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Pune, India, 16th July 2019: In the global Solar Tracker Market, the segment of utility, in terms of application, had accounted for a market share of 90% in the year 2018. The segment is expected to hold a considerable portion of the global market during the forecast period due to the increasing adoption of solar energy for electricity generation. Fortune Business Insights, in a published report, titled, “Solar Tracker: Global Market Analysis, Insights, and Forecast, 2018-2026,” the global solar tracker market was valued at nearly US$ 8 Bn in 2018 and is projected to reach more than US$ 18.5 Bn by the end of 2026, exhibiting a CAGR of 11.09% in the forecast period.
Photovoltaic Segment to Dominate the Solar Tracker Market in the Coming Years
By type, the global solar tracker market is divided into concentrated solar power (CSP) and photovoltaic (PV). Amongst these, the photovoltaic type of solar tracker is anticipated to dominate the global solar tracker market size in during the forecast period. This is because in concentrated solar power, the usage of mirrors aid in accumulating the sunrays at a particular location. Here, only dual axis solar trackers are used, which puts many restrictions in the implementation of concentrated solar power. Moreover, limitations of concentrated solar power has been positively affecting the growth of photovoltaic segment. The installations of concentrated solar are shallow in number as compared to solar photovoltaic. All these are likely to contribute to the growth of the photovoltaic segment.
Single Axis Trackers to Lead Due to Low-Cost and Requirement of Less Storage Space
In terms of movement, the global solar tracker market is grouped into single axis and dual axis. Fortune Business Insights predicts that the single axis trackers will remain in a leading position during the forecast period. This will occur because the masses are adopting single axis tracker rapidly as they are cost-efficient and require less space unlike the dual axis trackers. Also, there has been a decrease in the efficiency of dual axis trackers. There is only 10% increase in the efficiency with dual axis trackers as compared to the single axis trackers.
Government Awareness Campaigns Encouraging the Consumption of Solar Energy to Favor Growth in Asia Pacific
The global solar tracker market is geographically divided into Asia Pacific, the Middle East and Africa, Europe, Latin America, and North America. Amongst these regions, North America currently holds a major portion of the global solar tracker market due to the rising research and development initiatives. Europe receives ample sunlight throughout the year due to its geographic location. This is one of the most significant factors that is anticipated to boost the solar tracker market growth. In Europe, Germany has been dominating the solar tracker market since the past few years. This is mainly because of the increasing installations of PV systems by the populace. Furthermore, the markets in Latin America and Asia Pacific are projected to witness notable growth during the forthcoming years. In Latin America, there has been an increasing demand for solar trackers in Mexico and Brazil due to a rise in the adoption of renewable sources of energy. Asia Pacific will witness increasing solar tracker market revenue due to numerous upcoming projects of large scale developments. In India, for instance, the government has been taking initiatives to implement projects, namely, Ujjwal Discom Assurance Yojna, Rooftop scheme, and Jawaharlal Nehru National Solar Mission in order to encourage the masses to use solar energy.
Fortune Business Insights has profiled out some of the leading solar tracker companies, some of which are NClave, NEXTracker, Exosun, Soltec, SunPower, Sun Action Trackers, Array Technologies, PV Hardware, Arctech Solar, Scorpius Trackers, Convert Italia, Ideematec, Solar Steel, STI Norland, and other prominent market players.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/segmentation/solar-tracker-market-100448
The global solar tracker market can be segmented into: