Single Axis Solar Tracker Market Analysis

Single Axis Solar Tracker Market Analysis

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The horizontal single axis solar tracker industry accounted for USD 76.4 million by 2032. Growing awareness on environmental issues and rising requirement to reduce carbon emissions have led to increased interest in solar energy. Further, these units support to generate clean and sustainable electricity, thereby contributing to the global transition towards a low-carbon economy and mitigating climate change.
 

Commercial & industrial single axis solar tracker market is expected to witness 6.5% growth during 2023-2032 owing to technological advancements along with improved performance and cost optimizing potential of the unit will sway the business scenario. For instance, in April 2022, Tata Power commissioned a solar plant with largest single-axis solar tracker system in India. The project is built customized near coastline of Gujarat with uncertain whether conditions and aims to reduce 704340 MT of CO2 emissions annually. Hence, technical expertise and project management skills will further consolidate the solar tracker market.
 

The demand for renewable energy is increasing due to the need to reduce carbon emissions and combat climate change. Moreover, large enterprises are focused on construction of efficient PV tracker systems to reduce residential electricity bills, which will facilitate the product adoption. Given adequate location and site circumstances, these items are highly efficient and ideal for both big and small-scale projects. It produces more electrical power than stationary counterparts due to its enhanced direct exposure to sunlight.
 

North America single axis solar tracker market crossed a valuation of USD 3.7 Million in 2022. Extreme weather conditions along with challenging locations will fuel the demand for advanced single axis solar trackers to meet renewable energy demand in the region. These trackers, with their ability to increase energy production, often qualify for additional incentives and preferential treatment, further driving the product adoption.