The Solar tracking is the procedure of engendering power from sunlight. A solar tracker is the device that directs the solar panels, mirrors of heliostat, and Fresnel reverberators toward the sun. Such solar trackers are utilized to capture the concentrated solar energy throughout the day and augment the solar panel output and proficiency. The worldwide solar market is propelled by augment in energy requirement worldwide. Solar trackers can augment the output of solar panels by 25% to 35% associated to modules at fixed angle.
According to the report analysis, ‘Solar Tracker Installation Market by Type (Single Axis and Dual Axis) and End-Use Industry (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2019-2026’ states that in the solar tracker installation market there are numerous companies which presently operating more significantly for leading the fastest market growth and registering the handsome value of market share around the globe during the upcoming years while analyzing and studying the strategies of the competitors, improving the specifications of the solar tracker installation technologies, delivering the better consumer satisfaction, spreading the awareness related to the solar tracker installation, decreasing the linked prices and implementing the profitable strategies includes Abengoa SE, First Solar, Inc., Tata Power Solar Systems Limited, Trina Solar Co. Ltd., Bright Source Energy, Inc., Siemens AG, PVHardware, Arctech Solar, NEXTracker and several others.
The aspects such as environmental pollution, increase in the prices of fuels, and growth in awareness amongst the people regarding clean energy are projected to influence the growth of the worldwide solar tracker installation. However, the solar tracker installation great maintenance requirement, high price compared to stationary counterparts, and complex system than fixed racking are probable to limit the worldwide solar tracker installation growth. The worldwide solar tracker installation is yet to explore its full capacity. Therefore, growth in the government initiatives, deduction in the complexity in design, and ongoing researches in solar tracker are projected to offer growth occasions for the growth of the solar tracker installation market.
The worldwide solar tracker installation was worth at USD 162.7 billion in 2018, and is projected to reach USD 379.2 billion by 2025, increasing at a CAGR of 11.1% from 2019 to 2026. Not only has this, the renewable energy is derivative from the natural processes such as wind and sunlight. Solar, geothermal, wind, bioenergy, hydropower, and ocean power are some of the foremost sources of the renewable energy. During the recent trend, the renewable energy is used in heating, electricity, cooling, and transport segments. Furthermore, massive augment in the concerns regarding greenhouse gases emissions and growth in requirement for the energy security are projected to drive the requirement for solar energy. Therefore, the requirement for the solar tracker installation is also projected to increase. This in turn will boost the growth of the worldwide solar tracker installation market. Therefore, in the coming years, it is predicted that the market of solar tracker installation will increase around the globe more actively over the coming decades with the effective contribution by the prevailing corporates.
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Ankur Gupta, Head Marketing & Communications