Global Solar Tracker Market Size & Outlook, 2023-2030
Global solar tracker market, 2018-2030 (US$M)
Related Markets
Global solar tracker market highlights
- The global solar tracker market generated a revenue of USD 5,748.8 million in 2023 and is expected to reach USD 18,408.5 million by 2030.
- The market is expected to grow at a CAGR (2024 - 2030) of 18.1% by 2030.
- In terms of segment, dual axis accounted for a revenue of USD 2,927.3 million in 2023.
- Dual Axis is the most lucrative product segment registering the fastest growth during the forecast period.
- In terms of region, North America was the largest revenue generating market in 2023.
- Country-wise, U.S. is expected to register the highest CAGR from 2024 to 2030.
Global data book summary
| Market revenue in 2023 | USD 5,748.8 million |
| Market revenue in 2030 | USD 18,408.5 million |
| Growth rate | 18.1% (CAGR from 2023 to 2030) |
| Largest segment | Dual axis |
| Fastest growing segment | Dual Axis |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Single Axis, Dual Axis |
Other key industry trends
- In terms of revenue, the North America accounted for 27.0% of the global solar tracker market in 2023.
- By country, the U.S. is projected to lead the global market in terms of revenue in 2030.
- By country, U.S. is the fastest growing regional market and is projected to reach USD 3,302.2 million by 2030.
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Solar Tracker Market Scope
Solar Tracker Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Global solar tracker market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to solar tracker market will help companies and investors design strategic landscapes.
Dual axis was the largest segment with a revenue share of 50.92% in 2023. Horizon Databook has segmented the Global solar tracker market based on single axis, dual axis covering the revenue growth of each sub-segment from 2018 to 2030.
Photovoltaic cells or solar cells are primarily employed to convert solar energy into a flow of electrons. These cells produce electricity from sunlight which can be used to power equipment or to recharge batteries.
Initially, photovoltaic cells were used to power spacecraft and orbiting satellites. However, over the past few years, they are being increasingly used for grid connected electricity generation.Photovoltaic systems aim to maximize productivity during the time period in which they face direct sunlight for better performance.
Solar trackers are devices that are employed to achieve this by moving photovoltaic panels in the direction of the sun. Hence, increasing solar PV demand in various regions is expected to propel solar tracker market over the projected period.
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Our clientele includes a mix of solar tracker market companies, investment firms, advisory firms & academic institutions.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of global-level data and insights on the Global solar tracker market , including forecasts for subscribers. This global databook contains high-level insights into Global solar tracker market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Global solar tracker market size, by regions, 2018-2030 (US$M)
Top 10 countries: Solar tracker market size, 2023 (US$M)
Global solar tracker market share, by product, 2023 & 2030 (%, US$M)
Solar tracker market: Opportunity assessment by country
Global solar tracker market, by region, 2023 (US$M)
Related regional statistics
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