Solar Tracker Market worth $9.53 billion by 2030, growing at a CAGR of 14.47% - Exclusive Report by 360iResearch

The "Solar Tracker Market by Technology (Concentrated Photovoltaic, Concentrated Solar Power, Solar Photovoltaic), Type (Dual Axis, Single Axis), System Type, Application - Global Forecast 2024-2030" report has been added to 360iResearch.com's offering.

The Global Solar Tracker Market to grow from USD 3.69 billion in 2023 to USD 9.53 billion by 2030, at a CAGR of 14.47%.

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Solar trackers are innovative devices designed to orient photovoltaic panels or concentrated solar collectors towards the sun, optimizing the direct incident solar radiation throughout the day. The primary factors driving the expansion of their use include the increasing demand for renewable energy sources, advancements in solar power technologies, and supportive government policies and incentives aimed at reducing greenhouse gas emissions. Their deployment significantly enhances the efficiency and energy output of solar installations, making solar power more competitive and accessible. However, solar trackers face disadvantages such as higher initial setup costs, increased maintenance requirements compared to stationary installations, and a larger physical footprint. These challenges can be addressed through continuous technological advancements that reduce costs and improve reliability, as well as the development of lightweight and durable materials. Innovations focusing on intelligent tracking systems, integration with smart grids, and hybrid systems that combine solar with other renewable energies are poised to further boost the appeal and effectiveness of solar trackers in the global move towards sustainable energy solutions.

In the Americas, particularly the United States, there is a robust market for solar trackers, driven by a strong push towards renewable energy adoption, large-scale utility projects, and supportive government policies. American companies are working on technological advancements in solar tracker systems, leading in both innovation and production capabilities. The scenario in APAC, most notably in countries such as China and India, is marked by rapid growth in the solar tracker market, fueled by increasing solar energy investments and the presence of large manufacturing bases. The region benefits from lower production costs, making it a significant player in the global supply chain for solar trackers. The EMEA region presents a diverse picture, with Europe leading in the adoption of advanced solar tracking technologies, driven by stringent renewable energy targets and high environmental consciousness among consumers and governments alike. The Middle East is witnessing a surge in solar tracker deployment owing to vast solar resources and increasing awareness of the economic benefits of renewable energy. African countries are gradually entering the solar tracker market, primarily through international investments and renewable energy projects aimed at reducing energy poverty.

Market Segmentation & Coverage:

This research report categorizes the Solar Tracker Market in order to forecast the revenues and analyze trends in each of following sub-markets:

Based on Technology, market is studied across Concentrated Photovoltaic, Concentrated Solar Power, and Solar Photovoltaic. The Concentrated Solar Power commanded largest market share of 34.22% in 2023, followed by Solar Photovoltaic.

Based on Type, market is studied across Dual Axis and Single Axis. The Single Axis commanded largest market share of 82.67% in 2023, followed by Dual Axis.

Based on System Type, market is studied across Active, Manual, and Passive. The Passive commanded largest market share of 44.84% in 2023, followed by Manual.

Based on Application, market is studied across Commercial & Industrial, Residential, and Utility. The Utility commanded largest market share of 74.18% in 2023, followed by Commercial & Industrial.

Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Europe, Middle East & Africa commanded largest market share of 42.22% in 2023, followed by Asia-Pacific.

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FPNV Positioning Matrix:

The FPNV Positioning Matrix is essential for assessing the Solar Tracker Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).

Market Share Analysis:

The Market Share Analysis offers an insightful look at the current state of vendors in the Solar Tracker Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.

Key Company Profiles:

The report delves into recent significant developments in the Solar Tracker Market, highlighting leading vendors and their innovative profiles. These include All Earth Renewables, ArcelorMittal S.A., Arctech Solar Holding Co., Ltd., Arise Energy Pty Ltd., Array Technologies, Inc., Degerenergie Gmbh & Co. Kg, Energia Ercam S.L., GameChange Solar, GM Industries, Inc., Gonvarri Solar Steel, Ideematec Deutschland GmbH, Lat-Lon, LLC, Mecanizados Solares, S.L., Mechatron, Nexans S.A., Nextracker Inc., Optimum Tracker, Powerway Renewable Energy Co., Ltd, Schletter Solar GmbH, Solar FlexRack, LLC, Solar MEMS Technologies, S.L., Soltec Energías Renovables S.L.U., Stracker Incorporated, SunPower Corporation, Trackers FEINA S.L., Trina Solar Co., Ltd., Valmont Industries, Inc., and Versolsolar Hangzhou Co., Ltd..

Key Topics Covered:

1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Solar Tracker Market, by Technology
7. Solar Tracker Market, by Type
8. Solar Tracker Market, by System Type
9. Solar Tracker Market, by Application
10. Americas Solar Tracker Market
11. Asia-Pacific Solar Tracker Market
12. Europe, Middle East & Africa Solar Tracker Market
13. Competitive Landscape
14. Competitive Portfolio

The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

The report answers questions such as:
1. What is the market size and forecast of the Solar Tracker Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Solar Tracker Market?
3. What is the competitive strategic window for opportunities in the Solar Tracker Market?
4. What are the technology trends and regulatory frameworks in the Solar Tracker Market?
5. What is the market share of the leading vendors in the Solar Tracker Market?
6. What modes and strategic moves are considered suitable for entering the Solar Tracker Market?

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