PUBLISHER: Market Research Future | PRODUCT CODE: 1607744
PUBLISHER: Market Research Future | PRODUCT CODE: 1607744
Europe, Australia, Middle East & Africa Solar Tracker Market Research Report Data By Technology (Solar Photovoltaic (PV)s, Concentrated Solar Power (CSP) and Concentrated Photovoltaic (CPV)), By Type (Single Axis, Dual Axis), By Application (Utility Scale Solar Power Plants, Grid Tied Solar Power Plants, Renewable Energy Projects, Commercial & Industrial Power Plants), By Communication (Wired Communication, Wireless Communication, Hybrid Communication), By Power Rating (Tracking projects <5 MWp, Tracking projects 5 MWp-20 MWp, Tracking projects <20 MWp), By Drive Type (Active tracking, Passive tracking, Semi-Passive Tracking) and By Region Global Forecast to 2032
In 2022, the Solar Tracker Market Size in Europe, Australia, the Middle East, and Africa was estimated to be USD 16.9 million. The Solar Tracker Market industry is anticipated to experience a compound annual growth rate (CAGR) of 7.69% from USD 61.3 million in 2023 to USD 113.2 million by 2032 during the forecast period (2024-2032).
The solar tracker market is experiencing significant development because of the growing emphasis on the adoption of renewable energy sources in response to the growing environmental concerns. The market for solar trackers is being positively impacted by the increasing demand for energy and security in various regions, which is a result of the increasing urbanization and industrialization. This is a driving force behind the demand for higher energy generation. Additionally, the advancement of cutting-edge and innovative technologies is facilitating the improvement of the performance and efficacy of solar trackers, thereby generating substantial growth prospects for the solar tracker market. Nevertheless, the solar tracker's market development may be impeded by the fluctuations in the prices of its raw materials.
Market segment insights
The Solar Tracker Market in Europe, Australia, the Middle East, and Africa has been segmented according to technology into three categories: Concentrated Solar Power (CSP), Solar Photovoltaic (PV), and Concentrated Photovoltaic (CPV).
The market is segmented into Single Axis and Dual Axis based on type.
The market is segmented into Utility Scale Solar Power Plants, Grid Tied Solar Power Plants, Renewable Energy Projects, and Commercial & Industrial Power Plants based on application.
The Europe, Australia, Middle East & Africa Solar Tracker Market is segmented into Wired communication, Wireless communication, and Hybrid communication, based on communication.
The Market is segmented into three categories: Tracking projects <5 MWp, tracking projects 5 MWp-20 MWp, and Tracking projects <20 MWp, all of which are based on End Use.
The market is segmented into Active Tracking, Passive Tracking, and Semi-Passive Tracking based on drive type.
Regional Perspectives
The Solar Tracker Market is divided into three regions: Europe, Australia, and the Middle East and Africa. During the forecast period, the Europe Solar Tracker Market is anticipated to account for a substantial revenue share and maintain the highest market share. Europe has been at the forefront of sustainability initiatives and the adoption of renewable energy.
Various countries in the region, as well as governmental entities such as the European Union, have established ambitious renewable energy targets. The goal is for a minimum of 32% of final energy consumption to be drawn from renewable sources by 2030. In order to achieve these objectives, this comprehensive policy framework motivates member states to allocate resources toward solar energy, which encompasses technologies such as solar trackers.
PVHardware, MECASOLAR, IDEEMATEC, Deger Energie Gmbh & Co. Kg, Soltec, Arctech, GameChange Solar, NEXTracker, ECOrel Power, Array Technologies, and others are among the key companies in the Solar Tracker Market.