North America Single Axis Solar Tracker Market Analysis

North America Single Axis Solar Tracker Market Analysis

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Based on product, the horizontal single axis solar tracker is projected to grow over USD 5 billion by 2032 on the account of growing adoption across utility-scale projects combined with their ability to significantly increase the energy yield compared to fixed-tilt systems. Furthermore, technological advancements enhancing the reliability and effectiveness along with decrease in levelized cost of electricity (LCOE) will further boost the product demand.

Based on application, the utility single axis solar tracker market is set to grow more than 3.5% CAGR through 2032. The capability to enable solar panels to track the sun's movement along a single axis, maximizing the energy capture throughout the day in line with ongoing advancements in solar tracking technology will sway the industry statistics. Surging efforts to integrate these trackers with energy storage systems to enhance grid stability and optimize energy management will proliferate the product penetration.

U.S. single axis solar tracker market is anticipated to reach USD 5 billion by 2032. Growing emphasis on environmental sustainability coupled with growing demand in regions with abundant solar resources will complement the business scenario. Financial incentives, tax credits, and feed-in tariffs in line with renewable energy mandates and carbon reduction targets will stimulate the business growth.