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A Deep Dive into Solar Tracker For Power Generation Market 2025: Key Drivers, Growth Factors, and Projections 2025-2034
Solar Tracker For Power Generation Market
The global rise in solar panel installations is anticipated to fuel the solar tracker market's expansion. This surge is largely due to governmental shifts towards renewable energy ventures and an uptick in investments by households in green energy sources, resulting in a robust rise of solar panel installations worldwide. The increased usage of solar panels will likely stimulate demand for solar trackers, known for improving energy output and efficacy in fresh installations. For instance, SolarPower Europe, representing the European solar PV sector in Belgium, reported the installation of 447 gigawatts (GW) of solar panels in 2023, almost twice the 239 GW mounted in 2022. Consequently, a surge in solar panel installations hints at a potential rise in demand for solar trackers throughout the projected period.
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What growth opportunities are expected to drive the solar tracker for power generation market's CAGR through 2034?
The market for solar trackers for power generation has witnessed considerable expansion in the past few years. The market size is expected to escalate from $7.29 billion in 2024 to $7.94 billion in 2025, projecting a compound annual growth rate (CAGR) of 9.0%. The rise in the market during the historical period can be accredited to enhancing solar efficiency, declining solar costs, incentives provided for renewable energy, energy independence, and heightened environmental consciousness.
In the coming years, the market size for solar trackers in power generation is anticipated to witness robust growth. The projection suggests it will soar to $11.47 billion in 2029, with a Compound Annual Growth Rate (CAGR) of 9.6%. The anticipated growth within this period can be traced back to the adoption of sophisticated tracker technologies, worldwide implementation of solar installations, integration of energy storage systems, enhanced efficiencies, and emerging solar markets. The forecast period is expected to be characterized by trends such as the debate between single-axis and dual-axis tracking, intelligent and independent tracking systems, floating solar trackers, real-time monitoring and data analysis, and climate-adjusted tracking.
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What are the emerging trends shaping the future of the solar tracker for power generation market?
The key trend in the solar tracker market is the development of new products. With the aim to cater to specific technological requirements of the industry and fortify their global market position, major firms in the market are focusing on pioneering product development. For example, Soltec, an electric services firm rooted in Spain, unveiled their 4x4 system for SFOne solar tracker in July 2024. Tailored to suit various terrains and locations, this advanced system enables solar trackers to function on persistent slopes of up to 15% in both North-South and East-West alignments. Additionally, it can manage irregular slopes up to 20%. The system's 4x4 functionality largely reduces the need for land preparation, making it ideal for complex landforms. It also comes with adjustable software, which streamlines the layout and installation process, thereby enhancing the overall efficiency of projects.
Which growth-oriented segments of the solar tracker for power generation market are leading the industry's development?
The solar tracker for power generation market covered in this report is segmented -
1) By Product: Single Axis, Dual Axis
2) By Technology: Solar Photovoltaic (PV), Concentrated Solar Power (CSP)
3) By Application: Residential Solar Tracker, Commercial and Industrial, Utility
Subsegments:
1) By Single Axis: Horizontal Single Axis Trackers, Vertical Single Axis Trackers, Tilted Single Axis Trackers
2) By Dual Axis: Horizontal Dual Axis Trackers, Vertical Dual Axis Trackers, Polar Dual Axis Trackers
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What regions are leading the charge in the solar tracker for power generation market?
North America was the largest region in the solar tracker market in 2024. The regions covered in the solar tracker market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What companies are at the forefront of innovation in the solar tracker for power generation market?
Major companies operating 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, GameChange Solar Services India Pvt. Ltd., Soluciones Tecnicas Integrales Norland Sl, Ideematec Deutschland GmbH, MECASOLAR LLC, OPTIMUM TRACKER, Powerway Renewable Energy Co. Ltd., The Schletter Group, Xiamen Grace Solar Technology Co. Ltd., Jiangsu Aikang Industrial Group Co. Ltd., Dalian CDS Solar Energy Technology Co.Ltd., Clenergy Technology Co. Ltd., Amberroot Systems Pvt. Ltd., Ephysx Technologies Pvt. Ltd., Greenera Energy Pvt. Ltd., Hyquip Systems Ltd., Nordic Semiconductor, Canadian Solar Inc., Risen Energy Co. Ltd.
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What Is Covered In The Solar Tracker For Power Generation Global Market Report?
•Market Size Forecast: Examine the solar tracker for power generation market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the solar tracker for power generation market for a structured understanding.
•Key Players Overview: Analyze major players in the solar tracker for power generation market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the solar tracker for power generation market.
•Segment Contributions: Evaluate how different segments drive overall growth in the solar tracker for power generation market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the solar tracker for power generation market.
•Industry Challenges: Identify potential risks and obstacles affecting the solar tracker for power generation market.
•Competitive Landscape: Review strategic developments in the solar tracker for power generation market, including expansions, agreements, and new product launches.
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