The global solar trackers market has witnessed significant growth, with a valuation of US$ 3.2 billion in 2022. Projections suggest a robust surge at a CAGR of 7.5% by 2033, culminating in a value of approximately US$ 7.2 billion by that year.
As awareness of energy conservation and the shift towards renewable energy sources continues to rise, the demand for solar trackers is expected to escalate. These trackers rely on a variety of electrical components, including counting motors, actuators, and sensors, to precisely orient solar cells for optimal sunlight capture.
The harvested sunlight is then converted into electricity, catering to various end-user segments. With the declining cost of solar panels, the adoption of solar energy as a viable source for commercial power generation has gained momentum, further propelling the growth of the solar trackers market.
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Growth Factors
The expansion of market capacity has significantly reduced the cost of generating electricity through solar trackers, making them increasingly competitive with traditional energy sources. This, coupled with supportive government policies, has spurred the widespread adoption of solar energy across the country.
Innovations in tracking system technologies by key industry players are expected to drive further growth in the solar trackers market. Given the market’s price competitiveness, companies operating in this space must prioritize efficiency and strategic planning to thrive.
As solar tracking technologies have become more widespread, they have also become more reliable and advanced. Intense competition among manufacturers has led to price decreases and enhanced features, making solar trackers accessible to a broader range of projects. Manufacturers are now focusing on sustainability by using eco-friendly materials and improving designs to minimize the ecological footprint of solar tracking systems.
Key Companies
- AllEarth Renewables, Inc.
- Arctech Solar
- Array Technologies, Inc.
- Convert Italia
- First Solar Inc.
- GameChange Solar
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Market Outlook by Category
Product Type:
- Single-axis
- Dual-axis
Technology:
- Photovoltaic (PV)
- Concentrated Solar Power (CSP)
Application:
- Utility
- Commercial
- Residential
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
