Market Size of South America Solar Tracker Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 20.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South America Solar Tracker Market Analysis
The South American solar tracker market is expected to register a CAGR of greater than 20% during the forecast period.
The market was moderately affected by the COVID-19 pandemic due to falling energy demand, which led to several projects being delayed. However, the market has rebounded strongly and is expected to grow steadily during the forecast period.
- Over the long term, rising demand for cheap, clean energy to achieve environmental targets and cater to the region's growing energy demands, combined with supportive government policies, is expected to drive the market during the forecast period.
- On the flip side, the growth of the residential and commercial segments in the South American solar PV market, which are almost exclusively rooftop-mounted systems with no trackers, is expected to restrain the market during the forecast period.
- 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.
- Brazil is expected to be the largest market during the forecast period, with the majority of the demand coming from solar photovoltaic energy.
