Europe Single Axis Solar Tracker Market Size

Europe Single Axis Solar Tracker Market Size

Europe Single Axis Solar Tracker Market was valued at USD 4.5 billion in 2023 and is anticipated to grow at a CAGR of 6.1% from 2024 to 2032. The single-axis solar tracker use a single axis to follow the sun's movement throughout the day. These systems are designed to increase the efficiency and energy yield of solar photovoltaic (PV) panels by optimizing their angle relative to the sun. They rotate PV panels along one axis, typically from east to west, maximizing the exposure of the panels to direct sunlight, increasing energy production by nearly 25-35%.

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Growing technological advancements, cost decreases in line with integration of single-axis trackers with bifacial solar panels and energy storage systems is set to drive the market growth. Increasing use of trackers to boost efficiency, reduce energy costs and carbon footprints will contribute to enhanced adoption across commercial solar applications. In addition, regional renewable energy targets and mandates to increase solar capacity will lead to product penetration.
 

Growing issuance of green bonds to finance renewable energy projects providing low-cost capital for large-scale solar developments coupled with ongoing collaborations between governments and private investors to facilitate the funding and development of solar projects is set to strengthen the industry statistics. Furthermore, ongoing investment in utility-scale solar driven by strong policy support is set to bolster the market statistics.