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Solar Tracker Market Trends

Report ID: GMI364
Published Date: Jul 2024
Report Format: PDF

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Solar Tracker Market Trends

Solar trackers are particularly beneficial for utility-scale solar farms, where the higher initial investment can be offset by the increased energy production and improved return on investment. Regions with high solar irradiance, such as the Middle East, North Africa, and parts of the United States and Australia, are seeing more tracker installations due to the substantial energy gains in these areas. Additionally, Tax credits, subsidies, and other financial incentives from governments will boost the business scenario in the forecasted timeframe.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of solar tracker was worth USD 50.5 billion in 2023 and will demonstrate an 8.5% CAGR between 2024 and 2032, due to the need for maximizing solar energy generation efficiency, reducing electricity costs, and meeting renewable energy targets globally.

Solar tracker industry from the residential segment will record over 11.5% CAGR through 2032, driven by increasing adoption of solar energy systems among homeowners, coupled with supportive government policies promoting renewable energy.

Europe solar tracker industry will record USD 16.6 billion by 2032, owing to stringent renewable energy targets and supportive government policies promoting solar power generation.

Key players operating in the solar tracker industry are ArcelorMittal, Array Technologies, Inc., All Earth Renewables, Convert Italia, DEGERENERGIE GMBH & CO. KG, IDEEMATEC, MECASOLAR, NCLAVE, Scorpius Trackers, SOLTEC, STI Norland, SunPower Corporation, and Trina Solar, among others.