The global solar tracker market size was valued at USD 4.40 billion in 2022 and it is expected to hit USD 44.55 billion by 2032, poised to grow at a CAGR of 26.10% from 2023 to 2032.
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The global solar tracker market size was reached at USD 0.92 billion in 2022 and it is projected to touch USD 9.51 billion by 2032, at a CAGR of 26.30% between 2023 to 2032.
North America dominated the solar tracker market in 2022. The North America market size was valued at USD 10 billion in 2020. The market players are adopting unique strategies such as partnership, joint venture, product launch, and collaboration. These strategies are contributing towards the growth of the regional market. For instance, the SunShot Initiative was started in 2011 by the U.S. Department of Energy to make the solar industry cost competitive with conventional energy sources by 2020 by lowering costs to less than 1 USD/watt. More than 350 initiatives have received funding from the initiative.
Europe, on the other hand, is expected to develop at the fastest rate during the forecast period. The UK dominates the solar tracker market in Europe region. The growth of Europe solar tracker market is attributed to the growing funding by government bodies. The technological advancements are contributing towards the growth of solar tracker market in Europe region. In addition, the rising solar tracker deployment of solar panels is driving the expansion of Europe solar tracker market.
A solar tracker surges the solar panel system’s productivity capacity by synchronizing the solar panels with the path of the sun. The growing initiatives and efforts by market players are driving the growth of global solar tracker market. For instance, PV Hardware Solutions S.L.U., a major participant in the solar tracker market, was chosen as the supplier for the single axis solar tracker for more than 30PV plants with a total capacity of more than 3GW in April 2019.
In addition, the growth of global solar tracker market is being driven by the growing emphasis on clean and green energy. The growing awareness about environmental pollution is also boosting the growth of global solar tracker market. One of the primary factors driving the growth of solar tracker market is a huge increase in the number of solar panel installations around the world. Moreover, the solar tracker market is growing due to the introduction of favorable government regulations that promote various solar energy projects.
Due to the increased industrial demand for sophisticated technology for tracking reasons, companies are concentrating on developing advanced technology-based products. For growing their geographical reach and product portfolio, manufacturing organizations use a variety of organic and inorganic expansion tactics. The key market players’ strategic approach revolves around securing large buy orders, as this helps them to realize to economic growth. The tracker research and development are a key differentiator for industry players.
A solar tracker’s other key goal is to save energy and increase operational efficiency. This is due to the fact that solar trackers are distinct energy consuming organizations that are attached to solar panels in order to improve their performance. Furthermore, solar trackers must provide operational reliability across a variety of operating conditions, as any impact on tracker application performance can have a significant impact on the overall performance of solar panels or power systems.
| Report Coverage | Details |
| Market Size by 2032 | USD 44.55 Billion |
| Growth Rate from 2023 to 2032 |
CAGR of 26.10% |
| Largest Market | North America |
| Fastest Growing Market | Europe |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Product, Technology, Type, Application, Geography |
| Companies Mentioned | NEXTracker, Array Technologies, Soltec, Convert Italia, Arctech Solar, SunPower, Sun Action Trackers, STi Norland, Scorpius Trackers, Exosun |
The single axis tracker segment accounted largest revenue share 90% in 2022. Single axis trackers typically move from east to west, following the sun’s path. Single axis trackers are inexpensive, easy to setup, and operate at a minimal cost. They outperform dual axis trackers in terms of reliability. Dual axis trackers have a shorter lifespan than single axis trackers. Single axis trackers are ideal for businesses looking for a low-cost solution.
The dual axis tracker segment is projected to witness strong growth from 2023 to 2032. When compared to single axis trackers, dual axis trackers help generate 8% to 10% more energy. The dual axis trackers have a high operational and maintenance cost due to higher space needs, more sophisticated technology, and significant maintenance for motors and control systems.
The solar photovoltaic (PV) segment dominated the solar tracker market in 2022. Solar photovoltaic is a modestsystem that usagessunlight to produce electricity with no working components. Solar photovoltaic systems directly absorb solar photons, which are light particles that operate as independent units of energy and either convert part of the energy to electricity or store some of the energy in a chemical reaction.
The concentrated photovoltaic (CPV) segment is fastest growing segment of the solar tracker market in 2022. Concentrated photovoltaic (CPV) systems focus sunlight on solar cells, boosting their efficiency significantly. In a concentrated photovoltaic (CPV) system, the photovoltaic cells using a lens or mirrors. To keep sunlight focused on photovoltaic cells, concentrated photovoltaic (CPV) systems must track the sun. The minimal capital investment, high efficiency, and low cost of system are the key benefits of concentrated photovoltaic (CPV) systems, which allow for rapid scale up by using least expensive semiconducting photovoltaic material to meet a specific electrical output.
The utility segment dominated the solar tracker market in 2022. As utility installations are ground mounted and solar trackers may be used to follow the sun during the day, single axis tracking systems are the most commonly utilized solar trackers in the utility industry. Furthermore, due to rising government subsidies and feed in tariff programs, these trackers are increasingly being employed in utility applications, particularly in developing and developed regions.
The non-utility segment is expected to grow at a fastest rate from 2022 to 2030. The residential and commercial installations make up the non-utility sector. Due to the infeasibility of using trackers due to land limits, non-utility applications have a lower market share than utility applications. In non-utility applications, installing solar trackers can be highly expensive.
Key Developments
Segments Covered in the Report
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By Product
By Technology
By Type
By Application
By Geography
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