The global solar tracker market size was USD 5.55 billion in 2023, calculated at USD 7.01 billion in 2024 and is expected to reach around USD 71.81 billion by 2034, expanding at a CAGR of 26.2% from 2024 to 2034.
The global solar tracker market size accounted for USD 7.01 billion in 2024 and is expected to reach around USD 71.81 billion by 2034, expanding at a CAGR of 26.2% from 2024 to 2034. The North America solar tracker market size reached USD 1.67 billion in 2023.
To Access our Exclusive Data Intelligence Tool with 15000+ Database, Visit: Precedence Statistics
The U.S. solar tracker market size was estimated at USD 1.17 billion in 2023 and is predicted to be worth around USD 15.43 billion by 2034, at a CAGR of 26.4% from 2024 to 2034.
North America dominated the solar tracker market in 2023. 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 in 2023 | USD 5.55 Billion |
| Market Size in 2023 | USD 7.01 Billion |
| Market Size by 2034 | USD 71.81 Billion |
| Growth Rate from 2024 to 2034 | CAGR of 26.2% |
| Largest Market | North America |
| Fastest Growing Market | Europe |
| Base Year | 2023 |
| Forecast Period | 2024 to 2034 |
| Segments Covered | Product, Technology, Type, Application, Region |
| Regions Covered | North America,Asia Pacific, Europe, Latin America, Middle East and Africa |
The single axis tracker segment accounted largest revenue share of 90% in 2023. 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 2024 to 2034. 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 2023. 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 2023. 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 2023. 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 2024 to 2034. 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.
Segments Covered in the Report
By Product
By Technology
By Type
By Application
By Geography
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Solar Tracker Market
5.1. COVID-19 Landscape: Solar Tracker Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Solar Tracker Market, By Product
8.1. Solar Tracker Market, by Product Type, 2024-2034
8.1.1. Single Axis
8.1.1.1. Market Revenue and Forecast (2021-2034)
8.1.2. Dual Axis
8.1.2.1. Market Revenue and Forecast (2021-2034)
Chapter 9. Global Solar Tracker Market, By Technology
9.1. Solar Tracker Market, by Technology, 2024-2034
9.1.1. Solar Photovoltaic (PV)
9.1.1.1. Market Revenue and Forecast (2021-2034)
9.1.2. Concentrated Solar Power (CSP)
9.1.2.1. Market Revenue and Forecast (2021-2034)
9.1.3. Concentrated Photovoltaic (CPV)
9.1.3.1. Market Revenue and Forecast (2021-2034)
Chapter 10. Global Solar Tracker Market, By Type
10.1. Solar Tracker Market, by Type, 2024-2034
10.1.1. Active Solar Tracker
10.1.1.1. Market Revenue and Forecast (2021-2034)
10.1.2. Passive Solar Tracker
10.1.2.1. Market Revenue and Forecast (2021-2034)
Chapter 11. Global Solar Tracker Market, By Application
11.1. Solar Tracker Market, by Application, 2024-2034
11.1.1. Utility
11.1.1.1. Market Revenue and Forecast (2021-2034)
11.1.2. Residential
11.1.2.1. Market Revenue and Forecast (2021-2034)
11.1.3. Commercial & Industrial
11.1.3.1. Market Revenue and Forecast (2021-2034)
Chapter 12. Global Solar Tracker Market, Regional Estimates and Trend Forecast
12.1. North America
12.1.1. Market Revenue and Forecast, by Product (2021-2034)
12.1.2. Market Revenue and Forecast, by Technology (2021-2034)
12.1.3. Market Revenue and Forecast, by Type Type (2021-2034)
12.1.4. Market Revenue and Forecast, by Application Type (2021-2034)
12.1.5. U.S.
12.1.5.1. Market Revenue and Forecast, by Product (2021-2034)
12.1.5.2. Market Revenue and Forecast, by Technology (2021-2034)
12.1.5.3. Market Revenue and Forecast, by Type Type (2021-2034)
12.1.5.4. Market Revenue and Forecast, by Application Type (2021-2034)
12.1.6. Rest of North America
12.1.6.1. Market Revenue and Forecast, by Product (2021-2034)
12.1.6.2. Market Revenue and Forecast, by Technology (2021-2034)
12.1.6.3. Market Revenue and Forecast, by Type Type (2021-2034)
12.1.6.4. Market Revenue and Forecast, by Application Type (2021-2034)
12.2. Europe
12.2.1. Market Revenue and Forecast, by Product (2021-2034)
12.2.2. Market Revenue and Forecast, by Technology (2021-2034)
12.2.3. Market Revenue and Forecast, by Type Type (2021-2034)
12.2.4. Market Revenue and Forecast, by Application Type (2021-2034)
12.2.5. UK
12.2.5.1. Market Revenue and Forecast, by Product (2021-2034)
12.2.5.2. Market Revenue and Forecast, by Technology (2021-2034)
12.2.5.3. Market Revenue and Forecast, by Type Type (2021-2034)
12.2.5.4. Market Revenue and Forecast, by Application Type (2021-2034)
12.2.6. Germany
12.2.6.1. Market Revenue and Forecast, by Product (2021-2034)
12.2.6.2. Market Revenue and Forecast, by Technology (2021-2034)
12.2.6.3. Market Revenue and Forecast, by Type Type (2021-2034)
12.2.6.4. Market Revenue and Forecast, by Application Type (2021-2034)
12.2.7. France
12.2.7.1. Market Revenue and Forecast, by Product (2021-2034)
12.2.7.2. Market Revenue and Forecast, by Technology (2021-2034)
12.2.7.3. Market Revenue and Forecast, by Type Type (2021-2034)
12.2.7.4. Market Revenue and Forecast, by Application Type (2021-2034)
12.2.8. Rest of Europe
12.2.8.1. Market Revenue and Forecast, by Product (2021-2034)
12.2.8.2. Market Revenue and Forecast, by Technology (2021-2034)
12.2.8.3. Market Revenue and Forecast, by Type Type (2021-2034)
12.2.8.4. Market Revenue and Forecast, by Application Type (2021-2034)
12.3. APAC
12.3.1. Market Revenue and Forecast, by Product (2021-2034)
12.3.2. Market Revenue and Forecast, by Technology (2021-2034)
12.3.3. Market Revenue and Forecast, by Type Type (2021-2034)
12.3.4. Market Revenue and Forecast, by Application Type (2021-2034)
12.3.5. India
12.3.5.1. Market Revenue and Forecast, by Product (2021-2034)
12.3.5.2. Market Revenue and Forecast, by Technology (2021-2034)
12.3.5.3. Market Revenue and Forecast, by Type Type (2021-2034)
12.3.5.4. Market Revenue and Forecast, by Application Type (2021-2034)
12.3.6. China
12.3.6.1. Market Revenue and Forecast, by Product (2021-2034)
12.3.6.2. Market Revenue and Forecast, by Technology (2021-2034)
12.3.6.3. Market Revenue and Forecast, by Type Type (2021-2034)
12.3.6.4. Market Revenue and Forecast, by Application Type (2021-2034)
12.3.7. Japan
12.3.7.1. Market Revenue and Forecast, by Product (2021-2034)
12.3.7.2. Market Revenue and Forecast, by Technology (2021-2034)
12.3.7.3. Market Revenue and Forecast, by Type Type (2021-2034)
12.3.7.4. Market Revenue and Forecast, by Application Type (2021-2034)
12.3.8. Rest of APAC
12.3.8.1. Market Revenue and Forecast, by Product (2021-2034)
12.3.8.2. Market Revenue and Forecast, by Technology (2021-2034)
12.3.8.3. Market Revenue and Forecast, by Type Type (2021-2034)
12.3.8.4. Market Revenue and Forecast, by Application Type (2021-2034)
12.4. MEA
12.4.1. Market Revenue and Forecast, by Product (2021-2034)
12.4.2. Market Revenue and Forecast, by Technology (2021-2034)
12.4.3. Market Revenue and Forecast, by Type Type (2021-2034)
12.4.4. Market Revenue and Forecast, by Application Type (2021-2034)
12.4.5. GCC
12.4.5.1. Market Revenue and Forecast, by Product (2021-2034)
12.4.5.2. Market Revenue and Forecast, by Technology (2021-2034)
12.4.5.3. Market Revenue and Forecast, by Type Type (2021-2034)
12.4.5.4. Market Revenue and Forecast, by Application Type (2021-2034)
12.4.6. North Africa
12.4.6.1. Market Revenue and Forecast, by Product (2021-2034)
12.4.6.2. Market Revenue and Forecast, by Technology (2021-2034)
12.4.6.3. Market Revenue and Forecast, by Type Type (2021-2034)
12.4.6.4. Market Revenue and Forecast, by Application Type (2021-2034)
12.4.7. South Africa
12.4.7.1. Market Revenue and Forecast, by Product (2021-2034)
12.4.7.2. Market Revenue and Forecast, by Technology (2021-2034)
12.4.7.3. Market Revenue and Forecast, by Type Type (2021-2034)
12.4.7.4. Market Revenue and Forecast, by Application Type (2021-2034)
12.4.8. Rest of MEA
12.4.8.1. Market Revenue and Forecast, by Product (2021-2034)
12.4.8.2. Market Revenue and Forecast, by Technology (2021-2034)
12.4.8.3. Market Revenue and Forecast, by Type Type (2021-2034)
12.4.8.4. Market Revenue and Forecast, by Application Type (2021-2034)
12.5. Latin America
12.5.1. Market Revenue and Forecast, by Product (2021-2034)
12.5.2. Market Revenue and Forecast, by Technology (2021-2034)
12.5.3. Market Revenue and Forecast, by Type Type (2021-2034)
12.5.4. Market Revenue and Forecast, by Application Type (2021-2034)
12.5.5. Brazil
12.5.5.1. Market Revenue and Forecast, by Product (2021-2034)
12.5.5.2. Market Revenue and Forecast, by Technology (2021-2034)
12.5.5.3. Market Revenue and Forecast, by Type Type (2021-2034)
12.5.5.4. Market Revenue and Forecast, by Application Type (2021-2034)
12.5.6. Rest of LATAM
12.5.6.1. Market Revenue and Forecast, by Product (2021-2034)
12.5.6.2. Market Revenue and Forecast, by Technology (2021-2034)
12.5.6.3. Market Revenue and Forecast, by Type Type (2021-2034)
12.5.6.4. Market Revenue and Forecast, by Application Type (2021-2034)
Chapter 13. Company Profiles
13.1. NEXTracker
13.1.1. Company Overview
13.1.2. Product Offerings
13.1.3. Financial Performance
13.1.4. Recent Initiatives
13.2. Array Technologies
13.2.1. Company Overview
13.2.2. Product Offerings
13.2.3. Financial Performance
13.2.4. Recent Initiatives
13.3. Soltec
13.3.1. Company Overview
13.3.2. Product Offerings
13.3.3. Financial Performance
13.3.4. Recent Initiatives
13.4. Convert Italia
13.4.1. Company Overview
13.4.2. Product Offerings
13.4.3. Financial Performance
13.4.4. Recent Initiatives
13.5. Arctech Solar
13.5.1. Company Overview
13.5.2. Product Offerings
13.5.3. Financial Performance
13.5.4. Recent Initiatives
13.6. SunPower
13.6.1. Company Overview
13.6.2. Product Offerings
13.6.3. Financial Performance
13.6.4. Recent Initiatives
13.7. Sun Action Trackers
13.7.1. Company Overview
13.7.2. Product Offerings
13.7.3. Financial Performance
13.7.4. Recent Initiatives
13.8. STi Norland
13.8.1. Company Overview
13.8.2. Product Offerings
13.8.3. Financial Performance
13.8.4. Recent Initiatives
13.9. Scorpius Trackers
13.9.1. Company Overview
13.9.2. Product Offerings
13.9.3. Financial Performance
13.9.4. Recent Initiatives
13.10. Exosun
13.10.1. Company Overview
13.10.2. Product Offerings
13.10.3. Financial Performance
13.10.4. Recent Initiatives
Chapter 14. Research Methodology
14.1. Primary Research
14.2. Secondary Research
14.3. Assumptions
Chapter 15. Appendix
15.1. About Us
15.2. Glossary of Terms
No cookie-cutter, only authentic analysis – take the 1st step to become a Precedence Research client
Get a Sample