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Single Axis Solar Tracker Market Size

Report ID: GMI5791
Published Date: May 2023
Report Format: PDF

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Single Axis Solar Tracker Market Size

Single Axis Solar Tracker Market size surpassed USD 19.01 million in 2023 and is anticipated to grow at 20.9% CAGR from 2024 to 2032.

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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.

Single Axis Solar Tracker Market Report Attributes
Report Attribute	Details
Base Year:	2023
Single Axis Solar Tracker Market Size in 2023:	USD 19.01 million
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	20.9%
2032 Value Projection:	USD 90.27 million
Historical Data for:	2019 to 2021
No. of Pages:	200
Tables, Charts & Figures:	578
Segments covered:	Product, Application, Region
Growth Drivers:	Rising demand across utility sector Increasing focus toward sustainable energy Modern technological advancements
Pitfalls & Challenges:	High maintenance cost

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Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of single axis solar tracker exceeded USD 19.01 million in 2023 and is expected to depict 20.9% CAGR during 2024 to 2032 propelled by government initiatives and regulations and increasing utilization of solar panels globally.

The horizontal segment is primed to reach a valuation of over USD 76.4 million by 2032 as a result of the growing awareness of environmental issues and rising requirements to reduce carbon emissions.

The single axis solar tracker industry size from the commercial & industrial sector will witness 6.5% growth through 2032 owing to technological advancements, along with improved performance and cost-optimizing potential of the unit.

North America single axis solar tracker sector crossed a valuation of USD 3.7 million in 2022 attributed to supportive policies and incentives to promote renewable energy deployment in the region.

Nextracker Inc., H2-Trina Solar, Powerway Renewable Energy Co., Ltd, MECASOLAR, SunPower Corporation, Abengoa, Array Technologies, Inc., Haosolar Co. Ltd, SOLTEC, SmartTrak Solar Systems (Pvt) Ltd., Scorpius Trackers, All Earth Renewables and others.