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Ability to optimize the energy output in large solar installations coupled with growing emphasis on maximizing the energy production from solar projects will enhance the product adoption. Favorable regulatory environment, introduction of feed in tariff in line with continuous efforts of major players to develop and invest in utility scale projects across the globe will drive the business scenario.
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.