HomeRenewable energy ›Solar Tracker Market to Surpass 16.73 Billion by 2030 With Rising Number of Solar Panel Installations, Says SkyQuest

Solar Tracker Market to Surpass 16.73 Billion by 2030 With Rising Number of Solar Panel Installations, Says SkyQuest

The report involves multiple aspects, comprising collaborations, mergers, innovative business policies, and strategies, facilitating valuable insights into major trends and breakthroughs in the market.

June 30, 2023. By Nivedita Ojha

SkyQuest projects that the solar tracker market will achieve a USD 16.73 billion value by 2030, with a CAGR of 13.5 percent over the prediction period between 2023 to 2030.

The global solar tracker market is witnessing substantial growth, primarily driven by the increasing number of solar panel installations worldwide.

As per SkyQuest, solar tracking systems have secured prominence in the United States because of the rising emphasis on solar efficiency and maximizing power generation from photovoltaic (PV) systems.

The photovoltaic (PV) sector dominated the worldwide solar tracker market, tapping more than 85 percent of the total revenue.

PV technology avails a reliable and efficient means of transforming sunlight into electricity, making it the best alternative for solar energy generation.

The seamless integration of PV cells with existing photovoltaic modules amenities widespread adoption in multiple applications.

The market in North America has perceived critical growth in established solar energy capacity, driven by several key factors.

One key factor is the deducing cost of various projects associated with photovoltaic (PV) installations. This minimisation in project costs has made solar energy more economically feasible for utility-scale applications, emerging to surge adoption of solar tracker systems.

Regional markets in the Middle East & Africa (MEA) are poised to experience the highest growth in the global solar tracker market during the forecast period.

The report involves multiple aspects, comprising collaborations, mergers, innovative business policies, and strategies, facilitating valuable insights into major trends and breakthroughs in the market.

Moreover, the report studies the market share of the overall segments and gives a detailed geographic analysis.

Nextracker and US independent power producer (IPP) Silicon Ranch declared a new alliance that encompasses the set-up of 1.5 GW of Nextracker's solar trackers all over Silicon Ranch's solar projects. This agreement intends to be completed by the end of 2024.

The introduction of Trina Solar's SuperTrack, featuring a Smart Tracking algorithm that enhances energy output by up to 3 to 8 percent compared to traditional tracking algorithms in 2022.
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