Array Technologies (ARRY) continues to see growing traction from its new products, with about 50% of the company's order book now made up of new products, RBC Capital Markets said.

The company has launched five new products developed alongside its customers this year alone, while also simplifying its portfolio by reducing the number of individual components and connection points, according to the note Thursday.

RBC said ARRY's approach of refining its product portfolio alongside customers will be a key driver of its opportunity to capture more market share going forward. The feedback loop will also continue to inform strategic acquisitions, as demonstrated by the APA Solar and pending Affordable Wire Management acquisitions.

Additionally, APA Solar is seeing accelerated growth and interoperability benefits from its integration with Array. The average project size in the pipeline has doubled, A-Frame quote requests rose about 50% sequentially in Q2, and year-to-date book-to-bill was 1.5 times despite a slow first quarter due to extreme weather, the investment firm said.

RBC has a sector perform rating and a $9 price target on the company's stock.

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