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The global solar tracker market size is expected to gain momentum by reaching USD 54.23 billion by 2028 owing to the increasing use of renewable sources of energy in its report titled “Solar Tracker Market Size, Share & COVID-19 Impact Analysis, By Type (Photovoltaic (PV), Concentrated Solar Power (CSP)), By Movement (Single-Axis, Dual Axis), By Application (Utility, Non-Utility), and Regional Forecast, 2021-2028” The report further mentions that the market stood USD 16.11 billion in 2020 and is projected to exhibit an impressive CAGR of 16.3% during the forecast period.
FTC Solar Introduces Next- generation Voyager+ Tracker to Achieve Large Power Output
In January 2021, FTC Solar announced the launch of Voyager+, a next generation form of its single-axis Voyager tracker. It is designed in a way that it will be able to support large solar cells. This will thus allow the larger modules to achieve power output more than 500 watts. Therefore, Voyager+ will be able to support these larger format modules and these are expected to lower the cost of development. For instance, a report by Wood Mackenzie suggests that using these larger modules, labor cost can be reduced up to 6% and energy production will increase. Such initiatives by the companies are anticipated to bode well for the growth of this market during the forecast period.
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High Efficacy of Trackers in Capturing Solar Energy to Boost Market
Trackers are used in solar devices to maximize energy capture to increase the efficiency of power generation. Its deployment helps in movement of the solar panels according to the direction of sunlight. These trackers help to minimize the angle of incidence between the panel and the coming sunrays on panels, thereof boosting the energy capture. Besides solar panels, it can be used along with various panel technologies, such as fresnel reflectors, parabolic troughs and lenses. The increasing focus on reducing emission levels is another factor that drives the demand for advanced green solutions across the globe. This is expected to contribute to the global solar tracker market growth during the forecast period.
Contract Signing by Prominent Companies to Consolidate Their Market Positions
The market is fragmented by the presence of key players striving to maintain their dominance by signing significant contracts with other companies to expand their solar tracker portfolio. Moreover, the major companies are adopting strategies such as partnership, collaboration, and facility expansion to develop advanced radar systems to cater to the growing demand for advanced off-road vehicles and accessories during the forecast period.
November 2020: Spanish company Esasolar, launched Esatrack M5-2V tracker. It will allow capturing the same amount of solar energy to all its strings in the same amount. It will also avoid losses due to low irradiation in the least exposed modules within the same connection line.
List of Key Players Profiled in this Market
Further Report Findings
Table of Segmentation
Value (USD Billion) and Volume (MW)
By Type; By Movement; By Application; and By Geography