Solar Tracker Market [By Type (Single Axis Solar Tracker, Dual Axis Solar Tracker); By Application (Residential, Commercial, Utility)], and Geography - Trend, Analysis and Forecast, 2023-2032
- Published Date:Feb-2023
- Pages: 114
- Format: PDF
- Report ID: PM1150
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global solar tracker market was valued at USD 6.58 billion in 2022 and is expected to grow at a CAGR of 14.4% during the forecast period. The demand for solar energy and, eventually, solar trackers is anticipated to increase throughout the forecast period due to growing concerns about energy conservation and the switching from non-renewable to renewable energy sources. More people are considering solar power as a potential commercial energy source due to the declining cost of solar PV panels, which is projected to spur market expansion further.
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Solar trackers focus the sun's rays onto the solar cell to optimize the amount of energy captured. They employ various electrical components, including actuators, motors, and sensors. From the solar energy that has been collected, electricity is produced further and used in a variety of end-user industries, including residential, commercial, utility, and others.
A significant rise in the number of solar panel installations worldwide is one of the critical reasons for boosting the market for solar trackers. Furthermore, the need for solar trackers is growing due to the passing of supportive rules by the government that promote several solar energy projects. Companies are concentrating on making products based on cutting-edge technology due to increased industry demand for sophisticated tracking devices. For instance, Soltec unveiled the SFOne solar tracker for high-power modules in June 2021. It can be self-powered by a module and is designed to work with modules that have 78 and 72 cells, which minimizes operating expenses.
During the projected period, technological advancements by prominent key players like AllEarth Renewables, Array Technologies, NEXTracker, and Solaria targeted at the development of innovative approaches in tracking systems are anticipated to drive the market expansion.
Additionally, the low power, expensive maintenance, and sophisticated design requirements of solar tracking systems might hamper the solar tracker market. Investments are discouraged by inadequate infrastructure, which has a negative impact on the market for solar trackers' key trends & prospects.
Over 180 countries have been hit by the new coronavirus, which has caused unprecedented worldwide pandemic losses in terms of both human life and the world economy. The health catastrophe brought on by the spread of COVID-19 hurt both the global economy and the use of solar trackers for power generation, which was highly dependent on China and India. Due to the disruption of the raw material supply chain during the lockout, manufacturing facilities were forced to close, which had a negative impact on the market data for solar trackers for power generation. In addition, supply chains were slowed by a national lockdown and labor scarcity in the United States. It is projected that sales of solar trackers for power generation will increase over the following years due to supportive government policies and measures to fulfill the expanding need for energy from renewable sources.
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Industry Dynamics
Growth Drivers
The increasing focus on green and clean energy is driving the growth of the global market for solar trackers. The global solar tracker market is expanding due to rising awareness about environmental contamination. An enormous rise in the number of solar panel installations worldwide is one of the significant reasons propelling the growth of the solar tracker market. In addition, the demand for solar trackers is expanding due to the adoption of supportive government policies that support various solar energy projects.
Companies are focusing on producing advanced technology-based products due to the rising industrial demand for sophisticated technology for tracking purposes. Manufacturing companies employ various organic and inorganic expansion strategies to expand their geographic reach and product line.
Report Segmentation
The market is primarily segmented based on By Type, By Application, and By Geography
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By Type |
By Application |
By Geography |
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The single-axis tracker segment dominates the market
The single-axis tracker is expected to dominate the market as 90% of total sales in 2022 were attributed to the single-axis tracker segment. The course of the sun is often followed using single-axis trackers, which generally move from east to west. Single-axis trackers have low operating costs, are simple to set up, and are less expensive. Reliability-wise, they perform better than dual-axis trackers.
The dual-axis tracker segment is projected to grow significantly over the projected year
The dual-axis tracker market is projected to grow significantly due to more energy produced as compared to the single-axis tracker. Due to their more complex technology, increased space requirements, and extensive maintenance for their motors and control systems, dual-axis trackers are expensive to operate and maintain.
The Utility segment is expected to grow at the fastest rate during the forecast period
During the projection period, the utility segment is anticipated to increase at the fastest CAGR. Solar trackers are projected to be used more frequently in utility applications due to rising electricity costs and rising demand for renewable energy sources. Over the course of the forecast, this tendency is anticipated to persist. Single-axis trackers can be used to follow the sun throughout the day because utility solar systems are ground-mounted.
The Asia-Pacific region is estimated to be the largest market for solar trackers.
Over the projection period, Asia-Pacific will hold the largest market share for solar trackers. Growth in the Asia-Pacific area is fueled by rising off-grid power use and strict rules meant to cut back on traditional power generation.
In 2022, North America had the highest revenue share and is anticipated to last till the forecast period. Climate change encourages the use of renewable energy in the country's energy supply, and the growing emphasis on renewable energy is principally responsible for the growth. The U.S. government aims to promote the use of solar power in the economy through several initiatives. For instance, The SunShot initiative was started by the U.S. Department of Energy in 2011 to bring solar energy costs down to less than $1/watt by 2020, making it cost-competitive with other energy sources. The program has been financed by more than 350 initiatives Including businesses, private universities, and other organizations.
Key players covered in the solar trackers market
The countries covered in the solar trackers market report are Soltec Tracker, AllEarth RenewablesAbengoa Solar S.A., Nclave, DEGERenergie GmbH & Co. KG, SunPower Corporation, Powerway Renewable Energy Co. Ltd., Titan Tracker, Array Technologies Inc., Trina Solar Limited.
Recent Developments
- In September 2022, FTC Solar, Inc., a top supplier of solar tracker systems, software, and engineering services, announces the release of pioneer, a new and distinctive module for portrait (1P) solar trackers.?
- In September 2021, STI Control, a new system, was released by STI Norland. The software allows user to control and monitor PV plants.
Solar Tracker Market Report Scope
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Report Attributes |
Details |
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The market size value in 2023 |
USD 7.51 billion |
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The revenue forecast in 2032 |
USD 25.32 billion |
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CAGR |
14.4% from 2023 - 2032 |
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Base year |
2022 |
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Historical data |
2019 - 2022 |
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Forecast period |
2023 - 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2023 to 2032 |
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Segments Covered |
By Type, By Application, By Geography |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key Companies |
Abengoa Solar S.A., AllEarth Renewables, Array Technologies Inc., DEGERenergie GmbH & Co. KG, Nclave, Powerway Renewable Energy Co. Ltd., Soltec Tracker, SunPower Corporation, Titan Tracker, Trina Solar Limited. |
FAQ's
Global Solar Tracker Market Size Worth $25.32 Billion By 2032 .
Key players in the solar tracker market are Soltec Tracker, AllEarth RenewablesAbengoa Solar S.A., Nclave, DEGERenergie GmbH & Co. KG, SunPower Corporation, Powerway Renewable Energy Co. Ltd., Titan Tracker, Array Technologies Inc., Trina Solar Limited.
Asia-Pacific contribute notably towards the global solar tracker market.
The global solar tracker market expected to grow at a CAGR of 14.4% during the forecast period.
The solar tracker market report covering key segments are type, application, and geography.
