Press release
Rising Solar Efficiency and Falling Costs Push Up Solar Tracker for Power Generation Market to $11.47B by 2029
Power Generation Market Size
What Is The Projected Market Size Of The Global Solar Tracker For Power Generation Market And Its Growth Rate?
- The Solar Tracker for Power Generation Market experienced strong growth in recent years. It is set to grow from $7.29 billion in 2024 to $7.94 billion in 2025, marking a Compound Annual Growth Rate (CAGR) of 9.0%.
- The market is expected to further increase to $11.47 billion in 2029, with a predicted CAGR of 9.6%.
- Several factors contribute to the market's growth, including advanced tracking technologies, global solar installations, energy storage integration, efficiency improvements, and emerging solar markets.
What Is Driving The Growth In The Solar Tracker For Power Generation Market?
The global surge in solar panel installations is set to significantly boost the growth of the Solar Tracker for Power Generation Market. Factors such as government shifts towards renewable energy projects and increasing residential investment in environment-friendly energy sources have led to robust growth in solar panel installations worldwide. With solar trackers widely used to enhance energy output and efficiency in new installations, the market finds itself poised for substantial expansion. According to SolarPower Europe, in 2023, there were 447 GW of solar panels installed, twice the number installed in 2022. This increase in solar panel installations is expected to propel the demand for solar trackers during the forecast period.
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Who Are the Key Players Driving Solar Tracker For Power Generation Market Growth?
Key players in the Solar Tracker For Power Generation Market include:
- NEXTracker Inc.
- Array Technologies Inc.
- PV Hardware Solutions S.L.U.
- Arctech Solar Holding Co. Ltd.
- Soltec Power Holdings SA
- FTC Solar Inc.
- AllEarth Renewables Inc.
- Mechatron Solar Inc.
- Convert Italia SPA
- SunPower Corporation
- Trina Solar Co. Ltd.
- DEGERENERGIE GMBH & CO. KG
What Are The Key Trends In The Solar Tracker For Power Generation Market?
Key trends observed in the Solar Tracker for Power Generation Market involve:
- Single-axis vs dual-axis tracking
- Smart and autonomous tracking
- Floating solar trackers
- Real-time monitoring and data analytics
- Climate-adaptive tracking
What Are The Segments Of The Global Solar Tracker For Power Generation Market?
The Solar Tracker For Power Generation Market is segmented by:
- Product: Single Axis, Dual Axis
- Technology: Solar Photovoltaic (PV), Concentrated Solar Power (CSP)
- Application: Residential Solar Tracker, Commercial and Industrial, Utility
Which Region Leads The Solar Tracker For Power Generation Market?
North America was the largest region for the Solar Tracker Market in 2024. Other regions covered in the report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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What Is Covered In The Solar Tracker For Power Generation Market Global Market Report?
- Market Size Analysis: Analyze the Solar Tracker For Power Generation Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Solar Tracker For Power Generation 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 For Power Generation Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Solar Tracker For Power Generation Market.
- Competitive Developments: Analyze competitive developments, such as expansions, new product launches, and agreements in the market.
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