Global Solar Trackers Market Growth 2024-2030

Global Solar Trackers Market Growth 2024-2030

According to our LPI (LP Information) latest study, the global Solar Trackers market size was valued at US$ 207.4 million in 2023. With growing demand in downstream market, the Solar Trackers is forecast to a readjusted size of US$ 691 million by 2030 with a CAGR of 18.8% during review period.

The research report highlights the growth potential of the global Solar Trackers market. Solar Trackers are expected to show stable growth in the future market. However, product differentiation, reducing costs, and supply chain optimization remain crucial for the widespread adoption of Solar Trackers. Market players need to invest in research and development, forge strategic partnerships, and align their offerings with evolving consumer preferences to capitalize on the immense opportunities presented by the Solar Trackers market.

Solar trackers are utilized to move photovoltaic panels toward the sun to utilize more sunlight. They enable solar modules to remain in the best position to accumulate maximum energy from the sun. The application of tracking technology allows solar panels to follow the movement of the sun and increase electricity production as compared to a stationary array. Solar trackers are attached to solar panels to adjust their positioning against the daily passage of the sun throughout the year as the weather and seasons change.

China has implemented the Renewable Energy Law since 2006, in which Article 4 clearly states that, the State gives first priority to the exploration of renewable energy. Over the years, various departments of the Chinese government have successively issued a large number of policies, covering production, sales, taxation, subsidies and other aspects. After setting the carbon neutrality goal in 2021, from a national perspective, the upgrading of the energy structure is ever imperative, and therefore the optoelectronic industry has great potential. The European Commission released the Net-Zero Industry Act in 2023. This bill aims to stimulate local manufacturing in Europe, reduce import dependence on China, and ensure that at least 40% of the EU's clean energy demand can be met by 2030. The EU targets an installed solar capacity of 600 GW. Overall, the European market still has a lot of room for development. US 2022 release of the Inflation Reduction Act, which includes $369 billion for energy security and climate change investments. For the photovoltaic industry, the bill stimulates its development from multiple aspects such as corporate and individual tax credits, production subsidies, and loans throughout the industry chain, and revitalizes the domestic manufacturing industry in the United States. Japanese authorities plan to make solar panels mandatory for new residential buildings in Tokyo from 2025 onwards. It is estimated that by 2030, photovoltaic power generation will account for 14%-16% of Japan's total power generation, and the cumulative installed capacity of photovoltaic systems will be about 117.320 GW.

Key Features:

The report on Solar Trackers market reflects various aspects and provide valuable insights into the industry.

Market Size and Growth: The research report provide an overview of the current size and growth of the Solar Trackers market. It may include historical data, market segmentation by Type (e.g., Single Axis, Dual Axis), and regional breakdowns.

Market Drivers and Challenges: The report can identify and analyse the factors driving the growth of the Solar Trackers market, such as government regulations, environmental concerns, technological advancements, and changing consumer preferences. It can also highlight the challenges faced by the industry, including infrastructure limitations, range anxiety, and high upfront costs.

Competitive Landscape: The research report provides analysis of the competitive landscape within the Solar Trackers market. It includes profiles of key players, their market share, strategies, and product offerings. The report can also highlight emerging players and their potential impact on the market.

Technological Developments: The research report can delve into the latest technological developments in the Solar Trackers industry. This include advancements in Solar Trackers technology, Solar Trackers new entrants, Solar Trackers new investment, and other innovations that are shaping the future of Solar Trackers.

Downstream Procumbent Preference: The report can shed light on customer procumbent behaviour and adoption trends in the Solar Trackers market. It includes factors influencing customer ' purchasing decisions, preferences for Solar Trackers product.

Government Policies and Incentives: The research report analyse the impact of government policies and incentives on the Solar Trackers market. This may include an assessment of regulatory frameworks, subsidies, tax incentives, and other measures aimed at promoting Solar Trackers market. The report also evaluates the effectiveness of these policies in driving market growth.

Environmental Impact and Sustainability: The research report assess the environmental impact and sustainability aspects of the Solar Trackers market.

Market Forecasts and Future Outlook: Based on the analysis conducted, the research report provide market forecasts and outlook for the Solar Trackers industry. This includes projections of market size, growth rates, regional trends, and predictions on technological advancements and policy developments.

Recommendations and Opportunities: The report conclude with recommendations for industry stakeholders, policymakers, and investors. It highlights potential opportunities for market players to capitalize on emerging trends, overcome challenges, and contribute to the growth and development of the Solar Trackers market.

Market Segmentation:

Solar Trackers market is split by Type and by Application. For the period 2019-2030, the growth among segments provides accurate calculations and forecasts for consumption value by Type, and by Application in terms of volume and value.

Segmentation by type
Single Axis
Dual Axis

Segmentation by application
Utility
Non-Utility

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
Soitec SA
Arctech
Array Technologies
Convert Italia
First Solar
NEXTracker
Abengoa
AllEarth Renewables
Edisun Microgrids
Exosun
GameChange Solar
Haosolar
Mahindra Susten
Scorpius Trackers
Solar FlexRack
Sun Action Trackers
SunLink
SunPower

Key Questions Addressed in this Report

What is the 10-year outlook for the global Solar Trackers market?

What factors are driving Solar Trackers market growth, globally and by region?

Which technologies are poised for the fastest growth by market and region?

How do Solar Trackers market opportunities vary by end market size?

How does Solar Trackers break out type, application?

Please note: The report will take approximately 2 business days to prepare and deliver.