Asia Pacific Solar Tracker Market Scope, Revenue, Challenges and Future Opportunities 2034: SPER Market Research
An apparatus known as a solar tracker positions an object at an angle with respect to the sun. Putting up photovoltaic (PV) panels perpendicular to the sun’s beams and using space telescopes to determine the sun’s direction is the most common method of solar tracking. Depending on where the sun is, a PV solar tracking system adjusts a solar panel’s orientation. The panel absorbs more solar energy, reflects less light, and receives more sunlight when it is kept perpendicular to the sun. It has the potential to be converted into power.
According to SPER market research, ‘Asia Pacific Solar Tracker Market Size- By Product, By Technology, By Application – Regional Outlook, Competitive Strategies and Segment Forecast to 2034’ state that the Asia Pacific Solar Tracker Market is predicted to reach 49.99 billion by 2034 with a CAGR of 4.08%.
Drivers:
The Asia-Pacific solar tracker market is growing rapidly due to the increasing demand for renewable energy and government support for solar power. Key factors include the falling costs of solar PV systems, making trackers a more attractive investment for better energy generation. Large solar projects in countries like India, China, and Japan are increasing the need for advanced tracking systems. Improvements in technology, such as more durable and efficient trackers, along with rising awareness of climate change, are also driving market growth.
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Restraints:
The high initial investment costs involved with installation and maintenance hampered the demand for solar trackers. Solar trackers often incur higher costs than fixed-tilt solar panel systems in terms of hardware purchases, government work, labour, communications, and connections. Solar panels, for example, can cost between $9000 and $30,000, with a 6kW solar system costing roughly $12,000 on average. Ongoing maintenance, such as frequent inspections, cleaning, and part replacement, adds to the entire lifetime expense burden.
Australia dominated the solar tracker market in 2024. Features such as affordability, scalability, and performance advancements, as well as modular tracker designs that allow for customisation and flexibility to fit site-specific requirements and topographical conditions, will help to drive industry expansion. Furthermore, increased collaboration and partnerships among tracker makers, solar developers, EPC contractors, and technology providers would improve the business picture. Some of the key market players are Antaisolar, ArcelorMittal, Arctech Solar, Array Technologies, Inc, GameChange Solar, Haosolar Co. Ltd, and others.
For More Information, refer to below link: –
Asia Pacific Solar Tracker Market Growth
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