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North America Single Axis Solar Tracker Market
North America Single Axis Solar Tracker Market was valued at USD 3.70 billion in 2023 and is anticipated to grow at a CAGR of over 4.6% from 2024 to 2032.
Gradual shift from traditional sources to sustainable energy sources along with national renewable integration targets aimed at ensuring environmental sustainability will drive the industry statistics. Supportive government policies promoting the extensive utilization of solar power in line with widespread adoption of sustainable and clean energy sources will propel the overall business dynamics. For instance, in August 2022, government of the U.S. passed an addition of the ITC, increasing it to 30% for the installation from 2022 to 2032.
Mention the key players involved in North America single axis solar tracker industry?
Abengoa, Arctech Solar, Array Technologies, Inc., Ideematec, MECASOLAR, Nextracker Inc., SOLTEC, SunPower Corporation, Trina Solar and Valmont Industries, Inc.
Why is single axis solar tracker industry growing in the U.S.?
U.S. single axis solar tracker market is projected to grow at USD 5 billion by 2032, attributed to the strong emphasis on environmental sustainability coupled with growing demand in regions with abundant solar resources.
Why is the demand for horizontal single axis solar trackers is growing in North America?
North America horizontal single axis solar tracker market is predicted to surpass USD 5 billion by 2032, driven by the technological advancements that enhance the reliability and effectiveness along with decrease in levelized cost of electricity.
How big is the North America single axis solar tracker market?
The market size of North America single axis solar tracker was reached USD 3.7 billion in 2023 and is anticipated to grow at 4.6% CAGR till 2032, owing to the supportive government policies promoting the extensive utilization of solar power in line with widespread adoption of sustainable and clean energy sources.