Solar Tracker Market Size, Share, Trends, Growth 2032

Solar Tracker Market Insights

Zion Market Research has published a report on the global Solar Tracker Market, estimating its value at USD 7.63 Billion in 2023, with projections indicating that it will reach USD 744.32 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 58.1% over the forecast period 2024-2032. The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Solar Tracker Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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Global Solar Tracker Market: Overview

Trackers are systems that are used in conjunction with solar panels to optimise energy capture and increase the overall efficiency of the power generation process. Trackers allow the panels to adjust in accordance with the direction of the sun, decreasing the angle of incidence between the panel and the penetrating sunrays. As compared to solar panels mounted without trackers, this results in more effective operations. These systems can be used with a variety of panel technologies, such as parabolic troughs, solar panels, and lenses, and Fresnel reflectors among others.

Global Solar Tracker Market: Growth Factors

On a global scale, the concerns about energy conservation and the transition from non-renewable to renewable energy are expected to boost demand for solar energy and trackers during the forecast period. The solar tracker uses a variety of electrical components such as motors, actuators, and sensors to orient the cells in order to concentrate the sunlight and collect as much energy as possible.

Solar radiation is captured and converted into energy for use in a variety of residential and commercial applications. The rising use of solar power as a significant source of commercial energy generation has grown in popularity as the cost of PV panels has decreased, this is expected to further increase the market demand as trackers help to significantly increase the power generation performance of the panels.

Solar PV has been one of the fastest-growing renewable energy sources in the United States in recent years. PV cells have been established as a reliable and continuous source of energy generation due to government's increased emphasis on renewable energy. The increased capacity expansions throughout the United States have decreased the Levelized Cost of Electricity (LCOE). As a result, solar PV is now competitive with other traditional energy sources in the region. One of the main reasons for the high adoption of solar energy in the United States has been the government's supportive policies.

Market players such as NEXTracker, AllEarth Renewables, Array Technologies and Solaria are expected to drive market growth during the forecast period with technological innovations aimed at developing new methods in tracking systems. Since the solar tracker market is so competitive, tracker manufacturers must be both operationally effective and strategically astute to succeed.

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Global Solar Tracker Market: Type Segment Analysis

The single-axis tracker held the most market share and is anticipated to grow at the fastest rate during the forecast period. In high-isolation areas, single-axis systems monitor the sun's rays through a single axis, allowing them to boost system efficiency by 20% or above over fixed PV cells. Single-axis solar trackers take up more space than fixed panels because their movement can cast shadows on neighboring panels, reducing their performance. Single-axis trackers optimize potential performance but come with higher operational expenditure and capital expenditures.

Dual-axis trackers allow for optimal absorption of the sun's rays, due to their ability to track the sun both vertically and horizontally. When compared to single-axis trackers, dual-axis trackers generate 8% -10% more energy. Dual-axis trackers have a high operation and maintenance cost due to higher land requirements, the need for more sophisticated technology, and regular maintenance of motors and control systems. This is a significant impediment to the widespread adoption of dual-axis trackers.

Global Solar Tracker Market: Technology Segment Analysis

In 2020, solar photovoltaic (PV) technology was the leading segment. The consistency between PV cells and standard photovoltaic module technologies is the chief factor for solar PV technology's dominant market share. The increased use of solar PV in utility and non-utility applications would be aided by the increasing cost of electricity due to the supply-demand gap.

When compared to lenses, mirrors, and Fresnel collectors on concentrated photovoltaic (CPV) and concentrated solar power (CSP) technology trackers, the use of trackers on PV modules necessitates less design regulations. These features will drive sales for trackers in solar PV technology in the upcoming years.

CPV is a modern and growing technology. Because of the low manufacturing costs and less raw material requirements, CPV systems generate low-cost capacity. This technology produces energy by focusing a massive amount of sunlight on the surface of PV materials using optics such as lenses.

CSP is used to absorb the sun's energy potential and is able to provide customers around the globe with reliable clean energy even when the sun's rays are not active. CSP has been increasingly competing with less costly PV power and CPV.

Global Solar Tracker Market: Application Segment Analysis

The utility sector was the most important application sector, accounting for a major share of the global market in 2020. Increasing electricity prices and growing demand for renewable energy sources are expected to boost the use of trackers in utility applications. This pattern is expected to continue during the forecast era. The single-axis tracking device is the most commonly used solar tracker in the utility sector since utility systems are ground-mounted and the trackers could be used to track the sun during the day.

Solar Tracker Market: Report Scope

Global Solar Tracker Market: Regional Analysis

By Geography, the solar tracker market is segmented into North America, Europe, Latin America, Asia Pacific, and Middle East and Africa.

North America holds the largest share of the market, and this trend is projected to continue until 2026. The Paris Agreement on Climate Change, which has promoted the use of renewable energy in the government's energy supply, and the increased focus on renewable energy worldwide are primarily responsible for the development. The government of the United States is also working to expand the use of solar power in the country through a number of initiatives. The United States Department of Energy (DOE) initiated the SunShot Project in 2011 with the goal of making the solar industry cost-competitive with traditional energy sources by lowering charges to less than one dollar per watt by 2020. More than 350 initiatives have been funded by the project, which involves businesses, private organisations, national laboratories and universities.

The Middle East and Africa region is expected to develop significantly over the forecast period as a result of the region's strong potential and government investment in projects, especially in the UAE and Saudi Arabia. Saudi Arabia had the largest share of these in 2018, owing to significant investments made by both domestic and international parties. Due to the country's favourable climatic conditions, the country has also seen substantial growth due to the investments made by the United States companies.

Global Solar Tracker Market: Competitive Players

The major players in the global solar tracker market include

• AllEarth Renewables, Inc
• Array Technologies
• NEXTracker, Inc
• STi Norland
• Soltec
• Solar Steel
• PV Hardware
• Scorpius Trackers
• Artech Solar
• Exosun
• NClave
• Sun Action Trackers
• Powerway Renewable Energy Co. Ltd

The report segment of global solar tracker market are as follows:

Global Solar Tracker Market: Technology Segment Analysis

• Solar Photovoltaic (PV)
• Concentrated Solar Power (CSP)
• Concentrated Photovoltaic (CPV)

Global Solar Tracker Market: Type Segment Analysis

• Single Axis
• Dual Axis

Global Solar Tracker Market: Application Segment Analysis

• Utility
• Non-Utility

Global Solar Tracker Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of the Middle East & Africa