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Utility Solar Tracker Market Analysis

Report ID: GMI7908
Published Date: Jan 2024
Report Format: PDF

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Utility Solar Tracker Market Analysis

Utility Solar Tracker Market Revenue Share, By Product, 2023

The single axis utility solar tracker industry will reach USD 27.1 billion by 2032. Innovations comprising of improved control algorithms and sensor technologies along with integration of smart technologies and control systems in solar trackers will proliferate the product penetration. Moreover, gradual shift toward decentralized energy generation along with capabilities including increased efficiency and higher energy output will strengthen the industry landscape.

Asia Pacific Utility Solar Tracker Market Size, 2021 - 2032 (USD Billion)

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Asia Pacific utility solar tracker market will grow at a CAGR of more than 3% through 2032. Shifting focus on reducing the LCOE (Levelized Cost of Energy) in conjunction with supportive government incentives and policies for the development of solar projects will sway the business trends. For instance, in September 2023, Asian Development Bank (ADB) approved funding of USD 50.5 million for the expansion of renewable energy development in Maldives. Additionally, corporate and public sector commitments for environmental sustainability along with rising demand for efficient tracking systems will foster the industry landscape.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of utility solar tracker was worth over USD 23.3 billion in 2023 and is anticipated to surpass USD 34.6 billion by 2032 as these trackers enable solar panels to follow the sun's path, maximizing sunlight exposure and enhancing overall energy production efficiency.

The single axis utility solar tracker market will reach USD 27.1 billion by the year 2032, owing to the innovations comprising of improved control algorithms and sensor technologies along with integration of smart technologies and control systems in solar trackers.

Asia Pacific market for utility solar tracker will record more than 3% CAGR from 2024 to 2032 attributed to the shifting focus on reducing the LCOE (Levelized Cost of Energy) in conjunction with supportive government incentives and policies for the development of solar projects.

Nextracker Inc., FTC Solar, ANTAI TECHNOLOGIES CO. LTD., Trina Solar, Array Technologies, Inc., MECASOLAR, SOLTEC, Scorpius Trackers, Arctech, PVHardware, STI Norland, GameChange Solar, and NCLAVE.