Solar Tracker Market

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Solar Tracker Market Trends Research
Projections For 2022- 2028
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Industry Overview

• The global solar tracker market is anticipated to
  grow at a significant rate through 2028 owing to
  the growing demand for electricity across the
  globe. In addition, increasing private funding as
  well as rising number of government initiatives
  to promote the adoption of solar energy are
  slated to further bolster market growth over the
  forecast timeline.
• Solar energy harvesting has gained massive
  popularity on account of surging awareness
  regarding the benefits of solar energy. Using a
  solar panel with a solar tracker to determine an
  ideal value of this power is one of the ways for
  harvesting solar energy. There are a variety of
  single-axis and double-axis ways that are
  utilized for tracking sunlight motion.
• Notably, utility-scale solar PV is considered an
  economical choice for introducing new electricity
  generation in most nations globally, especially
  with the escalating prices of coal and natural
  gas. Moreover, policy initiatives in developing
  nations like China and India are promoting the
  adoption of residential and commercial PV
  projects, which has fostered product outlook.
• Recently, industry players have been investing in
  product development to expand their offerings and
  extend their consumer reach, thereby enhancing
  market dynamics.

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• The solar tracker market has been bifurcated in
  terms of product, technology, application, and
  region. With respect to the product, the industry
  has been further categorized into single axis and
  dual axis. The single-axis sub-segment is set to
  witness substantial growth through 2028. Higher
  efficiency and simple mechanism associated with
  these trackers are key characteristics that are
  expected to improve segmental uptake.
• Based on technology, the solar tracker market has
  been classified into PV and CSP. In 2021, the
  global deployment of solar PV trackers exceeded
  USD 6.0 billion and is estimated to grow at a
  steady CAGR over the review timeline.
• On the basis of application, the marker has been
  divided into residential, commercial, and
  utility. The residential sub-segment is poised to
  reach a sizable revenue by the end of 2028.
  Rising electricity demand would bolster product
  deployment in residential applications, which is
  likely to support segmental growth through the
  anticipated timeframe.
• From the regional standpoint, the Africa solar
  tracker market is speculated to grow at a rate of
  about 14.7 by 2028. Meanwhile, the Middle East
  solar tracker industry is primed to observe
  strong growth over the forecast period augmented
  by private investments and FDI across the region.

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Solar Tracker Market

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