Solar Tracker Market Size, Covid-19 Impact Analysis, Trends and Forecasts to 2029

With yearly installations predicted to exceed 120 GW, the wind power market is anticipated to reach USD 53.67 billion by 2029, rising at a CAGR of 4.6% from 2021 to 2029. The offshore wind turbine sector is expected to have significant growth in global wind turbine industry investments throughout the projection period as a result of declining costs and improved technology. The gas turbine is expected to have a market of USD$53.67 Bn by 2029, trailing only wind Solar Tracker in terms of market share.

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Solar Tracker Market size reached USD 13.30 billion in 2021 and is expected to reach USD 54.19 billion by 2029, growing at a CAGR of 19.2 % during the forecast period.

Solar Tracker Market Overview:

The Solar Tracker market study provides a comprehensive picture of the competition, including market share and company profiles of the global industry's key competitors. The research scope includes a thorough examination of the Solar Tracker Market, as well as the reasons for variations in the industry's growth in various locations.

Market Segment:

Dual axis trackers are much more expensive than single axis trackers depending on the drive type. Dual-axis trackers need more sophisticated technology, as well as high-maintenance motors and control systems, which raises O&M expenses and increases the amount of acreage needed. The widespread use of dual-axis trackers is severely hampered by these issues.
Utility is anticipated to experience the highest CAGR growth based on Application during the projection period. Solar trackers are projected to be used more frequently in utility applications due to rising electricity costs and rising demand for renewable energy sources. Over the course of the forecast, this tendency is anticipated to persist.

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Key Players:

Primary and secondary research are used to identify market leaders, while primary and secondary research are used to establish market revenue. Primary research comprised thorough interviews with key thought leaders and industry professionals such as experienced front-line personnel, CEOs, and marketing executives, while secondary research included a review of the leading manufacturers' annual and financial reports. Secondary sources are utilized to calculate percentage splits, market shares, growth rates, and worldwide market breakdowns, which are then cross-checked with primary sources. The biggest players in the Solar Tracker market are as follows:

• Array Technologies, Inc.
• Convert Italia
• Nextracker Inc.
• SunPower Corporation
• Trina Solar
• DEGERENERGIE GMBH & CO. KG
• GameChange Solar
• STI Norland
• Ideematec
• PV Hardware
• MECASOLAR
• Mechatron
• OPTIMUM TRACKER
• Powerway Renewable Energy Co. Ltd.
• Schletter

Regional Analysis:

Individual market influencing components and changes in market regulations that effect present and future market trends are also mentioned in the regional overview of the Solar Tracker market analysis. Current and future trends are examined in order to assess overall market potential and uncover profitable trends in order to achieve a more stable footing. The geographical market assessment is based on the present environment and expected trends.

COVID-19 Impact Analysis on Solar Tracker Market:

End-user sectors where Solar Tracker are used experienced a decline in growth from January to May in a number of countries, including China, Italy, Germany, the United Kingdom, the United States, Spain, France, and India, due to a pause in operations. This resulted in a significant decrease in the revenues of firms operating in these industries and, as a result, in demand for Solar Tracker manufacturers, influencing the development of the Solar Tracker market in 2020. End-user business demand for Solar Tracker has dropped significantly as a result of lockdowns and an increase in COVID-19 incidents worldwide.

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Key Questions Answered in the Solar Tracker Market Report are:

• In 2021, which segment held the largest share of the Solar Tracker market?
• What is the Solar Tracker market's competitive landscape?
• What are the key drivers assisting Solar Tracker market growth?
• Which region controls the most of the Solar Tracker market?
• What will be the Solar Tracker market's CAGR during the forecast period (2021-2029)?

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