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Solar Tracker Market to Hit $22.33 Billion by 2027; Increasing Investments in Solar Technologies Worldwide to Aid Market Growth: Fortune Business Insights™

Written by Customer Service on . Posted in Mergers And Acquisitions.

Pune, Aug. 25, 2020 (GLOBE NEWSWIRE) — The global solar tracker market size is projected to reach USD 22.33 billion by 2027, exhibiting a CAGR of 12.6% during the forecast period. Growing renewable generation capacity will be a key driving force for this market, states Fortune Business Insights™ 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, 2020-2027”. The International Renewable Energy Agency (IRENA) revealed in its latest publication that renewable capacity grew by 7.4% in 2019, with the total global capacity reaching 2,537 GW at the end of 2019. Solar energy witnessed some of the largest additions, increasing by 20% from 2018 levels to reach 586 GW. Expansion of solar energy generation bodes well for this market as these trackers play a critical role in maximizing the capturing of energy from sunlight into the solar panel, thereby augmenting its power generation efficiency. With solar technologies becoming more affordable, the demand for various solar devices is set to surge in the near future.Please visit: https://www.fortunebusinessinsights.com/industry-reports/solar-tracker-market-100448
Careful study of the various market drivers and trends;In-depth evaluation of the hindrances facing the market;Comprehensive analysis of the different market segments; andActionable research into the competitive landscape and regional dynamics of the market.
Market DriverInitiation of Virtual Power Plant Projects Worldwide to Animate the MarketOne of the leading developments in the solar industry that is fueling the solar tracker market growth is the initiation and implementation of virtual power plant (VPP) projects in major economic hubs worldwide. For instance, AGL Energy, an energy management company based in Australia, developed a VPP model in 2017 by installing and connecting a vast array of solar battery systems across 1000 commercial and residential spaces in Adelaide. The entire network will be managed by cloud-based control system. Similar projects have been initiated in the US as well, although on a smaller scale. In Colorado, for example, a cooperative utility named Holy Cross Energy developed a VPP comprising four homes that have rooftop solar panels, heat pumps, electric vehicle chargers, and energy storage. VPP and solar trackers are capable of increasing energy efficiency of solar panels by a substantial degree as the trackers can optimize energy capture, while the VPP can re-route stored energy that can get wasted if not utilized as well as provide flexibility and enhance grid reliability.Extensive Solar Deployment to Support Market Growth in North AmericaIn 2019, the market size of North America stood at USD 5.88 billion and the region is expected to dominate the solar tracker market share during the forecast period owing to widespread deployment of solar technologies. According to the Solar Energy Industries Association, in the First Quarter of 2020, solar PV capacity in the US stood at 3.6 GW.The market in Latin America is anticipated to surge in the coming years as Brazil and Mexico have emerged as some of the largest importers of solar devices and solutions. In Asia Pacific, the market will be led by China and India, where investments in renewables have grown astronomically in the past couple of decades. Moreover, China is the dominant producer of solar components, which will provide an additional boost to the regional market.Competitive LandscapeKey Players to Focus on Fulfillment of ContractsMajor companies in this market are focused not just on securing large-scale contracts, but also on fulfilling them in a timely manner. Strict adherence to commitments is allowing these players to cement their position in the solar tracker market as well as diversify their operations in foreign markets.Industry Developments:June 2020: Nexans Solar Technologies inked its maiden deal with the French photovoltaic company, Reden, to design, manufacture, and deliver its flagship KEYLIOS Solar Trackers. Nexans will be installing more than 800 trackers at Reden’s four solar parks in southwest France.March 2020: NEXTracker announced the successful completion of its largest tracker deal, touted to be the largest of its kind in the industry, with 174 Power Global. The contract involved shipment of smart solar trackers of 3.4 GW capacities to seven projects run by 174 Power across the US.
List of the Leading Companies Operating in the Solar Tracker Market are:Sun Action Trackers (United States)Scorpius Trackers (India)Solar Steel (UK)STi Norland (Spain)Convert Italia (Italy)Soltec (Spain)NEXTracker (United States)Exosun (Russia)SunPower (United States)Ideematec (Germany)PV Hardware (Spain)Arctech Solar (China)Array Technologies (United States)IntroductionResearch ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsKey Emerging Trends – For Major CountriesKey Developments: Merger & Acquisition, Partnership, etc.Latest Technological AdvancementRegulatory LandscapePorters Five Forces AnalysisQualitative Analysis – Impact of COVID-19Impact of COVID-19 on the Solar Tracker MarketSteps Taken by the Government to Overcome the ImpactKey Developments by the Industry Players in Response to COVID-19Potential Opportunities and Challenges due to COVID-19 OutbreakGlobal Solar Tracker Market Analysis (MW, USD Billion), Insights and Forecast, 2016-2027Key Findings / SummaryMarket Analysis, Insights and Forecast – By TypePhotovoltaicConcentrated Solar PowerMarket Analysis, Insights and Forecast – By MovementSingle AxisDual AxisMarket Analysis, Insights and Forecast – By Application Utility Non-UtilityMarket Analysis, Insights and Forecast – By RegionNorth AmericaEuropeAsia PacificLatin AmericaMiddle East & AfricaTOC Continued…!!!
Solar Cell Busbar Market Size, Share and Global Trend By Type (Upto 2BB, 3BB to 5BB, More than 5BB), By Application(Monocrystalline, Polycrystalline, Thin Film), By End User(Residential, Commercial, Industrial, Utilities), and Geography Forecast till 2026Solar Backsheet Market Size, Share and Global Trend By Type (Fluoropolymer, Non-fluoropolymer), By Installation Techniques (Flat Roof Solar, Pitched Roof Solar, Ground Mount Solar & others), By Thickness (Less than 100mm, 100-500mm & Greater than 500mm), By Application (Commercial, Industrial & Utilities), and Geography Forecast Till 2026Solar Panel Market Size, Share & Industry Analysis, By Type (Monocrystalline, Polycrystalline, Thin Film ), By Application (Photovoltaic Concentrated Solar Power), By End-User (Residential, Commercial, Industrial, Utilities, Space & Defence, Others) and Regional Forecast, 2019-2026Solar Power Market Size, Share and Industry Analysis By Technology (Solar Photovoltaic (Mono-si, Thin Film, Multi-si, and Others) and Concentrated Solar Power (Parabolic Trough, Power Tower, and Linear Fresnel)), By Application (Residential, Non-Residential and Utilities), and Regional Forecast, 2019-2026Solar Charge Controller Market Size, Share & Industry Analysis, By Type (Pulse-Width Modulation (PWM) Charge Controller, Maximum Power Point Tracking (MPPT) Charge Controller), By Application (Residential, Commercial, Industrial, Utility), and Regional Forecast, 2019-2026
Solar Control Glass Market Size, Share & Industry Analysis, By Application (Residential Buildings, Commercial Buildings, and Automotive), and Regional Forecast, 2019-2026
Solar Control Window Film Market Size, Share & Industry Analysis, By Product Type (Clear, Dyed and Vacuum Coated), By Application (Construction, Automotive and Others) and Regional Forecast, 2019-2026

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