Saudi Arabia Solar Tracker Market Size & Outlook
Saudi Arabia solar tracker market, 2018-2030 (US$M)
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Saudi Arabia solar tracker market highlights
- The Saudi Arabia solar tracker market generated a revenue of USD 336.0 million in 2023 and is expected to reach USD 1,345.9 million by 2030.
- The Saudi Arabia market is expected to grow at a CAGR of 21.9% from 2024 to 2030.
- In terms of segment, single axis was the largest revenue generating product in 2023.
- Single Axis is the most lucrative product segment registering the fastest growth during the forecast period.
Solar tracker market data book summary
| Market revenue in 2023 | USD 336.0 million |
| Market revenue in 2030 | USD 1,345.9 million |
| Growth rate | 21.9% (CAGR from 2023 to 2030) |
| Largest segment | Single axis |
| Fastest growing segment | Single Axis |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Single Axis, Dual Axis |
| Key market players worldwide | Abengoa, ALLETE Inc, Array Technologies Inc Ordinary Shares, Gear Energy Ltd, ReNew Energy Global PLC Ordinary Shares - Class A, SunPower Corp, Titan International Inc |
Other key industry trends
- In terms of revenue, Saudi Arabia accounted for 5.8% of the global solar tracker market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Middle East & Africa, Saudi Arabia solar tracker market is projected to lead the regional market in terms of revenue in 2030.
- UAE is the fastest growing regional market in Middle East & Africa and is projected to reach USD 656.6 million by 2030.
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Solar Tracker Market Scope
Solar Tracker Market Companies
| Name | Profile | # Employees | HQ | Website |
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Saudi Arabia 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.
Single axis was the largest segment with a revenue share of 51.79% in 2023. Horizon Databook has segmented the Saudi Arabia solar tracker market based on single axis, dual axis covering the revenue growth of each sub-segment from 2018 to 2030.
The growth of solar tracker market in Saudi Arabia is driven by increasing focus of Saudi government to boost power generation from renewable sources such as solar energy in coming years.
As Saudi Arabia is located on the equatorial Sun Belt with high solar radiation and with vast stretches of empty desert along with clear skies, Saudi Arabia makes an ideal country for solar power generation. Saudi Arabia is one of the largest producers of crude oil in the world and the country consumes a large amount of crude oil for electricity production.
Increasing population, urbanization and industrial development have resulted in rise in consumption of crude oil so as to meet the country’s growing energy demand. The country is shifting its focus from conventional source of energy to renewable source of energy like solar energy.
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Target buyers of Saudi Arabia solar tracker market databook
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Our clientele includes a mix of solar tracker market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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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 country-level data and insights on the Saudi Arabia solar tracker market , including forecasts for subscribers. This country databook contains high-level insights into Saudi Arabia solar tracker market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Saudi Arabia solar tracker market size, by product, 2018-2030 (US$M)
Saudi Arabia Solar Tracker Market Outlook Share, 2023 & 2030 (US$M)
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