According to a report by TechSci Research titled "Global Solar Tracker for Power Generation Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028," the global market is poised for robust growth with an anticipated CAGR of 6.2% through 2028. 

Solar trackers play a crucial role in maximizing energy capture by adjusting the position of solar cells to focus the sun's radiation. This renewable energy source is utilized across various end-user industries, including residential, commercial, and utility sectors. The increased emphasis on sustainable energy contributes to the global expansion of the solar tracker market. The market growth is further propelled by a significant increase in solar panel installations worldwide. Supportive government laws and a rising demand for advanced tracking equipment in various industries drive companies to produce technologically advanced products. For instance, Soltec introduced the SFOne solar tracker for high-power modules in June 2021, designed to work with modules of different cell counts and self-powered by a module, thus reducing operating costs.

Techsci Report: https://www.techsciresearch.com/report/solar-tracker-for-power-generation-market/20711.html 

However, challenges such as complex design requirements, high maintenance costs, and substantial initial investments hinder the growth of solar tracker installations. The installation process is both expensive and time-consuming, with labor and physical space costs adding to the overall expenses. This substantial financial outlay acts as a primary restraint on the global market. Despite these challenges, the rising demand for renewable energy sources presents profitable opportunities for the solar tracker market in the forecast period from 2022 to 2029.

Over 29% of worldwide electricity production is currently derived from renewable sources, a figure expected to increase significantly in the coming years. The industry has witnessed substantial growth, with solar energy installed capacity increasing from 217.34 GW in 2015 to 578.55 GW in just four years. Innovations, such as STI Control's new system introduced in September 2021, contribute to growth by enabling precise control over solar power generation.

Key market players in the Global  Solar Tracker for Power Generation Market are the following:

  • SunTegra Solar

  • Ergosun

  • CertainTeed

  • Canadian Solar

  • Ertex Solar

  • FlexSol Solutions B.V

  •  Tesla

  • Anu Solar Power Pvt Ltd

  • PV Technical Services Inc.

  • Sunflare

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However, the lack of awareness in regions like Europe and Asia-Pacific regarding the advantages of fixed tilt systems over solar tracker installations, coupled with a shortage of resources, impedes market expansion. The absence of proper infrastructure further creates growth challenges for the solar tracker market on a global scale.

In conclusion, the Global Solar Tracker for Power Generation Market is poised for growth, driven by increasing awareness of sustainable energy, innovations in solar technology, and a rising demand for renewable energy sources. While challenges exist, the market presents numerous opportunities for manufacturers and stakeholders. The report provides comprehensive insights, statistics, and information on market structure, size, share, and future growth, aiding decision-makers in sound investment decisions.

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TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research's core values are value, integrity, and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high-value market research and advisory services that help them identify new market opportunities, growth engines, and innovative ways to capture the market share. As a result, TechSci's client leads rather than follow market trends.

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