Commercial & Industrial Solar Tracker Market Analysis

Commercial & Industrial Solar Tracker Market Analysis

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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.