schemes by Spain is trending in the market. Moreover, increasing use of Concentrator Photovoltaic (CPV) in solar trackers for more efficiency and due to less cost of CPV systems is another trend observed in the market. These trends are expected to contribute significantly to the market growth.
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Further key findings from the report suggest:
• Demand for solar trackers is expected to grow significantly during the forecast period due to supportive regulations from the government, growing installation capacities, and strict regulations for controlling environmental emissions
• Photovoltaic cells segment is expected to propel at a CAGR of 18.4% in terms of installed capacity from 2019 to 2025 due to increasing demand and supply gap for electricity and better compatibility of photovoltaic cells with the photovoltaic modules technologies
• Utility segment accounted for a considerable market share and is expected expand at a CAGR of 18.8% from 2019 to 2025 due to rising electricity prices and demand for renewable energy source
• Single axis tracker is also expected to expand at a CAGR of 13.7% in terms of revenue in the forthcoming years owing to increasing preference for residential and commercial use and high performance of solar trackers due to single axis tracker in high resolution areas
• Manufacturers in the solar tracker market focus on shifting their manufacturing bases in emerging economies like China and India due to low production and labor cost in these regions.
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