Solar Tracker Market Size Worth $29.31 Billion By 2030
Solar Tracker Industry Overview The global solar tracker market size was valued at USD 4.41 billion in 2022, expanding at a compound annual growth rate (CAGR) of 26.2% from 2023 to 2030. Rising concerns over energy conservation and transition from non-renewable energy to renewable energy is expected to surge demand for solar energy and eventually solar trackers over the forecast period on a global level. Solar tracker utilizes various electrical components including actuators, motors, and sensors to orient the solar cell for concentrating the sunlight in order to maximize the energy captured. The captured solar radiations are further converted into electricity which is utilized by various end-user segments. Rising use of solar power as a potential source of commercial energy generation has gained popularity due to decreasing solar PV panel cost which is excepted to further augment solar tracker market growth. Solar PV technology has been one o...