Single Axis Solar Tracker Market Top Trends, Future Analysis & Forecast 2023-2032

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Single Axis Solar Tracker Market is expected to
be USD 90.1 Billion by 2032
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Industry Overview

• Single Axis Solar Tracker Market size surpassed
  USD 18.4 billion in 2022 and is anticipated to
  grow at 18.9 CAGR from 2023 to 2032.
• The government initiatives and regulations play a
  significant role in promoting the product
  adoption and industry growth. For instance,
  governments have allocated funds for research and
  development in the solar energy sector, including
  advancements in solar tracking technology. These
  investments help spur innovation and improve the
  efficiency and effectiveness of solar trackers.
• The pandemic caused disruptions in global supply
  chains, including the solar industry.
  Restrictions on manufacturing and transportation,
  as well as temporary closures of factories and
  mines, resulted in delays in the production
  delivery of components needed for these trackers
  and lead to increased costs for manufacturers.
  However, the renewable energy sector including
  solar energy, showed resilience, and was
  recognized as a key driver for economic recovery.
  Governments and international organizations have
  emphasized the importance of investing in clean
  energy owing to their stimulus and recovery
  plans, which has further driven the single axis
  solar tracker market growth.

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• The horizontal single axis solar tracker industry
  accounted for USD 76.4 million by 2032. Growing
  awareness on environmental issues and rising
  requirement to reduce carbon emissions have led
  to increased interest in solar energy. Further,
  these units support to generate clean and
  sustainable electricity, thereby contributing to
  the global transition towards a low-carbon
  economy and mitigating climate change.
• Commercial industrial single axis solar tracker
  market is expected to witness 6.5 growth during
  2023-2032 owing to technological advancements
  along with improved performance and cost
  optimizing potential of the unit will sway the
  business scenario. For instance, in April 2022,
  Tata Power commissioned a solar plant with
  largest single-axis solar tracker system in
  India. The project is built customized near
  coastline of Gujarat with uncertain whether
  conditions and aims to reduce 704340 MT of CO2
  emissions annually. Hence, technical expertise
  and project management skills will further
  consolidate the solar tracker market.
• The demand for renewable energy is increasing due
  to the need to reduce carbon emissions and combat
  climate change. Moreover, large enterprises are
  focused on construction of efficient PV tracker
  systems to reduce residential electricity bills,
  which will facilitate the product adoption.

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Single Axis Solar Tracker Market

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