Press release
Solar Tracker Market Growing Steadily At 14.5% CAGR Surging Towards US$ 35.64 Billion Valuation From 2025 to 2034
Solar Tracker Market
Market Definition:
Solar trackers are cultivated mechanical gadgets generated to optimize solar radiation gathering efficiency. Due to their design, they can regulate their axis and precisely position the photovoltaic panels to overlook the maximal position of the Sun, which permits solar energy to be gathered unusually. The panel at all times stays perpendicular to the Sun's rays to optimize energy generation.
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Drivers and Trends:
• Many businesses, homes, and governments globally are acquiring solar energy. For instance, as per the Indian Ministry of New and Renewable Energy, in 2023, 741 MW capacity of solar panels were positioned in the country.
• Several governments globally are bringing about policies that encourage green energy usage, involving subsidies, tax breaks and endowment for solar power projects. These stimulus render solar energy more economical, promoting businesses and homeowners to fund solar systems.
Top Companies:
The market is continuously developing with several firms struggling to invent and differentiate themselves. Here are the top companies in the solar tracker market:
• Abengoa Solar S.A.
• AllEarth Renewables
• Array Technologies Inc.
• DEGERenergie GmbH & Co. KG
• Nclave
• Powerway Renewable Energy Co. Ltd.
• Soltec Tracker
• SunPower Corporation
• Titan Tracker
• Trina Solar Limited
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Solar Tracker Market Report Highlights:
• Based on type, the single axis solar tracker segment accounted for a larger market share in 2024 due to its low operating costs and simple setup.
• The utility segment, by application, is expected to experience significant growth in the solar tracker market due to rising electricity costs and increasing demand for renewable energy sources.
• In 2024, North America held the largest share of the solar tracker market revenue due to the region's increasing emphasis on renewable energy.
• The Asia Pacific market is experiencing significant growth due to the increasing demand for renewable energy and rapid urbanization.
Segmental Outlook:
• By Type (Revenue - USD Billion, 2020-2034)
o Single Axis Solar Tracker
o Dual Axis Solar Tracker
• By Application (Revenue - USD Billion, 2020-2034)
o Residential
o Commercial
o Utility
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Country-Wise Insights:
According to regional research, North America dominated the market. The region's growth is aided by a growing focus on green energy. The governments and businesses in the US and Canada are funding massively in solar power as it is an unadulterated, green energy source to decrease carbon discharge. Also, Asia Pacific is anticipated to emerge as the fastest-growing region in the solar tracker market.
• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
Report Scope:
This comprehensive study provides an accurate overview of the worldwide solar tracker industry. Comprehensive analyses of sales volume, price, revenue, market share, and important companies are included. The market is further divided into segments by type, application, and region in the study, which offers a comprehensive picture of the state of the market.
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