Utility Single Axis Solar Tracker Market Size & Share 2024 - 2032
Market Size by Type (Horizontal, Vertical), Regional Outlook & Forecast.
Report ID: GMI11755
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Published Date: October 2024
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Report Format: PDF
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Authors:
Ankit Gupta, Srishti Agarwal
Utility Single Axis Solar Tracker Market Size
The global utility single axis solar tracker market was valued USD 16.8 Billion in 2023 and is estimated to grow at a CAGR of 21.4% by 2032. A single-axis solar tracker in utility-scale solar applications is a mechanical system that tilts or rotates solar panels along one axis to follow the sun's path throughout the day. By adjusting the angle of the solar panels, single-axis trackers optimize the amount of sunlight that hits the panels, thereby increasing energy output compared to fixed-tilt systems.
Utility Single Axis Solar Tracker Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
Modern single-axis trackers are being equipped with smart technologies, such as weather forecasting and real-time monitoring systems. These innovations allow trackers to optimize their positioning based on weather conditions, irradiance, and shading, ensuring maximum energy output even in less-than-ideal conditions, which will propel the product adoption. Bifacial modules, when integrated with single-axis trackers, allow utility-scale projects to achieve higher energy output without significantly increasing costs, making this combination highly attractive for solar developers. In addition, as the utility scale solar projects expand into emerging markets like Southeast Asia, Africa, and the Middle East, single-axis trackers are being adopted for large solar installations in these regions.
Decreasing cost of single-axis trackers owing to technological advancements and economies of scale, they contribute to a lower LCOE, making solar energy more competitive which will stimulate the industry statistics. Increase in energy production compared to fixed-tilt systems often results in a faster payback period, which encourages developers and utilities to invest in single-axis tracker systems, which will complement the product penetration. Furthermore, pairing of single-axis trackers with bifacial solar panels, which generate power from both sides of the panel by capturing reflected sunlight. This combination can increase energy production by an additional 10%–15%, will spur the market growth.
Utility Single Axis Solar Tracker Market Trends
The adoption of single-axis solar trackers in utility-scale solar applications is growing rapidly, driven by the technology's ability to increase energy production, reduce costs, and improve the overall efficiency of solar power plants leading to enhanced product growth. Single-axis trackers can increase energy output by 15% to 30% compared to fixed-tilt systems, making them highly attractive for utility-scale projects. Furthermore, single-axis trackers have become the standard in large-scale utility solar projects due to their ability to maximize land use and optimize energy production, driving the business scenario.
Utility Single Axis Solar Tracker Market Analysis
Based on type, horizontal segment is predicted to hit USD 69.5 billion by 2032, shaped by shaped by the growing demand for solar energy, technological advancements, and the increasing focus on optimizing solar power generation. Utility-scale solar farms, especially those exceeding 50 MW in size, are increasingly adopting horizontal solar trackers to maximize power generation efficiency, as they help achieve better land use and higher energy output per installed capacity.
Moreover, advances in the design and engineering of horizontal trackers have led to easier installation and reduced maintenance, making them a more attractive option for large-scale developers focused on operational efficiency and cost control. In addition, these trackers are well-suited for flat or gently sloping terrain, making them ideal for utility-scale projects that require efficient use of land and consistent power output.
Asia Pacific utility single axis solar tracker market is projected to surpass USD 8.5 billion by 2032, driven by growing demand for renewable energy, supportive government policies, and advancements in solar technologies. Key markets like China, India, Australia, and Southeast Asia, is experiencing a significant increase in utility-scale solar projects, driving the adoption of single-axis solar trackers.
Utility scale solar projects in APAC are under pressure to reduce the LCOE to remain competitive with conventional energy sources. They improve the energy yield by 15%–25%, to lower overall project costs while maximizing the output. Increasing use of bifacial solar panels in combination with single-axis trackers along with adoption of next generation solar trackers that use smart technology, such as AI-powered systems that adjust panel angles based on real-time weather and irradiance data will drive the business scenario.
In the U.S., global tracker manufacturers, including NEXTracker, Array Technologies, and Soltec, are increasingly investing in the market through partnerships with local solar developers, driving the product demand. Many companies are setting up manufacturing facilities or supply chains thereby helping to reduce costs and making trackers more accessible to the developers. Further, in markets with competitive bidding for solar projects, single-axis trackers provide a means to increase energy production without proportionally increasing costs, thus improving the project feasibility and winning bids.
Utility Single Axis Solar Tracker Market Share
The single axis solar tracker industry in utility-scale solar applications is characterized by a competitive landscape involving major manufacturers, technology innovation, regional dynamics, and cost-efficiency pressures. Key players in this market are increasingly focused on improving tracker technology, expanding global reach, and securing contracts with utility-scale solar developers to meet the rising demand for large-scale solar power generation. Several leading tracker companies have formed alliances with EPC contractors and solar developers to secure large utility scale projects. These partnerships ensure that the tracker technology is integrated early in project planning, leading to better project execution.
Utility Single Axis Solar Tracker Market Companies
Eminent players operating in the utility single axis solar tracker industry are:
Utility Single Axis Solar Tracker Industry News:
This utility single axis solar tracker market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue and volume in “(USD Million & MW)” from 2021 to 2032, for the following segments:
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Market, By Type
The above information has been provided for the following regions and countries:
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