The solar tracker for power generation market is capturing a valuation of US$ 7.2 billion in 2023 and is predicted to reach US$ 14.5 billion by 2033. The market is registering a CAGR of 7.2% during the forecast period.
How is the Residential Sector Capturing Huge Revenue in the Global Market?
The residential sector is estimated as a prominent leader in the global market. It captures a significant share of the market due to various factors. Homeowners’ rising demand for clean, renewable, and solar energy is driving the market size. Growing urbanization, population, and increasing residential infrastructure are rising the demand for a solar tracker for power generation.
Solar energy helps to limit carbon emissions and promote an eco-friendly environment for homeowners. The manufacturers are developing various types of solar trackers for power generation at an affordable price. Solar tracker helps solar panels track sun movement to acquire maximum energy output.
The government offers subsidies and incentives to homeowners installing solar trackers to promote renewable energy. The government also reduces maintenance and installation costs, encouraging them to invest in solar energy systems like trackers.
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The increasingly advanced technologies make solar trackers more reliable, performer and efficient than traditional ones. The increasing demand for solar energy in the residential sector is budget-friendly, and homeowners can survive or rely on this sufficiently. Overall, due to these factors, the residential sector captures a huge revenue in the global market during the forecast period.
Key Takeaways:
- The solar tracker for power generation market is estimated to register a CAGR of 7.2% with a valuation of US$ 14.5 billion by 2033.
- The United States is dominating the global market by capturing a share of 20.9% during the forecast period.
- Japan is estimated to capture a share of 4.1% by 2033.
- India is estimated to register a share of 8.8% during the forecast period.
- Historically, the market registered a valuation of US$ 5.3 billion in 2018.
How Key Players are Promoting their Products in the Global Market?
- Key players are innovating products with their research activities to uplift the global market. The market is fragmented by key players adopting several promotional strategies to increase product sales. Key players are promoting their products in various ways, including:
- Product Differentiation: Key players provide a customized option with product differentiation to their consumers. They are launching new products with technological advancements to offer reliability, accuracy, and efficiency.
- Marketing: Key players are highly investing in marketing their products to attract relevant consumers and generate leads. They use several online platforms and social media channels to reach their relevant audience.
- Partnerships and Collaborations: Key players are partnering with other companies to expand their reach and highlight their brands. They also collaborate with several research institutes to develop innovative products with the latest technologies.
- Distribution Network: The key players are partnering with agents and local distributors to reach their consumers. These partnerships are increasing their presence in the market.
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Recent Developments in the Global Solar Tracker for Power Generation Market are:
- In February 2022, NEXTracker announced its installation of a 450 MW solar project to generate electricity nearby 4,20,000 homes in Brazil.
- In October 2021, Soltec announced its new contract for a solar power project in Spain to supply 475 MW trackers.
Solar Tracker for Power Generation Market by Category
By Product Type:
- Single Axis
- Dual Axis
By Technology:
- PV
- CSP
By Application:
- Residential
- Commercial
- Industrial
- Utility
Region:
- North America
- Europe
- Latin America
- Asia Pacific
- The Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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