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Solar Tracker Market Size - By Product (Single Axis {Horizontal, Vertical}, Dual Axis), By Technology (PV, CSP), By Application (Residential, Commercial & Industrial, Utility), 2024 – 2032

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Solar Tracker Market Size

The global solar tracker market size was valued USD 50.5 Billion in 2023 and is anticipated to grow at a CAGR of 8.5% by 2032. A solar tracker is an automated system which orients solar panels or reflectors to the optimal angle for sunlight exposure. Their main purpose is to enhance the energy transformation effectiveness of power systems by changing the position of solar panels from east to west during day times depending on the position of the sun.
 

Solar Tracker Market

Ability to significantly increase the efficiency and output of solar power systems along with decreasing costs of solar trackers will enhance the business statistics. They can increase the energy output of solar panels by 10-25% for single-axis and up to 40% for dual-axis systems compared to fixed-tilt systems. Integrated modern solar trackers allow for grid technologies and IoT which enables intelligent monitoring and optimization of energy production. This will speed up the business processes.
 

Establishment of public and private institutions with setting of green energy targets will necessitate the use of advanced technologies, like solar trackers, to reach the goals set in the Paris agreement. Companies are adopting green energy solutions in an effort to mitigate the carbon footprint which will complement the product penetration. Further, improvement of materials and control systems will improve the integrity and, serviceability of the solar trackers and concomitantly reduce maintenance and downtime which will help the industry statistics.
 

Solar Tracker Market Trends

Solar trackers are of considerable advantage in large utility-scale solar farms as their first cost can be justified by the greater amount of energy generated and the improved ROI. Regions such as the Middle East, North Africa, some regions of USA, and Australia are experiencing increased installation of trackers due to marginal energy gains in these areas. Additionally, Tax credits, subsidies, and other financial incentives from governments will boost the business scenario in the forecasted timeframe.
 

Solar Tracker Market Analysis

Solar Tracker Market Size, By Product, 2021-2032 (USD Billion)

Based on product, the market is segmented into Single and dual axis. Single axis is anticipated to grow by more than USD 58.8 Billion by 2032. The solar panel efficiency is increased by 25-35% in relation to fixed-tilt systems, and thus they have great potential in maximizing energy output. Better materials and design have made them more dependable and robust, thereby lowering maintenance demands while increasing lifespan further improving product adoption. In addition, the increased energy output and efficiency gains from the single-axis trackers translate to better return on investment (ROI) for solar projects, driving the business scenario.
 

Solar Tracker Market Share, By Application, 2022

Based on application, the solar tracker market is segmented into residential, Commercial & Industrial and Utility. Residential is set to grow more than 11.5% by 2032 on account of demonstration projects and pilot programs in residential communities and innovative leasing and financing options that lower the upfront cost barrier for homeowners. Community solar projects, where multiple households share the benefits of a centrally located solar system with trackers, are becoming more popular. Moreover, they are increasingly being integrated with smart home systems, allowing homeowners to monitor and optimize their energy use more effectively.
 

Based on technology, the solar tracker market is segmented into PV and CSP. CSP is set to grow owing to technological advancements, comprising more efficient heat transfer fluids, better reflector materials, and improved thermal storage systems. Innovations in thermal energy storage (TES) allow CSP plants to store energy for use during non-sunny periods, providing a reliable and consistent power supply augmenting the product demand.
 

Europe Solar Tracker Market Size, 2022-2032 (USD Billion)

Europe solar tracker market is set to grow more than USD 16.6 Billion by 2032 driven by stringent renewable energy targets and supportive government policies. The European Union’s renewable energy targets and national policies aiming for at least 32% of energy consumption to come from clean energy sources by 2030 drive the adoption of efficient technologies, including trackers. Various European countries offer incentives such as feed-in tariffs, subsidies, and tax credits to support the product deployment.
 

Furthermore, the cost of solar trackers has been decreasing due to economies of scale, improved manufacturing processes, and technological advancements, thereby driving the business scenario in the region.
 

In the U.S. favorable policies, high solar potential, and significant utility-scale projects will enhance the industry scenario. Many of the largest solar farms in the country including the Topaz Solar Farm in California and the Copper Mountain Solar Facility in Nevada utilize solar trackers to maximize the energy production. Various federal and state-level incentives coupled with ongoing development for more affordable and user-friendly tracker solutions for the residential market will strengthen the business landscape.
 

Solar Tracker Market Share

Companies are diversifying their product portfolios to cater to different market segments and geographical regions. Focus on reducing production and installation costs to remain competitive in a price-sensitive market. Integration with IoT and AI for improved monitoring, control, and optimization of solar panels along with major companies forming partnerships with solar panel manufacturers to provide integrated solutions is sett o enhance the industry statistics. Strategic joint ventures to enter new markets and leverage local expertise and collaborations with research institutions and technology companies to drive innovation and improve product offerings.
 

Solar Tracker Market Companies

Eminent players operating in the solar tracker industry are:

  • ArcelorMittal
  • Array Technologies, Inc.
  • Arctech
  • All Earth Renewables
  • Convert Italia
  • DEGERENERGIE GMBH & CO. KG
  • GameChange Solar
  • Gonvarri Solar Steel
  • Haosolar Co. Ltd
  • IDEEMATEC
  • MECASOLAR
  • NCLAVE
  • Nextracker Inc.
  • Powerway Renewable Energy Co., Ltd
  • PVHardware
  • Scorpius Trackers
  • SmartTrak Solar Systems (Pvt) Ltd.
  • SOLTEC
  • STI Norland
  • SunPower Corporation
  • Trina Solar
     

Solar Tracker Industry News

  • In January 2023, Hindware Home Innovation, India along with its joint venture company Group Atlantic, France commenced the operation of a Solar Tracker manufacturing facility in India. The Indo-French joint venture between the two firms had set up an investment of USD 25.62 million for the establishment of the plant able to manufacture 6 lakh units of heating appliances & water heaters. The state-of-the-art plant aims to cater the growing demand for water heaters across India, thereby strengthening the company’s presence across the country.
     
  • In May 2022, GE Appliances opened a water heating manufacturing facility with advanced technology worth USD 70 million in South Carolina. This vertically integrated plant was set to make products ranging from coils of steel to high-quality water heaters for homes in the U.S. homes with robotic material handling & processing, cutting-edge machines for metal fabrication, and welding. This expansion allowed the company to showcase its expertise in large-scale projects in the U.S., thereby maintaining a strong position across the industry.
     

Global solar tracker market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “USD Billion & MW” from 2021 to 2032, for the following segments:

Market, By Product

  • Single axis
    • Horizontal
    • Vertical
  • Dual axis

Market, By Technology

  • PV
  • CSP

Market, By Application

  • Residential
  • Commercial & Industrial
  • Utility

The above information has been provided for the following countries:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Netherlands
    • Germany
    • Sweden
    • Spain
    • Austria
  • Asia Pacific
    • China
    • Australia
    • India
    • Japan
    • South Korea
  • Middle East
    • Saudi Arabia
    • UAE
    • Jordan
    • Israel
  • Africa
    • South Africa
    • Egypt
    • Nigeria
    • Algeria
    • Morocco
  • Latin America
    • Brazil
    • Chile

 

Authors: Ankit Gupta, Srishti Agarwal
Frequently Asked Question(FAQ) :
Which companies are operating in the solar tracker market?
Key players operating in the solar tracker industry are ArcelorMittal, Array Technologies, Inc., All Earth Renewables, Convert Italia, DEGERENERGIE GMBH & CO. KG, IDEEMATEC, MECASOLAR, NCLAVE, Scorpius Trackers, SOLTEC, STI Norland, SunPower Corporation, and Trina Solar, among others.
How substantial is the solar tracker market in Europe?
Why is the demand for residential solar trackers rising?
How big is the solar tracker market?
Solar Tracker Market Scope
  • Solar Tracker Market Size
  • Solar Tracker Market Trends
  • Solar Tracker Market Analysis
  • Solar Tracker Market Share
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    Premium Report Details

    Base Year: 2023

    Companies covered: 21

    Tables & Figures: 20

    Countries covered: 26

    Pages: 130

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