Solar Tracker Market Future Prospects and Forecast To 2029

The global solar tracker market size was valued at USD 5.6 billion in 2022 and is poised to grow at a significant CAGR of 12.2% during the forecast period 2023-2029. The global solar tracker market offers significant growth opportunities due to the increasing adoption of renewable energy sources and the rising demand for efficient solar power generation. The integration of advanced technologies like AI and IoT in solar tracker systems enhances their performance and monitoring capabilities. However, the market faces competition from alternative renewable energy technologies like wind power and energy storage systems. Fluctuations in government policies, regulations, and raw material prices pose challenges to the market's growth and profitability. To capitalize on opportunities and mitigate threats, industry players should adapt to changing regulations, optimize costs, and focus on innovation.

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The global solar tracker market segmentation:
1) By Type: Photovoltaic (PV), Concentrated Solar Power (CSP).
2) By Movement: Single Axis, Dual Axis.
3) By Application: Utility, Non-Utility.

Single-Axis Segment Dominate the Solar Tracker Market:
The single-axis solar tracker segment is anticipated to be the most promising in the global solar tracker market. Single-axis solar trackers are widely adopted due to their ability to increase energy production by maximizing the sun's exposure throughout the day. These trackers allow solar panels to follow the sun's movement on one axis, typically from east to west. With their cost-effectiveness and significant energy yield improvement, the single-axis solar tracker segment is expected to witness substantial growth as solar power projects continue to expand worldwide.

North America Leads the Global Solar Tracker Market:
North America, the Solar Tracker market holds a market share of XX% in 2022 and the market is expected to grow at a significant CAGR during the forecast period. North America has witnessed a substantial increase in solar power installations in recent years. The region's abundant solar resources, coupled with the declining costs of solar panels, have made solar energy a viable and cost-effective option for electricity generation. As a result, there has been a growing demand for solar tracker systems in North America to optimize the efficiency and output of solar power plants, leading to the expansion of the solar tracker market in the region.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The Solar Tracker market further reveals that the key players increasingly adopting strategies such as the launch of newer products, frequent product approvals, and long-term alliances to improve market revenue share and gaining significant geographic presence across the region. In March 2023, Array Technologies, Inc. announced the launch of its new A300 solar tracker, which is designed for commercial and industrial solar projects., In April 2023, NextTracker, Inc. launched its new NT-100 solar tracker, which is designed for residential solar projects.

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Key players' profiles in the solar tracker market report are NEXTracker, Inc, Array Technologies, Inc., PV Hardware Solutions S.L.U., Arctech Solar Holding Co. Ltd, Soltec Power Holdings SA.

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