Latest News- Single Axis Solar PV Tracker Market: Utility is expected to lead the Application segment during 2025-2029

The Single Axis Solar PV Tracker Market is being driven by Declining costs of solar power generation

The Single Axis Solar PV Tracker Market is expected to grow at a CAGR of 20.3% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 13709.8 million. Microgrids, which are small-scale power systems capable of generating and storing electricity, play a pivotal role in mitigating power outages in regions with unstable main grids. These systems can function autonomously or collaboratively with other small electricity grids, offering consumers resilience against power disruptions. Hybrid microgrids, which integrate with the main power grid, enable seamless transition between grid-connected and island modes. Single axis solar PV trackers are essential components of these microgrids, optimizing solar energy generation and enhancing overall system efficiency. In areas prone to power outages, the integration of single axis solar PV trackers in microgrids fortifies energy security and reliability. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Utility
  • Distributed generation
• Type
  • Horizontal type
  • Vertical type
• Technology
  • Photovoltaic
  • Concentrated solar power
  • Concentrator photovoltaic
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • France
    • Italy
    • Spain
  • APAC
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Declining costs of solar power generation
• Supportive government policies and regulations
• Rise in solar PV panel installations

However, the market also witnesses some limitations, which are as follows:

• Competition from alternatives of single axis trackers
• Low conversion efficiency of solar PVs
• Intermittency in solar power generation

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Market Scope in Single Axis Solar PV Tracker Market Research Report

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Research Analysis Overview

The Single Axis Solar PV Tracker Market encompasses innovative solar tracker designs that optimize solar energy harvesting through advanced tracking control strategies. Power electronics and microcontroller programming are crucial for effective system operation. Data analytics and predictive modeling ensure peak performance, while failure analysis and system reliability assessments maintain optimal energy output. Energy storage integration with battery systems and inverter technology enhance efficiency. Control algorithms, sensor networks, and wireless communication enable automatic operation with manual override. Site-specific designs consider topographical factors, wind and snow loads, thermal management, and corrosion protection. Material selection, module mounting, cable management, grounding systems, safety regulations, compliance standards, testing procedures, system diagnostics, remote diagnostics, and maintenance scheduling are essential for ensuring reliable and efficient solar tracking systems.

Market Research Overview

The Single Axis Solar PV Tracker Market is a significant segment within the renewable energy industry, focusing on solar tracking systems that optimize the orientation of photovoltaic (PV) panels for maximum sunlight exposure. Key components include sun position algorithms, PV panel orientation, and axis rotation mechanisms. This market's growth is driven by the increasing demand for renewable energy sources and the need for more efficient energy production. The sun position algorithm ensures optimal energy generation by continuously adjusting the panel's angle based on the sun's position. The axis rotation mechanism facilitates this adjustment, enhancing the overall system's performance and efficiency. The Single Axis Solar PV Tracker Market is expected to experience steady growth due to the global push towards reducing carbon emissions and the rising demand for sustainable energy solutions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/