Solar Tracker Market Size, Share, Trends, Industry Analysis Report: By Type, Application (Residential, Commercial, and Utility), and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Market Forecast, 2025–2034
- Published Date:Feb-2025
- Pages: 125
- Format: PDF
- Report ID: PM1150
- Base Year: 2024
- Historical Data: 2020-2023
Solar Tracker Market Overview
The solar tracker market size was valued at USD 9.27 billion in 2024. It is expected to grow from USD 10.58 billion in 2025 to USD 35.64 billion by 2034, at a CAGR of 14.5% during 2025–2034.
The heightened awareness of energy conservation and a rising shift from conventional fossil fuels to renewable energy sources drive the market growth. A solar tracker is a device that automatically adjusts the position of solar panels to maximize their exposure to sunlight. This increases the efficiency of solar energy systems by ensuring optimal alignment with the sun throughout the day.
The heightened awareness of energy conservation and a rising shift from conventional fossil fuels to renewable energy sources further drive the growth opportunities. Additionally, the cost of solar photovoltaic materials continues to decline, due to which more businesses are evaluating solar power as a viable commercial energy solution. This trend is expected to catalyze the expansion of solar tracking systems, which optimize the angle of solar panels to maximize sunlight exposure and energy capture throughout the day.
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The demand is expected to grow significantly during the forecast period due to advancements in solar panel technology. Improved solar panel efficiency allows for higher energy generation, making the use of solar trackers more valuable. Technological improvements in solar panels and trackers enhance overall performance, making them more cost-effective for large-scale solar projects. These advancements are driving increased demand for solar tracking systems, as they offer a more efficient and profitable way to harness solar energy.
Market Dynamics
Rising Installation of Solar Panels
Many businesses, homes, and governments across the world are adopting solar energy, driving the demand for solar power systems. For instance, according to the Indian Ministry of New and Renewable Energy, in 2023, 741 MW capacity of solar panels were installed in the country, showcasing a larger volume of solar panel installation. Rising solar panel installations, especially in large-scale projects, have increased the demand for these trackers. Additionally, the decreasing cost of solar panels makes it easier to incorporate trackers. Therefore, the expanding adoption of solar energy continues to push the demand for solar panel installations, contributing to the solar industry development.
Government Support and Incentives
Many governments worldwide are implementing policies that promote renewable energy use, including subsidies, tax breaks, and grants for solar power projects. These incentives make solar energy more affordable, encouraging businesses and homeowners to invest in solar systems and tracker installation. Solar trackers play an important role in increasing the efficiency of solar systems, leading to higher energy production. Additionally, government support has increased the adoption of solar panels and trackers, boosting the demand.
Segment Analysis
Assessment by Type Outlook
The solar tracker market segmentation, based on type, includes single axis solar tracker and dual axis solar tracker. The single axis solar tracker segment accounted for a larger market share in 2024. This is primarily due to its low operating costs and simple setup. Single-axis trackers are designed to follow the sun’s movement from East to West, which helps increase energy generation without requiring complex mechanisms. The relatively simple design reduces installation and maintenance costs, making it an attractive option for many solar projects. Additionally, the lower cost and higher efficiency of single-axis trackers make them ideal for residential and commercial tracker installations, driving their growth opportunities.
The dual axis solar tracker segment is expected to grow at a rapid pace in the coming years, owing to the rising adoption of advanced photovoltaic technologies and the increasing emphasis on maximizing energy yield per unit area. Dual axis systems offer enhanced solar exposure by following the sun on both the horizontal and vertical planes, which boosts efficiency and energy output particularly in locations with variable weather conditions or limited space, such as commercial rooftops or high-value land. Technological improvements, combined with declining costs and integration with smart tracking algorithms, further strengthen the segment’s appeal.
Evaluation by Application Outlook
The solar tracker market segmentation, based on application, includes residential, commercial, and utility. The utility segment is expected to experience significant growth in the market due to rising electricity costs and increasing demand for renewable energy sources. Utility-scale solar power plants require large installations to meet growing energy needs, and helping to optimize the efficiency of these systems by ensuring that solar panels capture the maximum amount of sunlight. Owing to the rising electricity prices, utilities are turning to solar power as a cost-effective and sustainable energy solution. Therefore, growing electricity costs and increasing demand for renewable energy sources are driving the growth for the utility segment.
Regional Analysis
By region, the study provides the solar tracker market insights into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2024, North America held the largest revenue share in the market due to the region's increasing emphasis on renewable energy. Governments and businesses in the US and Canada are investing heavily in sustainable manufacturing through the installation of solar panels to reduce carbon emissions, which boosts the demand. For instance, according to the US Department of the Treasury, in 2024, the US government invested USD 3.5 billion in solar installations, showcasing an increase in government investments in solar power. Additionally, the growing adoption of solar energy is driven by supportive policies, tax incentives, and a focus on energy independence. Solar trackers, which enhance the efficiency of solar panels, are becoming a vital part of large-scale solar projects. Therefore, the growing emphasis on renewable energy is driving the North America’s expansion opportunities.
The Asia Pacific market is experiencing significant growth due to the increasing demand for renewable energy and rapid urbanization. Countries such as China, India, and Japan are leading the adoption of solar power to meet their growing energy needs and reduce carbon emissions. Government initiatives, including subsidies and favorable policies, are encouraging the installation of solar systems. Solar trackers are becoming popular in large-scale solar projects across the region. Thus, the rising shift toward cleaner energy is driving the Asia Pacific expansion.
In India it is expected to grow significantly during the forecast period due to the presence of major renewable energy provider companies. India has set ambitious renewable energy goals, with a focus on expanding solar power capacity to meet its growing energy demand. Large energy companies are increasingly adopting these trackers to improve the efficiency and performance of their solar projects. Additionally, growing support from the government and the involvement of leading renewable energy firms have increased the demand, thereby driving the expansion in India.
Key Players & Competitive Analysis Report
The market is constantly evolving, with numerous companies striving to innovate and distinguish themselves. Leading global corporations dominate the market by leveraging extensive research and development and advanced techniques. These companies pursue strategic initiatives such as mergers and acquisitions, partnerships, and collaborations to enhance their product offerings and expand into new markets.
New companies are impacting the market by introducing innovative products to meet the demand from specific sectors. This competitive environment is amplified by continuous progress in product offerings. Major players in the market are 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, and Trina Solar Limited.
Array Technologies Inc. is an American company that focuses on renewable energy, specifically in the design and manufacture of utility-scale solar tracking systems. Founded over 30 years ago, the company has developed a range of products, including the DuraTrack HZ v3 and Array OmniTrack, which are designed to increase the efficiency of solar energy production by allowing solar panels to follow the sun's movement throughout the day. The primary market for Array Technologies is the solar tracker segment, where it provides solutions for utility-scale applications. The company’s products are built to withstand various environmental conditions and are expected to perform effectively over a lifespan of at least 30 years. Array serves a variety of clients, including developers, independent power producers, engineering, procurement, and construction (EPC) firms, as well as utilities and mechanical subcontractors. Additionally, the company has introduced data management platforms such as SmarTrack, which incorporates machine learning to optimize energy production and enhance operational efficiency. Array Technologies operates on a global scale, with a presence in regions such as North America, Europe, Latin America, the Middle East, and Africa. The company is headquartered in Albuquerque, New Mexico, and has offices in São Paulo, Brazil, along with several locations in Spain and the UK.
Powerway Renewable Energy Co., Ltd. is a company that operates in the renewable energy industry, focusing primarily on photovoltaic (PV) solutions. Established over 14 years ago, the company specializes in the manufacturing and supply of solar tracking systems, ground-mounted systems, and distributed photovoltaic solutions. Powerway provides solar technologies that function in various environmental conditions, including agricultural, coastal, mountainous, and snowy regions. Additionally, Powerway produces various solar mounting systems, including fixed support structures and different pile foundation types suitable for diverse applications. Their roof mounting systems are designed for both residential and commercial distributed generation projects. Powerway has delivered over 25 gigawatts of products and services across 86 countries. Powerway operates globally, with a notable presence in several regions. In Asia, the company is active in countries such as China and Japan. In Europe, it has established subsidiaries in nations such as Germany and the Czech Republic. The company also engages in projects across Latin America.
List of Key Companies in Solar Tracker Industry
- 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
Solar Tracker Industry Developments
October 2024: Trinasolar received zero-carbon factory and zero-waste landfill certificates from TÜV Rheinland. According to Trinasolar, these certificates pave the way for new standards in the industry and will support sustainable development.
June 2024: Axial, a pioneer in the design, manufacture, and operation of trackers for utility-scale photovoltaic projects, presents its fourth generation of solar trackers with the launch of the AxialTracker SlopeSync.
April 2024: Nextracker, a global provider of intelligent solar trackers and software solutions, announced the availability of its flagship NX Horizon solar tracker system with up to 35% lower carbon footprint.
April 2024: Soltec, a vertically integrated company dedicated to photovoltaic projects with solar trackers, introduced its new SFOneX to adapt to various types of projects.
September 2022: FTC Solar, Inc., a top supplier of solar tracker systems, software, and engineering services, announced the release of Pioneer, a new and distinctive module for portrait (1P) trackers.
Solar Tracker Market Segmentation
By Type Outlook (Revenue USD Billion, 2020–2034)
- Single Axis Solar Tracker
- Dual Axis Solar Tracker
By Application Outlook (Revenue USD Billion, 2020–2034)
- Residential
- Commercial
- Utility
By Regional Outlook (Revenue USD Billion, 2020–2034)
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
Solar Tracker Market Report Scope
|
Report Attributes |
Details |
|
Market Size Value in 2024 |
USD 9.27 billion |
|
Market Size Value in 2025 |
USD 10.58 billion |
|
Revenue Forecast by 2034 |
USD 35.64 billion |
|
CAGR |
14.5% from 2025 to 2034 |
|
Base Year |
2024 |
|
Historical Data |
2020–2023 |
|
Forecast Period |
2025–2034 |
|
Quantitative Units |
Revenue in USD billion and CAGR from 2025 to 2034 |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
|
|
Regional Scope |
|
|
Competitive Landscape |
|
|
Report Format |
|
|
Customization |
Report customization as per your requirements with respect to countries, regions, and segmentation. |
FAQ's
• The market size was valued at USD 9.27 billion in 2024 and is projected to grow to USD 35.64 billion by 2034.
• The global market is projected to register a CAGR of 14.5% during 2025–2034.
• North America accounted for the largest market share in 2024.
• A few key players in the market are 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, and Trina Solar Limited.
• The single axis solar tracker segment accounted for a larger share in 2024 due to its low operating costs and simple setup.
• The utility segment is expected to experience significant growth in the market during the forecast period due to rising electricity costs and increasing demand for renewable energy sources
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