Commercial & Industrial Solar Tracker Market Size By Product (Single Axis, Dual Axis), Regional Outlook, Competitive Market Share & Global Forecast, 2024 – 2032

Commercial & Industrial Solar Tracker Market Size

Commercial & Industrial Solar Tracker Market size was valued USD 5 Billion in 2023 and is anticipated to grow at a CAGR of 6.3% up to 2032. Solar trackers allow solar panels to follow the sun's path throughout the day, maximizing exposure to sunlight and optimizing energy capture. This results in higher energy yields compared to fixed tilt systems, making trackers attractive for developers seeking to maximize the output of their solar projects.
 

Capability of accommodating variable terrain and uneven ground conditions, optimize power output, and suitability for a wide range of energy applications will drive the product demand. Community solar programs allow multiple customers to share the benefits of a solar energy system located off site, comprising a solar farm equipped with solar trackers. State and provincial policies supporting community solar programs enable businesses, and organizations to participate in solar energy generation and receive credits or savings on their electricity bills. Furthermore, manufacturers continue to develop new features and technologies to differentiate their products and meet the evolving needs of developers and investors, augmenting the industry landscape.
 

Federal, state, and provincial policies and incentives support the deployment of solar energy projects, including those utilizing solar tracking technology, will drive the product demand. Furthermore, incentives including investment and production tax credits, along with renewable energy credits can support reduce the financial barriers associated with solar tracker installations and encourage their adoption.
 

Commercial & Industrial Solar Tracker Market Trends

Advancements in solar tracker technology to improve performance, reliability, and cost effectiveness will augment the business landscape. Innovations including bifacial optimization, independent row tracking, self-powered operation, along with advanced control algorithms will enhance the capabilities of solar trackers, thereby propelling the product penetration amongst developers and investors. Furthermore, potential increase in energy production is set to provide a favorable return on investment over the project's lifespan.
 

Commercial & Industrial Solar Tracker Market Analysis

Based on axis, the market is segmented into single axis and dual axis. Single axis is anticipated to grow by more than USD 5.1 billion by 2032. Higher energy production typically ranging from 20% to 30% depending on the location and design of the tracker support developers and investors to deploying trackers to optimize the performance and profitability of solar projects. Further, the systems help reduce greenhouse gas emissions and air pollution by enabling the generation of clean, renewable electricity from sunlight. The trackers play a crucial role in advancing the transition to a low carbon energy system and mitigating the impacts of climate change.
 

Dual axis trackers have the ability to achieve higher energy yields especially in locations with variable sun angles or seasonal changes in solar irradiance. Higher conversion efficiencies and greater energy output per unit area particularly during mornings and evenings, along with seasons with low sun angles will drive the product adoption. Moreover, the systems are well suited for bifacial solar modules, which can generate electricity from both the front and back surfaces, will enhance the performance of bifacial modules, thereby increasing energy production and improving overall system economics.
 

North America Commercial & Industrial solar tracker market is anticipated to grow by more than USD 520 Million by 2032. Supportive policies at the federal, state, and provincial levels play a crucial role in promoting the adoption of solar trackers and solar energy more broadly in the region. Introduction of Investment Tax Credit (ITC) for solar energy systems, allows project developers and investors to deduct a percentage of the qualified investment in solar energy property from their federal taxes, thereby augmenting the product penetration. Additionally, the Production Tax Credit (PTC) provides a tax credit for each kWh of electricity produced from qualified renewable energy sources, further incentivizing the development and operation of solar tracker projects.
 

Implementation of Renewable Portfolio Standards (RPS) create demand for renewable energy projects, including those utilizing solar trackers, by mandating the procurement of renewable energy credits (RECs) to meet the compliance obligations. Moreover, net metering and feed-in tariffs (FITs) provide financial incentives for commercial and industrial customers to invest in solar energy systems, including those equipped with solar trackers, by offsetting their electricity bills or providing revenue from excess generation, thereby driving the business scenario.
 

Commercial & Industrial Solar Tracker Market Share

The market is characterized by a combination of emerging innovators, established players, and regional specialists, each competing to deliver cost effective, reliable, and high performance tracking solutions for commercial and industrial solar projects. Additionally, key factors including technology differentiation, project execution capabilities, and customer service play crucial roles in determining the market competitiveness. Additionally, established players including Nextracker, Array Technologies and Soltec among others demonstrate their ability to maintain leadership positions in a competitive market.
 

Commercial & Industrial Solar Tracker Market Companies

Eminent players operating in the Commercial & Industrial Solar Tracker industry are:

• Nextracker Inc.
• Trina Solar
• Powerway Renewable Energy Co., Ltd
• MECASOLAR
• Abengoa
• Array Technologies, Inc.
• Haosolar Co. Ltd
• SOLTEC
• SmartTrak Solar Systems (Pvt) Ltd.
• Scorpius Trackers
• All Earth Renewables
   

Commercial & Industrial Solar Tracker Industry News

• In February 2024, TrinaTracker launched an enhanced version of Vanguard 1P Smart solution. It combines the latest version of the tracker along with recent improvements to the Smart Control System, making a significant technology advance. The smart control systems renowned for their performance, high reliability, efficiency, and innovative design facilitating the construction of longer trackers nearly up to 140 meters. Furthermore, the company’s strategic focus on mounting the smart solution elements and digitization will augment its business portfolio.
   
• In April 2024, Nextracker announced the launch of its flagship NX Horizon solar tracker system with nearly 35% lower carbon footprint. It includes Life Cycle Assessment (LCA) documentation comprising reductions in land use, carbon footprint, water consumption coupled with the manufacturing, sourcing, delivery, and operation of the solar trackers. Additionally, this will support the company expand its services to a larger part of consumers globally.
   

Commercial & Industrial Solar Tracker market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “USD Million & MW” from 2021 to 2032, for the following segments:

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Market, By Product, 2021 – 2032 (USD Million & MW)

• Single axis
• Dual axis

The above information has been provided for the following regions and countries:

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