Tracker Data: (+) Market Share Gain for NXT, ARRY Improves, NXT Implied ASP (-)

研报英文原文证据摘录

Tracker Data: (+) Market Share Gain for NXT, ARRY Improves, NXT Implied ASP (-)

June 9, 2026 | 16:30 ET~

Energy Transition & Infrastructure

Tracker Data: (+) Market Share Gain for NXT, ARRY Energy Transition & Infrastructure

Improves, NXT Implied ASP (-) Ameet Thakkar Analyst

ameet.thakkar@bmo.com (713) 546-9741

Ryan Schlageter Senior Associate

Bottom Line: ryan.schlageter@bmo.com (929) 789-3536

Third-party data provider Wood Mackenzie released its annual Global Solar Legal Entity: BMO Capital Markets Corp.

Tracker Market Share report with data through 2025. Given limited alternatives with

respect to historical solar tracker installations and market share data, we note company

forecasts and longer-term outlooks tend to incorporate this data to varying degrees

despite likely short-comings. NXT market share particularly in the U.S. (55% in CY 2025

vs 46% in CY 2024) appears to have materially expanded further relative to U.S. peers

(ARRY 23% 2025 vs 18% in 2024 and Gamechange Energy 11% during 2025 vs 25% in FY

2024). That said, based on the historical volumetric data and our estimates for NXT

and ARRY solar tracker revenue implies that NXT U.S. ASPs were -18% y-o-y while

ARRY ASPs were largely unchanged. We reiterate that these are very rough estimates

given NXT's addition of several more product lines in areas outside of solar trackers.

Key Points

As we highlight in Exhibits 1 and 2 in our accompany report, NXT extended its industry

leading solar tracker market position in CY 2025, with historical shipment data compiled

by WoodMac implying further share gains in both the U.S. and globally. Domestic

growth appears to have come largely at the expense of GameChange Energy, pushing

NXT's U.S. share above 55%, while ROW volumes also remained constructive