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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.
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.