Impressive Annual Growth
Arctech, a leading provider of solar tracking, racking, and BIPV solutions, achieved an impressive 131% year-over-year growth. This makes it the only company among the global top five solar tracker suppliers to reach double-digit growth, according to Wood Mackenzie’s Global Solar PV Tracker Market Share Report 2024. Arctech’s strategic focus on globalization and localization played a crucial role in this success.
Market Leadership and Expansion
Arctech holds the No. 1 market share in India, commanding 45%, and has a substantial 21% market share in the Middle East with a portfolio exceeding 10GW. It also dominates the APAC region with a 36% market share in 2023, extending its influence to emerging Central Asian markets like Uzbekistan. Arctech’s adaptable solar tracking systems suit various topographies and economic environments, bolstering its market leadership.
Strategic Localization and Regional Success
In 2023, Arctech implemented a focused localization strategy for the Middle Eastern and Southwestern European markets. It successfully penetrated fast-growing Middle European and mature Southwestern European regions, securing nearly 350MW in solar projects in Europe. Arctech’s track record includes executing large utility-scale projects, such as the 365MW project in Mexico, and providing region-specific solutions, solidifying its position among the top five solar tracker suppliers in Latin America.
Commitment to ESG and Future Prospects
Arctech prioritizes Environment, Social Responsibility, and Corporate Governance (ESG). In 2023, it generated 21.1 million kWh of solar power with an installation capacity exceeding 68GW. The company made charitable donations totaling nearly 2 million Yuan and implemented a transparent, efficient corporate governance system. Arctech aims to enhance its ESG practices further, contributing to global green energy transitions and sustainable development.
Looking ahead, Arctech anticipates even better performance in 2024, with a backlog of orders totaling approximately RMB 6.669 billion (excluding tax). Tracking system orders alone account for RMB 5.549 billion, representing an impressive 183.11% increase compared to the same period last year.
Source：prnewswire.com
