Market Size of Asia-Pacific Solar Tracker Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
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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.
