Get a free sample of Utility Solar Tracker Market
Thank you!
Your inquiry has been received. Our team will reach out to you with the required details via email. To ensure that you don't miss their response, kindly remember to check your spam folder as well!
Form submitted successfully!
Error submitting form. Please try again.
Get a free sample of Utility Solar Tracker Market
Thank you!
Your inquiry has been received. Our team will reach out to you with the required details via email. To ensure that you don't miss their response, kindly remember to check your spam folder as well!
Form submitted successfully!
Error submitting form. Please try again.
Utility Solar Tracker Market Analysis
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 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.
How big is the utility solar tracker market?
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.
How is the single axis utility solar tracker influencing market growth?
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.
What are the factors driving Asia Pacific utility solar tracker market growth?
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.
Which companies define the competitive landscape of utility solar tracker industry?
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.