Global solar tracker company Arctech has now emerged as the only company among the world’s top 5 solar tracker suppliers to achieve an annual growth rate of 131%, according to the 2024 Global PV Solar Tracker Market Share Report published by Wood Mackenzie, the firm said today.
Arctech is a provider of solar tracking, racking, and BIPV solutions. The report indicates that Arctech holds a 45 percent market share, surpassing other suppliers. In the Middle East region, Arctech commands a substantial 21 percent market share with a portfolio exceeding 10GW.
The report states, “Arctech has maintained its position as the top solar tracker supplier in APAC for years, securing a market share of 36 percent in 2023.” Arctech’s dominance extends to burgeoning Central Asian markets, such as Uzbekistan. In 2023, Arctech implemented a tailored localization strategy focusing on the Middle Eastern and Southwestern European markets, successfully penetrating the fast-growing Middle European and mature Southwestern European regions. Notably, it installed over 350MW of solar projects in Europe in 2023 alone.
Furthermore, with utility-scale projects such as the 365MW project in Mexico, Arctech is among the top 5 solar tracker suppliers in Latin America. The report also states that Arctech achieved solar power generation of 21.1 million kWh with an accumulated installation capacity exceeding 68GW in 2023. The company aims to enhance its dedication to and implementation of ESG practices based on insights from industry leaders.
Arctech supports regional solar projects and beyond with local manufacturing bases in India and the Middle East. The India Solar Tracker Market is expected to grow at a CAGR of more than 5% until 2027. Arctech has a nearly 10GW production capacity in China, 3GW from the Indian manufacturing base that entered operation in August 2022, and a planned capacity of 3GW from the Saudi factory.
