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Asia-Pacific Solar Tracker Market Size (2024 - 2029)

The Asia-Pacific solar tracker market is anticipated to experience significant growth, driven by the increasing demand for solar energy and its contribution to environmental sustainability. Despite challenges such as limited technological upgrades, maintenance issues, and high capital costs, the market has rebounded to pre-pandemic levels. Opportunities for expansion are expected through technological innovations, supportive government policies, and the push for renewable energy to meet rising power demands. China is projected to dominate the market, primarily due to the demand from solar photovoltaic energy.

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Market Size of Asia-Pacific Solar Tracker Industry

Asia-Pacific Solar Tracker Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 24.94 %
Market Concentration Medium

Major Players

Asia-Pacific Solar Tracker Market Major Players

*Disclaimer: Major Players sorted in no particular order

APAC Solar Tracker Market Analysis

The Asia-pacific solar tracker market is projected to register a CAGR of over 24.94% during the forecast period.

The market was slightly affected in terms of project delays and supply chain disruptions by COVID-19. Presently, the market has reached pre-pandemic levels.

  • The growing demand for solar energy and solar contribution to a greener environment is expected to drive the market in the forecast period over the long term.
  • On the other hand, limited technological upgradation, maintenance, and higher capital costs are expected to hinder the market in the forecast period.
  • Innovating and adapting new technologies in the solar energy sector, supportive government policies, and efforts to meet the increasing power demand using renewable energy sources are expected to create opportunities for the market to grow.
  • China is expected to be the largest market during the forecast period, with the majority of the demand coming from solar photovoltaic energy.

APAC Solar Tracker Industry Segmentation

A solar tracker is a device that places an object around the Sun at an angle. Positioning photovoltaic (PV) panels (solar panels) perpendicular to the sun's beams and placing space telescopes to identify the sun's direction are the two most frequent uses for solar trackers. PV solar trackers alter a solar panel's orientation by the sun's position in the sky.

The Asia-Pacific Solar Tracker Market is segmented by Axis Type (Single Axis and Dual Axis) and Geography ( India, China, Japan, and the rest of Asia-Pacific ). The report offers the market size and forecasts in revenue (USD billion) for all the above segments.

By Axis Type
Single Axis
Dual Axis
By Geography
India
China
Japan
Rest of the Asia-Pacific
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Asia-Pacific Solar Tracker Market Size Summary

The Asia-Pacific solar tracker market is poised for significant growth, driven by the increasing demand for solar energy and its role in promoting a greener environment. Despite initial setbacks due to COVID-19, the market has rebounded to pre-pandemic levels. The adoption of solar tracking systems, which enhance energy capture by following the sun's trajectory, is expected to boost market expansion. Single-axis solar trackers, in particular, are gaining traction due to their cost-effectiveness and ability to increase electricity generation capacity. However, challenges such as limited technological upgrades and high capital costs may impede growth. Nonetheless, supportive government policies and technological innovations present opportunities for further market development.

China is anticipated to lead the Asia-Pacific solar tracker market, fueled by substantial investments in solar photovoltaic energy and supportive governmental initiatives aimed at increasing renewable energy capacity. The country's ambitious renewable energy targets, as outlined in its 14th Five-Year Plan, are expected to drive the installation of solar PV panels, thereby boosting the demand for solar trackers. The market is moderately consolidated, with key players like NexTracker Inc., Array Technologies Inc., and Arctech Solar Holding Co. Ltd. actively contributing to market dynamics. The establishment of manufacturing facilities, such as the one in Gujarat, India, further underscores the region's commitment to expanding solar tracker production capabilities.

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Asia-Pacific Solar Tracker Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion Till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitute Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Axis Type

      1. 2.1.1 Single Axis

      2. 2.1.2 Dual Axis

    2. 2.2 By Geography

      1. 2.2.1 India

      2. 2.2.2 China

      3. 2.2.3 Japan

      4. 2.2.4 Rest of the Asia-Pacific

Asia-Pacific Solar Tracker Market Size FAQs

The Asia-Pacific Solar Tracker Market is projected to register a CAGR of 24.94% during the forecast period (2024-2029)

Array Technologies Inc., NexTracker Inc., PV Hardware Solutions S.L.U., Arctech Solar Holding Co. and Soltec Energias Renovables S.L. are the major companies operating in the Asia-Pacific Solar Tracker Market.

Asia-Pacific Solar Tracker Report Snapshots

Asia-Pacific Solar Tracker Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)