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This statistic highlights Array Technologies’ Revenue by Region, split across United States, Australia, and the Rest of the world, reported annually from 2018 onwards.
Array Technologies is one of the world’s largest producers of ground-mounting systems used in solar energy systems. It manufactures and supplies solar tracking systems and related products for customers across the United States and internationally.
|Revenue by Region||2018||2019||2020||Contribution in 2020|
|Rest of the World||$20.95||$33.21||$22.38||3%|
(All figures in millions, except for percentages)
Array Technologies generates revenue from the sale of solar tracking systems and parts. Array Technologies recognises revenue by region based on the location of its customers’ project. Customers include EPCs, utilities, solar developers, and independent power producers. The revenue grew from $290.78 million in 2018 to $647.90 million in 2019, making an increment of 122.81%. It further witnessed an increase in total revenue from $647.90 million in 2019 to $872.66 million in 2020, indicating a growth of 34.7% on an annual basis. Furthermore, it grew tremendously between 2018 and 2020, by 200.1%, from $290.78 million to $872.66 million.
The revenue growth is determined by continued expansion in the amount of solar energy projects installed each year as well as capacity to increase the share of demand in each of the geographies where the company competes, expands its global footprint to new evolving markets, grows production capabilities to meet demand and to continue to develop and introduce new and innovative products that convey the evolving technology and performance requirements of customers.
The company’s total revenue can be bifurcated into the following regions:
The majority of business is driven from the United States. It made a revenue of $805.07 million in the overall revenue generated by Array Technologies in 2020, which is 92% of the company’s total revenue. The company has derived the majority of its revenues from the sale of trackers used in solar energy projects located in the US. From 2018 to 2019, the revenue grew from $218.38 million to $563.16 million, making an increment of 157.88%. It further inclined by 42.9% from $563.16 million in 2019 to $805.07 million in 2020. In addition to this, it grew massively by 286.65% between 2018 and 2020.
The Australian region generated revenue of $45.22 million in 2020, contributing 5% to the company’s total revenue. From 2018 to 2019, the revenue slightly grew from $51.45 million to $51.53 million, making an increment of 0.15%. It then witnessed a decrease of 12.2% as compared to $51.53 million in 2019 on an annual basis. Between 2018 and 2020, the revenue dipped from $51.45 million in 2018 to $45.22 million in 2020, indicating a decline of 12.1% in 2 years.
Rest of the world
Revenue from the rest of the world stood at $22.38 million in 2020, accounting for 3% of the company’s total revenue. From 2018 to 2019, the revenue witnessed an increase of %, from $20.95 million to $33.21 million. However, it declined from $33.21 million in 2019 to $22.38 million in 2020, marking a dip of 32.6% on an annual basis. Between 2018 and 2020, the revenue from this region increased slightly by 6.8%, from $20.95 million in 2018 to $22.38 million in 2020.
Array Technologies is a U.S. company and its headquarters and principal manufacturing facility are in Albuquerque, New Mexico. Its primary product is an integrated system of steel supports, electric motors, gearboxes, and electronic controllers, collectively known as a single-axis “tracker.” Trackers move solar panels all around the day to maintain an efficient orientation to the sun, which significantly expands their energy production.
The company sells its products to engineering, procurement and construction firms (EPCs) that build solar energy projects and to large solar developers, independent power producers and utilities, often under master supply agreements or multi-year procurement contracts. Their largest customers are EPCs that construct multiple projects for many different end customers who often directly influence or make the decision to use their products. The common stock of the company is listed on the NASDAQ under the symbol “ARRY”.
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