KUNSHAN, China, July 30, 2024 /PRNewswire/ — Arctech, a leading provider of solar tracking, racking, and BIPV solutions, has achieved a 131% year-over-year growth rate, according to the Global Solar PV Tracker Market Share Report 2024 by Wood Mackenzie. This positions Arctech as the sole company among the top five global solar tracker suppliers to achieve such growth.
Arctech’s success is attributed to its strategic globalization and localization efforts, including the establishment of local manufacturing bases in India and the Middle East to support regional solar projects. The company leads the Indian market with a 45% share and holds a 21% share in the Middle East, with a portfolio exceeding 10GW. Additionally, Arctech maintains its position as the top solar tracker supplier in the APAC region with a 36% market share in 2023 and has made inroads into Central Asian markets such as Uzbekistan.
In 2023, Arctech’s tailored localization strategy enabled it to make significant strides in the Middle Eastern and Southwestern European markets, with nearly 350MW of solar projects secured in Europe alone. The company’s successful execution of large-scale projects, such as the 365MW project in Mexico, and its region-specific solutions have also solidified its position among the top solar tracker suppliers in Latin America.
Arctech’s commitment to environmental, social, and governance (ESG) principles is reflected in its solar power generation of 21.1 million kWh and an accumulated installation capacity exceeding 68GW in 2023. The company has made charitable donations totaling nearly 2 million Yuan and has implemented a transparent corporate governance system. Arctech aims to further its ESG practices to support global green energy and sustainable development efforts. The 2024 ESG Report is available for review.
Looking ahead, Arctech anticipates continued strong performance in 2024, with a backlog of orders valued at approximately RMB 6.669 billion (excluding tax). Notably, tracking system orders account for around RMB 5.549 billion, marking a 183.11% increase compared to the same period last year.
Discover comprehensive supply chain report news insights at The Supply Chain Report. For international trade resources, visit ADAMftd.com.
#SolarTracking #RenewableEnergy #CleanTech #SustainableGrowth #SupplyChainNews
