Solar Tracker Market by Application (Utility, Residential, Commercial, and Industrial), Technology (Solar Photovoltaic, Concentrated Photovoltaic, and Concentrated solar power), Type (Single Axis, and Dual Axis), and Region - Market Perspective, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast for 2023-2032

Market Perspective

The global Solar Tracker Market size was worth around USD 3.53 billion in 2022 and is predicted to grow around USD 18.63 billion by 2032 with a compound annual growth rate of roughly 20.3% between 2023 and 2032.

Increasing global concerns about energy conservation are assisting industries to transition from the usage of non-renewable to renewable sources of energy, which may increase the growth of solar energy and solar trackers. A solar tracker utilizes a number of electrical components, including motors, actuators, and sensors, to align the solar cell to maximize solar energy production.

Solar PV technology has emerged as one of the fastest-growing renewable energy sources in recent years. This can be attributed to increasing government efforts to support the transition towards cleaner energy sources. As of 2022, the global installed solar power capacity has surpassed 1 TW, wherein 183 GW was added in 2021.

As the global reliance on solar energy is increasing, there is a positive impact on the cost of solar PV products such as solar trackers. However, this has intensified the competition among solar tracker manufacturers as more players are entering the market to capture the lucrative revenue opportunity.

Some of the leading players in the global solar tracker market are AllEarth Renewables, NEXTracker, Array Technologies, and Solaria are projected to continue holding their prominence owing to technological advancements that they are undertaking for the development of novel solar tracking systems.

With the recent increase in feed-in tariff (FIT) rates, particularly in Germany, it has been anticipated that the European market may expand significantly over the forecast period. During the FIT boom in Europe, numerous projects utilized unreliable dual-axis trackers, resulting in exorbitant O&M expenses. By the next decade, favorable government policies and initiatives in the region are projected to have a positive impact on the European market.

Key Insights

• By technology, the solar photovoltaic segment held the largest market share
• By application, the utility segment dominated the market
• By type, the single-axis segment generated the highest revenue
• By region, North America held lion’s share

Growing Demand for Photovoltaic Cells and Green Energy Projected to Propel Solar Tracker Market Growth

The increasing population in developing nations such as India and china created a direct impact on power generation during the past decade. Power generation from renewable sources is viewed as the best feasible substitute for conventional power sources, such as coal and oil, and is growing at a steady rate as an emphasis on carbon reduction increases.

Renewable energy sources account for around 29% of the world's total electricity production. Moreover, according to the International Energy Agency (IEA), renewables are expected to account for a nearly 95% upsurge in the global power capability by 2026, with solar PV itself accounting for more than 50% of its capacity, mainly driven by robust government support and aggressive clean energy goals.

Growing Adoption of Radio Frequency Identification (RFID) To Drive Supply Chain Operations in the Solar Tracker Market

Increasing government efforts to reduce overall carbon reduction has accelerated the adoption of renewable energy sources as the world transitions toward cleaner energy. Solar and other clean energy technologies have undergone dramatic advancements that have permitted rapid deployment expansion. Moreover, provided cost-effective solutions for decarbonizing the energy industry. The inequitable adoption of a solar tracking system has increasingly gained attention to the energy justice issue as a modular technique that is easily adaptable for both large and small projects.

For instance, in January 2020, Nextracker was chosen by developer ACWA Power and EPC firm Mahindra Sustain to supply Sakaka's solar trackers because of our on-time delivery, unique technology, local manufacture, and regional experience. The 405 MW-DC power supply Sakaka Solar Park is the first utility-scale solar project to be constructed in the Saudi Arabian Kingdom. As part of a national goal to install clean energy assets totaling 9.5 GW by 2023 and 58.7 GW by 2030.

Segmentation Analysis

Based on type, the global solar tracker market is bifurcated into single-axis and dual-axis. The dual-axis segment dominated the market in 2022 and is projected to continue holding its dominance over the forecast period. With the ability to follow the sun in both vertical planes and horizontal planes, dual-axis trackers provide the most effective utilization of the sun's rays. Dual-axis tails generate an average of 8 to 10% more energy than single-axis trackers.

However, have considerable O&M expenses due to the increased quantity of acreage required, the complexity of the technology involved, and the extensive maintenance necessary for the motors and control systems. As a result, the widespread use of dual-axis trackers has been significantly hampered and slowed than expected.

Based on technology, the global solar tracker market is segmented into solar photovoltaic, concentrated photovoltaic, and concentrated solar power. The solar photovoltaic segment generated the highest market revenue in 2022. PV cells' interoperability with common photovoltaic module technologies is the primary basis for PV's dominant market position. The increasing cost of power due to supply-demand mismatch will increase the use of solar PV in both utility and non-utility applications.

Compared to lenses, mirrors, and Fresnel collectors on concentrating photovoltaic systems (CPV) and Concentrating Solar Power (CSP) technology trackers, the use of solar trackers on PV modules is subject to less complex. These characteristics will drive the expansion of solar trackers in PV technology during the projection period.

By application, the global solar tracker market is segmented into utility, residential, commercial, and industrial, where the utility segment has dominated the solar tracker market. The utility segment was the largest application segment in terms of revenue in 2022. Solar trackers are anticipated to become more widespread in utility applications as a result of rising electricity prices and a greater need to use renewable energy sources.

The single-axis tracking system has become the most prevalent solar tracker in the utility industry due to the ground-mounted nature of solar utility installations and the capacity of single-axis trackers to follow the sun throughout the day. In addition to this, increasing government subsidies and feed-in tariff programs have increased the prevalence of trackers in utility applications, particularly in North America and Europe.

Recent Development

In December 2022: Gonvarri Solar Steel and Elawan Energy signed a contract for the delivery of over one thousand solar trackers to permit the installation of 800,000 modules (solar panels) in Escuderos, Belinchon, and Torrijos.

In June 2021: Artech Solar, a major producer of solar tracking and mounting systems, introduced SkySmart-2, the company's first single-axis tracking system with multiple fans capable of driving up to 12 solar modules. It is capable of resolving the instability problem of conventional two modules in a portrait tracking system and enhancing the stability of PV plants in adverse weather situations.

Regional Landscape

North America dominated the global market in 2022. The growth is mostly attributable to the increasing emphasis on renewable energy. The Paris Agreement on Climate Change recommends the usage of renewable energy as the nation's primary source of energy. Through a variety of measures, the U.S. government aims to increase the usage of solar energy in the country.

U.S. Department of Energy (DOE) initiated the SunShot Initiative in 2011 with the objective of making the solar industry cost-competitive with conventional energy sources by reducing costs to less than USD 1 per watt by 2020. The initiative has financed over 350 initiatives, including those from corporations, private colleges, and government laboratories.

Competitive Landscape

Some of the key manufacturers operating in the solar tracker industry include Abengoa, All Earth Renewables, Array Technologies, Inc., DEGERENERGIE GMBH & CO. KG, Nclave, POWERWAY RENEWABLE ENERGY CO., LTD, Soltec Tracker, SunPower Corporation, Titan Company Limited, and Trina Solar, amongst others.

The global solar tracker market is segmented as follows: 

By Application

• Utility
• Residential
• Commercial
• Industrial

By Technology

• Solar Photovoltaic
• Concentrated Photovoltaic
• Concentrated solar power

By Type

• Single Axis
• Dual Axis

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Reunion
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America