U.S. Solar Tracker Market Size & Outlook, 2023-2030
U.S. solar tracker market, 2018-2030 (US$M)
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U.S. solar tracker market highlights
- The U.S. solar tracker market generated a revenue of USD 1,451.5 million in 2023 and is expected to reach USD 3,302.2 million by 2030.
- The U.S. market is expected to grow at a CAGR of 12.5% from 2024 to 2030.
- In terms of segment, single axis was the largest revenue generating product in 2023.
- Dual 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 1,451.5 million |
| Market revenue in 2030 | USD 3,302.2 million |
| Growth rate | 12.5% (CAGR from 2023 to 2030) |
| Largest segment | Single axis |
| Fastest growing segment | Dual 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, U.S. accounted for 25.2% 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 North America, U.S. solar tracker market is projected to lead the regional market in terms of revenue in 2030.
- Canada is the fastest growing regional market in North America and is projected to reach USD 224.7 million by 2030.
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Solar Tracker Market Scope
Solar Tracker Market Companies
| Name | Profile | # Employees | HQ | Website |
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U.S. 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 50.93% in 2023. Horizon Databook has segmented the U.S. solar tracker market based on single axis, dual axis covering the revenue growth of each sub-segment from 2018 to 2030.
The government is also targeting to increase the usage of solar power in the economy through various initiative. In the year 2011, DOE (U.S. Department of Energy) launched the SunShot Initiative with an aim to make the solar industry cost-competitive with conventional energy sources by reducing charges to less than 1 USD/watt by 2020.
The initiative has sponsored more than 350 projects which includes companies, private universities, and national laboratories. Furthermore, on March 11, 2015, Exosun commissioned its 30 MWAC project in California, U.S. This was the first contract for the company in the U.S. and the project was expected to power 7,000 homes with solar power.
Initiatives like this is likely to drive the solar tracker market, considering its usage in large-scale utilities projects. However low cost of conventional sources of energy, is likely to restrain solar tracker market in U.S. Some of the major players operating in U.S. solar tracker business includes Soltec America LLC, NEXTracker Inc., SunPower Corporation.
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Our clientele includes a mix of solar tracker market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of country-level data and insights on the U.S. solar tracker market , including forecasts for subscribers. This country databook contains high-level insights into U.S. solar tracker market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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U.S. solar tracker market size, by product, 2018-2030 (US$M)
U.S. Solar Tracker Market Outlook Share, 2023 & 2030 (US$M)
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