Home > Energy & Power > Electrical Equipment > Solar Parts and Components > Utility Solar Tracker Market
Utility Solar Tracker Market Size
- Report ID: GMI7908
- Published Date: Jan 2024
- Report Format: PDF
Utility Solar Tracker Market Size
Utility Solar Tracker Market Size was valued at more than USD 23.3 billion in 2023 and is anticipated to grow more than USD 34.6 billion by 2032. A solar tracker is a device used in solar photovoltaic (PV) systems to optimize the orientation of solar panels by tracking the movement of the sun throughout the day. These trackers enable solar panels to follow the sun's path, maximizing sunlight exposure and enhancing overall energy production efficiency. Utility-scale solar trackers are commonly deployed in large solar power plants to improve the plant's energy output.
Transition towards sustainable energy sources along with significant number of policies, regulatory and market related initiatives further provide the necessary framework for the solar deployment. Shifting focus of a variety of stakeholders in decentralized distributed solar models including utilities owing to the declining cost of solar and simultaneous increases in the costs of conventional power will stimulate the business landscape. Moreover, introduction of advanced tracking systems equipped with improved accuracy and reliability will further augment the product penetration.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Utility Solar Tracker Market Size in 2023: | USD 23.3 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 4.5% |
| 2032 Value Projection: | USD 34.6 Billion |
| Historical Data for: | 2019 to 2022 |
| No. of Pages: | 200 |
| Tables, Charts & Figures: | 345 |
| Segments covered: | Product and Region |
| Growth Drivers: |
|
| Pitfalls & Challenges: |
|
Frequently Asked Questions (FAQ) :
Utility Solar Tracker Market Scope
