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

Solar Tracker Market
Get a free sample of this reportGet a free sample of this report Solar Tracker Market
Is your requirement urgent? Please give us your business email for a speedy delivery!
Buy Now
$4,123 $4,850
15% off
$4,840 $6,050
20% off
$5,845 $8,350
30% off
Buy now
Premium Report Details
Base Year: 2023
Companies covered: 21
Tables & Figures: 20
Countries covered: 26
Pages: 130
Download Free PDF
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.
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
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.
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 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:
Solar Tracker Industry News
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:
Click here to Buy Section of this Report
Market, By Product
Market, By Technology
Market, By Application
The above information has been provided for the following countries: