Press release
Solar Tracker Market: Enhanced Efficiency and Booming Renewable Energy Yield Boosts Market Growth
Solar Tracker Market
The global market exhibits a strong growth potential driven by technological advancements, energy independence, and environmental awareness.
What Is The Projected Market Size Of The Global Solar Tracker Market And Its Growth Rate?
The solar tracker market demonstrates robust growth:
• From $10.54 billion in 2024, it is projected to reach $12.17 billion in 2025, reflecting a compound annual growth rate (CAGR) of 15.4%.
• It is anticipated to further expand to $21.7 billion in 2029, marking a CAGR of 15.6%.
This exponential growth can be attributed to enhanced energy yield, advanced tracking technologies, cost reductions, environmental awareness, energy storage integration, and the emergence of solar markets.
What Is Driving The Growth In The Solar Tracker Market?
The demand for renewable energy sources is significantly driving the solar tracker market growth. Solar trackers are extensively used in energy production from renewable sources, which are naturally replenished like sun, rain, geothermal heat, and waves. For instance, in 2023, U.S. utility-scale electricity generation from hydropower hit 240 billion kWh, comprising 5.7% of the total energy share, as per a report published by the U.S. Energy Information Administration (EIA). With the spurring demand for renewable energy, the solar tracker market is witnessing a robust growth trend.
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Who Are the Key Players Driving Solar Tracker Market Growth?
•NEXTracker Inc.
•Soltec Power Holdings SA
•Arctech Solar Holding Co. Ltd.
•Array Technologies Inc.
•Exosun SA
•Gonvarri Solar Steel SL
•Powerway Renewable Energy Co. Ltd.
•Meca Solar Mobility SL
•SunPower Corporation
•Haosolar Co. Ltd.
What Are The Key Trends In The Solar Tracker Market?
Key growth trends include:
•Technological advancements and enhanced efficiency.
•Growing adoption of dual-axis trackers.
•Digitalization and data-driven optimization.
•Artificial intelligence (AI) and machine learning (ML).
•Smart inverters.
What Are The Segments Of The Global Solar Tracker Market?
The solar tracker market is segmented by:
1) Axis Type: Single Axis, Dual Axis
2) Technology: Solar Photovoltaic (PV), Concentrated Solar Power (CSP), Concentrated Photovoltaic (CPV)
3) Application: Residential, Commercial & Industrial, Utility
Which Region Leads The Solar Tracker Market?
North America held the largest share in the solar tracker market in 2024. However, the market report also covers other regions including Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East and Africa.
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What Is Covered In The Solar Tracker Market Global Market Report?
- Market Size Analysis: Analyze the Solar Tracker Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Solar Tracker Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Solar Tracker Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Solar Tracker Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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