Solar Tracker Market Size and Growth Analysis -2021

Solar Tracker Market: Solar Tracker Market size valued at around USD 3.5 billion in 2020 and is anticipated to witness an annual installation of over 36 GW by 2025. Solar Tracker Market Overview: Solar trackers are devices that are deployed in conjunction with solar panels to maximize energy capture and further increase the efficiency of the overall power generation process. Trackers allow panels to move according to the direction of sunlight, during which they decrease the angle of incidence between the panel and the sun's rays. This leads to more efficient operations compared to solar panels installed without trackers. These devices can be used in conjunction with a variety of panel technologies including parabolic collectors, Fresnel reflectors, solar panels, and lenses. Impact of Covid-19 on the Solar Tracker Market: The Covid-19 crisis has certainly affected the entire renewable energy sector. In the case of solar power, the greatest impact has been on the global raw material supply chain and the lack of labor availability. This has led to the suspension of many ongoing projects around the world for an indefinite period. These interruptions are mainly due to the fact that about 43% of imports of photovoltaic solar modules come from China, which was the first country to be strongly affected by the COVID-19 threat. Recognizing the increasing destruction caused by the coronavirus in the country, production of solar modules and related equipment has been halted, crippling the global market. This led government agencies and private companies to bring forward the start date of projects that were to be implemented in the coming months. Without a doubt, this will have an impact on the investments that will be made in the market in the years to come and will delay the projects in progress. Solar Tracker Market drivers and restraints: The enormous demographic growth observed over the last decade in the world has had a direct impact on the amount of energy demanded and produced. Electricity generation capacity by country has grown at a very sustained rate. Renewable energy sources that help reduce carbon emissions and act as a daily economic energy source are considered the best possible replacement for conventional energy sources such as coal and petroleum products. Currently, renewable sources account for around 31% of total electricity production in the world, which is expected to increase significantly in the coming years and stimulate the market. For example, in 2019, the global installed solar power capacity was 251.43 GW, which increased to 681.64 GW within 5 years. The main constraint on the market lies in the large initial investments required to install these devices. In addition, the lack of the required infrastructure is the other factor hampering investment in the market. In regions such as Asia-Pacific and Europe, a lack of awareness of the benefits and a greater preference for fixed tilt installations over tracking installations have held back growth. Report segmented as: Solar Tracker Market Segmented by technology: • Solar PV • Concentrated Photovoltaic • Concentrated Solar Power Solar Tracker Market Segmented by product: • Single axis • Dual axis Solar Tracker Market Segmented by application: • Utility • Commercial • Residential Geographical analysis: North America accounts for the largest market share and this trend is expected to continue until 2025. The growth is mainly attributed to the growing importance given to renewable energies and to the Paris Agreement on climate change which has recommended the use of renewable energies in the country's power supply. The US government is also aiming to increase the use of solar energy in the economy through various initiatives. In 2018, the US Department of Energy (DOE) launched the SunShot initiative to make the solar industry competitive with conventional energy sources by reducing costs to less than $ 1.2 / watt. by 2021. The initiative has sponsored more than 350 projects. which include companies, private companies, universities and national laboratories. The Middle East and Africa region is expected to experience significant growth over the next ten years due to the high potential and increased investment in projects in the region, especially in the United Arab Emirates and Saudi Arabia. Among them, Saudi Arabia had the highest share in 2018, due to large investments made by domestic and foreign parties. The country has also experienced significant growth in view of investments made by American companies, due to favorable weather conditions in the country. View a sample and decide: https://www.marketdataforecast.com/market-reports/solar-tracker-market/request-sample The Scope of the report: This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors. Apart from the syndicated report, our in-house team has expertise and experience in designing custom reports to meet your specific research needs and assist you in making well-informed decisions. About Us: Market Data Forecast is a firm working in the areas of market research, business intelligence and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients. 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