Solar Tracker Market Analysis

Solar Tracker Market Analysis

The single axis solar tracker market is anticipated to expand at 20% CAGR through 2032, on account of its highly reliability index and greater affordability. Growing requirement of these systems in tropical and high-altitude region will stimulate the industry landscape. Enhanced and better efficiency along with simple mechanism are some factors which strengthen the product installation. Further, the trackers are equipped with bifacial modules coupled with smart control software systems that will contribute to the product penetration in the coming times. For instance, Soltec, in 2020, introduced its bifacial single axis SF8 tracker that comes with a 4-6 string module connection. Furthermore, key factors including better consistency and extended lifetime will contribute to the business dynamics. The dual axis solar tracker industry is likely to cross USD 13.9 billion by 2032.
 

Residential solar tracker market will reach USD 9.5 billion by 2032. The highly efficient units are suitable for small-scale and large-scale projects depending upon the location and site conditions. Installation of efficient tracker systems by the key companies to save the electricity cost across the households will augment the product demand. For instance, GameChange Solar, in 2021, announced the first Genius Tracker project with a capacity of 394 MW, anticipated to supply clean solar power to the households across India.
 

Photovoltaic solar trackers market is estimated to record over 17% share by 2032. The service providers across the industry are substantially focusing on technological innovations comprising environmental compatibility, enhanced power output, and unit optimization to strengthen the market growth. For instance, FTC Solar, in 2021, announced the supply of solar trackers for a 504 MW project along with 260 MW of AC power storage in Arizona. In addition, the growing precision of the PV systems along with consistency of the trackers will considerably enhance the performance of PV modules.
 

Asia Pacific solar tracker market size will register at a CAGR of 3.5% till 2032, due to growing provision of federal tax credits, fiscal incentives, leveraging schemes along with utilization of renewables for power grid interconnection. Urgent requirement for government actions to meet with the increasing energy demand will institute a positive industry scenario thereby expanding the market size. For instance, Mexico, in 2020, announced its national strategy guidelines to cut back on the black carbon emissions coupled with substantial efforts to attain its GHG emission reduction targets.
 

High electricity demand and launch of large-scale solar projects by the major companies will strengthen the business landscape. For instance, Copenhagen Infrastructure Partners along with Greengate Power Corporation, in 2021, initiated the construction on Travers Solar, the largest solar PV project to be built in Canada.