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Europe Solar Tracker Market Size (2024 - 2029)

The Europe Solar Tracker Market is projected to experience substantial growth over the forecast period, driven by increased investments in renewable energy aimed at reducing reliance on Russian energy imports and fulfilling environmental commitments. Despite challenges such as high initial installation costs, design complexity, and maintenance expenses, the market is poised for expansion. The integration of artificial intelligence and the internet of things to enhance solar tracking systems presents a promising opportunity for market growth.

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Market Size of Europe Solar Tracker Industry

Europe Solar Tracker Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 2.20 Billion
Market Size (2029) USD 6.22 Billion
CAGR (2024 - 2029) 21.96 %
Market Concentration High

Major Players

Europe Solar Tracker Market Major Players

*Disclaimer: Major Players sorted in no particular order

Europe Solar Tracker Market Analysis

The Europe Solar Tracker Market size is estimated at USD 2.20 billion in 2024, and is expected to reach USD 6.22 billion by 2029, growing at a CAGR of 21.96% during the forecast period (2024-2029).

  • Over the long term, rising investments in renewable energy to reduce dependence on Russian energy imports and achieve environmental commitments are expected to drive the market during the forecast period.
  • On the other hand, the high initial investment required to install a tracking system, design complexity, maintenance cost, and limited capacity of solar tracking systems is expected to restrain the usage of solar trackers.
  • Nevertheless, the commercialization of the usage of artificial intelligence and the internet of things to track the sun's movement and maximize power output is expected to be a significant growth opportunity for the market during the forecast period.

Europe Solar Tracker Industry Segmentation

A solar tracking system maximizes the solar system's electricity production by refocusing the panels to follow the sun throughout the day. It optimizes the angle at which the panels receive solar radiation. Typically, solar trackers are used for ground-mounted solar panels and large, free-standing solar installations.

Europe's solar tracker market is segmented by axis type and geography (Germany, the United Kingdom, France, Italy, Spain, and the rest of Europe). By axis type, the market is segmented into single-axis and dual-axis. The report also covers the market size and forecasts for the solar tracker market across major countries in the region. The market size and forecasts for each segment are based on revenue (in USD).

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Europe Solar Tracker Market Size Summary

The European solar tracker market is poised for significant growth, driven by increasing investments in renewable energy as countries seek to reduce reliance on Russian energy imports and meet environmental goals. Solar trackers, which enhance the efficiency of solar panels by aligning them with the sun's movement, are becoming more popular despite challenges such as high initial costs and maintenance requirements. The market is expected to benefit from advancements in artificial intelligence and the Internet of Things, which can optimize the tracking process and maximize energy output. Single-axis solar trackers are currently favored due to their cost-effectiveness and substantial energy yield improvements, while dual-axis trackers, though offering additional capacity, are less popular due to their higher costs and complexities.

Germany stands out as a key player in the European solar tracker market, with its substantial solar photovoltaic capacity and commitment to phasing out coal and nuclear energy. The country's focus on expanding solar capacity is expected to drive demand for solar trackers, supported by local manufacturers' innovations in tracker technology. As Germany aims to meet its energy needs through solar power, the demand for efficient and cost-effective solar tracking systems is anticipated to rise. The European market is characterized by a few major players, including Arctech Solar, Array Technologies, Ideematec, Soltec Power Holdings SA, and Nextracker Inc., who are actively investing in research and development to maintain their competitive edge and cater to the growing demand for solar tracking solutions.

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Europe Solar Tracker Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecasts in USD, till 2028

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

        1. 1.5.1.1 Abundant Solar Resource​

      2. 1.5.2 Restraints

        1. 1.5.2.1 High Initial Investment Cost​

    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 Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

Europe Solar Tracker Market Size FAQs

The Europe Solar Tracker Market size is expected to reach USD 2.20 billion in 2024 and grow at a CAGR of 21.96% to reach USD 6.22 billion by 2029.

In 2024, the Europe Solar Tracker Market size is expected to reach USD 2.20 billion.

Europe Solar Tracker Market Report Snapshots

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