Solar Tracker Market Benefits, Intelligent Technology, Advanced Solar Solutions, Monitoring, Development Status And Forecast 2023-2032|NEXTracker Inc., Array Technologies Inc., PVHardware, Arctech Solar, Soltec Trackers

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The Solar Tracker Global Market Report 2023 by The Business Research Company, provides solar tracker market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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https://www.thebusinessresearchcompany.com/report/solar-tracker-global-market-report

According to The Business Research Company’s Solar Tracker Global Market Report 2023, the market size grew from $7.84 billion in 2022 to $9.26 billion in 2023 at a compound annual growth rate (CAGR) of 18.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of solar tracker is expected to grow to $16.91 billion in 2027 at a CAGR of 16.2%.

An increase in the number of solar panel installations across the globe is expected to propel the growth of the solar tracker market. Increasing government shifts toward renewable energy projects and growing investment by residential customers towards environmentally friendly energy sources have contributed to strong growth in solar panel installations across the globe. The rapid growth in solar panel installations is expected to boost demand for solar trackers, as they are widely used to enhance energy output and efficiency in new installations.

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The solar tracker market is segmented:

1) By Axis Type: Single Axis, Dual Axis

2) By Technology: Solar Photovoltaic (PV), Concentrated Solar Power (CSP), Concentrated Photovoltaic (CPV)

3) By Application: Residential, Commercial & Industrial, Utility

New product developments are the key trend gaining popularity in the solar tracker market. Major companies operating in the solar tracker market are focused on developing innovative products to meet industry-specific technical demands and strengthen their market position across the globe. For instance, in October 2021, Arctech, a company that provides tracking, racking, and BIPV solutions, launched a new device called system Skyline II, a 1P single-axis tracker equipped with a pentagonal torque tube design. Skyline II only triggers wind stows at 22m/s, which leads to up to 2% more energy yield per year resulting in a decrease in energy cost.

The solar tracker market report table of contents includes: