Arctech Emerges as the Sole Company Among Top 5 Solar Tracker Suppliers to Achieve Double-digit Growth with a YoY Growth Rate of 131%

July 30, 2024 05:41 PM AEST | By Cision

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Arctech Emerges as the Sole Company Among Top 5 Solar Tracker Suppliers to Achieve Double-digit Growth with a YoY Growth Rate of 131% — Image source: Kalkine Media

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KUNSHAN, China, July 30, 2024 /PRNewswire/ -- Arctech, the world's leading solar tracking, racking and BIPV solutions provider, emerges as the only company among the global Top 5 solar tracker suppliers to achieve an impressive annual growth rate of 131%, according to the Global solar PV tracker market share report 2024 released by Wood Mackenzie. This remarkable success can be attributed to Arctech's forward-thinking strategies in globalization and localization, which include establishing local manufacturing bases in India and the Middle East to support regional solar projects and beyond.

In terms of market share, Arctech holds the No. 1 position in India with an impressive share of 45%, significantly surpassing other suppliers. Additionally, it has captured a substantial market share of 21% in the Middle East region with a portfolio exceeding 10GW. Meanwhile, Arctech has maintained its position as the top solar tracker supplier in APAC for years and secured a market share of 36% in 2023. Its dominance extends to burgeoning Central Asian markets such as Uzbekistan. One key factor contributing to Arctech's success is its signature solar tracking systems that demonstrate high adaptability across various topographies and economic environments. With a long-term strategic vision focused on entering high-potential markets early on, Arctech has established a strong foundation for sustained future growth in the APAC market.

In 2023, Arctech implemented tailored localization strategy focusing on Middle Eastern & Southwestern European markets while successfully penetrating into the fast-growing Middle European & mature Southwest European regions. Notably, it achieved significant milestones by winning nearly 350MW solar projects in Europe in 2023 alone.

Furthermore, with a proven track record of successfully executing large utility-scale projects such as the 365MW project in Mexico, and by offering region-specific solutions and robust localization strategies, Arctech is among the Top 5 solar tracker suppliers in Latin America.

Being a responsible enterprise that prioritizes Environment, Social Responsibility, and Corporate Governance (ESG), Arctech has achieved an impressive solar power generation of 21.1 Million KWh with an accumulated installation capacity exceeding 68GW in 2023. In line with its commitment to social responsibility, Arctech has made charitable donations totaling nearly 2 million Yuan. Moreover, the company has implemented a transparent, efficient, and accountable corporate governance system. Arctech aims to further enhance its dedication and implementation of ESG practices based on insights from industry leaders in order to contribute towards the global transition towards green energy and sustainable development. Click to review Arctech ESG Report 2024 now!

Looking ahead into the future, Arctech foresees even better performance in 2024 with a backlog of orders totaling approximately RMB 6.669 billion Yuan (excluding tax). Notably, tracking system orders account for around RMB 5.549 billion Yuan - representing an impressive increase of approximately 183.11% compared to the same period last year.

For more information for Arctech, please visit https://www.arctechsolar.us/.

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