A tracker is used to direct the solar panel towards the sunlight continuously by changing the orientation of the panel corresponding to changing the position of the sun. This help the solar panels to capture the maximum of the sun’s energy throughout the day and increase its power output ratio. The global solar tracker market was estimated to be at 16.53 GW of capacity in 2018. The market is primarily driven by the increasing demand for energy, rising environmental concerns, and awareness coupled with the depleting fossil fuel around the globe.
The rising government initiatives in countries such as United States, India, and China to switch to solar energy are accelerating the demand for solar trackers during the forecast period. For instance, the Indian government is executing major initiatives such as the International Solar Alliance to be leading solar power contributor by 2025. Such initiatives by the Indian government are increasing the demand for solar trackers in the region.
With a projected valuation of USD 4.40 billion in 2022 and a projected growth rate of 26.10% from 2023 to 2032, the global solar tracker market is expected to reach USD 44.55 billion by 2032.
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Further, the constant product innovation in solar technology, rising adoption of IoT and Artificial Intelligence are expected to offer new growth opportunities to the solar tracker companies. The solar energy plants are aiming at centralizing the management of solar plants by using newer technologies such as cloud IoT and IoT among others. For instance, NEXTracker Inc. in 2017, a key player introduced TrueCapture a self-adjusting and an intelligent solar tracker. TrueCapture by using its platform is constantly refining the angel of the solar arrays according to the changing weather conditions. Flex’s (the parent company of NEXTracker Inc.) through its IoT platform is connected with TrueCapture.
Solar Tracker Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2032 |
| Study Period | 2018-2032 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2032 | USD 44.55 billion |
| Growth Rate | CAGR of 26.10 % during 2023-2032 |
| Segment Covered | Product, Technology, Type, Application, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Arctech Solar (India), Convert Italia (Italy), Exosun (U.S.), First Solar (U.S.), Grupo Clavijo (Spain), Ideematec (Germany), Mahindra Susten (India), NClave (Spain), NEXTracker (U.S.), PV Hardware (U.S.) |
Segment Overview of Global Solar Tracker Market
Product Overview (USD Billion)
- Single axis
- Dual axis
Technology Overview, (USD Billion)
- Photovoltaic (PV)
- Concentrated photovoltaic (CPV)
- Concentrated solar power (CSP)
- Application Overview, (USD Billion)
- Utility
- Non-Utility
- Regional Overview, (USD Billion)
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- Spain
- Rest of Europe
- Asia Pacific
- India
- Japan
- China
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Chile
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Jordan
- Rest of MEA
- Rest of Middle East and Africa
- North America
Frequently Asked Questions (FAQ) :
What is the expected CAGR in terms of revenue for the solar tracker market over the forecast period?
The global solar tracker market revenue is expected to register a CAGR of 26.10% during the forecast period.
The Asia Pacific region is estimated to hold the highest market share in the solar tracker market.
Arctech Solar (India), Convert Italia (Italy), Exosun (U.S.), First Solar (U.S.), Grupo Clavijo (Spain), Ideematec (Germany), Mahindra Susten (India), NClave (Spain), NEXTracker (U.S.), PV Hardware (U.S.).
The solar tracker market is studied from 2022- 2032.
The sample for solar tracker market report can be obtained on demand from the website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.
The government regulations & initiatives are playing a vital role in the growth of renewable energy resources and ultimately boosting the demand for solar trackers. For instance, in 2015, the United States Department of Energy in association with the Department of Housing & Urban Development (HUD), the U.S. Environmental Protection Agency (EPA) and the U.S. Department of Agriculture (USDA) coupled with different non-profit organizations, states and communities announced the mission of National Community Solar Partnership. The National Community Solar Partnership aims to provide access to solar energy to nearly 50% of the businesses and households across the nation. Similarly, the Indian government is implementing key initiatives to become a leading solar power contributor by 2025. The most recent one that is projected to have a large impact was in 2018 due to the International Solar Alliance between France and India. One of the aims of the alliance is to offer a subsidy to reduce the financing required for solar power projects and the required technology to facilitate more solar infrastructure by 2030 in India.
Based on the type of product the global solar tracker market is segmented in a single axis and dual axis solar tracker. Single axis solar trackers were valued at USD 2.74 billion and the capacity was 10.84 GW in 2018 in the global solar tracker market. A single-axis tracker moves along the north to south direction along a single axis while dual axis moves both north-south & east-west along two axes. Dual axis solar trackers are costlier than single axis and hence utility sector has widely using single axis making it highest selling solar tracker. Dual axis solar trackers are projected to surge in demand in the global solar tracker market as they offer more power output and are more efficient compared to the single axis.
In application areas, Utility segment accounted to more than 86% share in capacity in the global solar tracker market in 2018. The rising cost of electricity, the utility sector is now shifting to renewable sources such as solar are projected to increase the demand for solar trackers. Further government rules and regulation to reduce carbon emission coupled government initiatives to move to solar energy, the utility sector is projected to widely adopt to solar trackers driving the growth of the global solar tracker market.
On the basis of technology, photovoltaic solar trackers had a market share of more than 70% in 2018 in global solar tracker market. Photovoltaic panels produce electric energy from both direct and diffuse sunlight compared to other types, hence improving the power output ratio. Owing to the above utility sector has widely adopted to photovoltaic panels in solar tracker driving the growth of the global solar tracker market.
In 2018, North America solar tracker size was 9.43 GW capacity units in the global solar tracker market. The structural design of solar tracker has proven itself under hardest climatic changes such as hurricane and snowstorms, hence utility sector in North America has adopted the solar tracker to produce solar energy. Further, Mexico is projected for a strong growth in the region as many new solar plants are being built to power the major cities in Mexico. For instance, in 2017, NEXTracker Inc. a key player in the global solar tracker market announced to build the largest single axis solar tracker in Western Hemisphere. The long-term project will have the capacity of 750GW and will deliver power to Northern Mexico starting its operation in 2018.
Asia-pacific is projected to grow strongly in the global solar tracker market in comparison with other regions. The Asia market is expected to be driven by strategic & ambitious government initiatives coupled with stringent regulations in China, India, Japan, and many other South Asian countries. China and India are expected to establish new and utility-scale solar power plants in the next few years, which will further accelerate the growth of the global solar tracker market.
