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North America Single Axis Solar Tracker Market
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North America Single Axis Solar Tracker Market
North America Single Axis Solar Tracker Market was valued at USD 3.70 billion in 2023 and is anticipated to grow at a CAGR of over 4.6% from 2024 to 2032.
To get key market trends
Gradual shift from traditional sources to sustainable energy sources along with national renewable integration targets aimed at ensuring environmental sustainability will drive the industry statistics. Supportive government policies promoting the extensive utilization of solar power in line with widespread adoption of sustainable and clean energy sources will propel the overall business dynamics. For instance, in August 2022, government of the U.S. passed an addition of the ITC, increasing it to 30% for the installation from 2022 to 2032.
North America Single Axis Solar Tracker Market Report Attributes
| Key Takeaway | Details |
|---|---|
| Market Size & Growth | |
| Base Year | 2023 |
| Market Size in 2023 | USD 3.70 Billion |
| Forecast Period 2024 to 2032 CAGR | 4.6% |
| Market Size in 2032 | USD 5.54 Billion |
| Key Market Trends | |
| Growth Drivers |
|
| Pitfalls & Challenges |
|
What are the growth opportunities in this market?
North America Single Axis Solar Tracker Market Trends
Increasing demand across various sectors comprising residential, industrial, and commercial aligned with rising investments for replacing conventional sources to sustainable energy plants will influence the product adoption. Moreover, declining cost of components and supportive policies coupled with increasing competition among manufacturers will fuel the industry growth.
North America Single Axis Solar Tracker Market Analysis
Learn more about the key segments shaping this market
Based on product, the horizontal single axis solar tracker is projected to grow over USD 5 billion by 2032 on the account of growing adoption across utility-scale projects combined with their ability to significantly increase the energy yield compared to fixed-tilt systems. Furthermore, technological advancements enhancing the reliability and effectiveness along with decrease in levelized cost of electricity (LCOE) will further boost the product demand.
Learn more about the key segments shaping this market
Based on application, the utility single axis solar tracker market is set to grow more than 3.5% CAGR through 2032. The capability to enable solar panels to track the sun's movement along a single axis, maximizing the energy capture throughout the day in line with ongoing advancements in solar tracking technology will sway the industry statistics. Surging efforts to integrate these trackers with energy storage systems to enhance grid stability and optimize energy management will proliferate the product penetration.
Looking for region specific data?
U.S. single axis solar tracker market is anticipated to reach USD 5 billion by 2032. Growing emphasis on environmental sustainability coupled with growing demand in regions with abundant solar resources will complement the business scenario. Financial incentives, tax credits, and feed-in tariffs in line with renewable energy mandates and carbon reduction targets will stimulate the business growth.
North America Single Axis Solar Tracker Market Share
Abengoa, Arctech Solar, Array Technologies, Inc., Ideematec, MECASOLAR and Nextracker Inc. holds majority of the industry share. Agreements between companies and research institutions support collaborative R&D efforts aimed at improving single axis solar tracker design, functionality, and integration with other renewable energy technologies. These collaborations streamline project development processes, reduce implementation costs, and enhance overall project economics, making single axis solar trackers more attractive to customers and investors.
North America Single Axis Solar Tracker Market Companies
Major Key players operating across the North America single axis solar tracker industry include:
- Abengoa
- Arctech Solar
- Array Technologies, Inc.
- Ideematec
- MECASOLAR
- Nextracker Inc.
- SOLTEC
- SunPower Corporation
- Trina Solar
- Valmont Industries, Inc.
North America Single Axis Solar Tracker Industry News
- In June 2023, Ideematec signed an order of its Horizon L:TEC 1P solar tracking system to Parliament Solar for a 640 MW solar project in Texas. This single axis solar tracker is patented decoupled drive technology with proprietary locking system which will provide optimized energy yields and improve the lifetime performance of the system. Thereby, the supply order will support the country's clean energy transition and strengthen the company's portfolio across the industry.
- In October 2021, Arctech unveiled SkyLine II, a single axis solar tracking system. It features pentagonal torque tube, larger bending and high stability. The company has been committed in contributing for innovative & efficient technological development for PV industry. Henceforth, the company's active participation has solidified its position and increased its customer base in the market
This North America single axis solar tracker market research report includes an in–depth coverage of the industry with estimates & forecast in terms of revenue in ‘MW & USD Billion’ from 2019 to 2032, for the following segments:
Market, By Product
- Horizontal
- Vertical
Market, By Application
- Residential
- Commercial & Industrial
- Utility
The above information has been provided for the following countries:
- U.S
- Canada
- Mexico
Frequently Asked Question(FAQ) :
How big is the North America single axis solar tracker market?
The market size of North America single axis solar tracker was reached USD 3.7 billion in 2023 and is anticipated to grow at 4.6% CAGR till 2032, owing to the supportive government policies promoting the extensive utilization of solar power in line with widespread adoption of sustainable and clean energy sources.
Why is the demand for horizontal single axis solar trackers is growing in North America?
North America horizontal single axis solar tracker market is predicted to surpass USD 5 billion by 2032, driven by the technological advancements that enhance the reliability and effectiveness along with decrease in levelized cost of electricity.
Why is single axis solar tracker industry growing in the U.S.?
U.S. single axis solar tracker market is projected to grow at USD 5 billion by 2032, attributed to the strong emphasis on environmental sustainability coupled with growing demand in regions with abundant solar resources.
Mention the key players involved in North America single axis solar tracker industry?
Abengoa, Arctech Solar, Array Technologies, Inc., Ideematec, MECASOLAR, Nextracker Inc., SOLTEC, SunPower Corporation, Trina Solar and Valmont Industries, Inc.
