Residential Solar Tracker Market Size - By Product (Single Axis, Dual Axis), Regional Outlook & Forecast, 2024 – 2032

Residential Solar Tracker Market Size

Residential Solar Tracker Market was valued at USD 775.1 million in 2023 and is anticipated to grow at a CAGR of 8.2% from 2024 to 2032. A solar tracker is a device used to orient solar panels or mirrors toward the sun. The purpose of solar tracking is to maximize the amount of sunlight that the panels or mirrors receive, thereby increasing the efficiency of the solar energy system. They adjust the position of the solar panels or mirrors throughout the day to follow the sun's path across the sky.
 

Key features comprising flexibility in system design, higher efficiency, and deployment & longer financial benefits is set to drive the product adoption. The use of solar trackers is growing, particularly in large-scale solar installations. Increasing demand for efficient solar energy systems and favorable government policies promoting renewable energy will drive the business scenario. Additionally, optimal angle adjustment, increased energy output, and seasonal adaptability ensuring maximum energy production will contribute to the product demand.

Innovations in solar tracker design, materials, and control systems have made them more reliable and cost-effective. Improved tracking algorithms and the integration of IoT and AI technologies will enhance the precision and efficiency of solar trackers, which will drive the product adoption. Ongoing development of more robust and durable components has reduced maintenance requirements and increased the lifespan of solar trackers will complement the industry landscape. In addition, the cost of solar trackers has decreased due to economies of scale and advancements in manufacturing processes, contributing to the business momentum.
 

Residential Solar Tracker Market Trends

Increased competition among manufacturers has also contributed to lowering the prices of solar trackers. Growing adoption in regions with high solar insolation along with shift towards renewable energy and the emphasis on maximizing efficiency have driven the adoption of solar trackers. Additionally, focus on sustainability and reducing the carbon footprint of energy systems along with increasing the efficiency of solar panels, trackers contribute to producing more clean energy with the same amount of installed capacity, thereby driving the industry landscape.
 

Residential Solar Tracker Market Analysis

Based on product, the single axis segment is likely to reach USD 1.06 billion by 2032 on account of the preferred choice for many utility-scale projects due to their balance between performance improvement and cost. They are generally less expensive to purchase and install reducing both material and labor costs which will foster the single axis solar tracker product adoption. Additionally, they require less maintenance and are less prone to mechanical failures, thereby lower ongoing operational expenses which will drive the business scenario.          
 

Dual axis solar tracker market is set to grow at a CAGR of over 7.5% through 2032 on account of utilization in specific applications where maximizing energy capture is crucial comprising locations with limited space or in concentrated solar power (CSP) systems. They can increase energy production by up to 35-45% compared to fixed-tilt systems contribute to the business momentum. They are employed in solar research facilities and demonstration projects to showcase the potential of maximizing solar energy capture. Moreover, modern dual-axis trackers incorporate sensors and software that optimize the tracking process, enhancing overall efficiency, driving the product adoption.
 

Asia Pacific Solar tracker market is estimated to cross over USD 917 million by 2032. Rapidly growing economies and population, contributing to a high demand for energy will support solar energy as a key solution to meet this demand sustainably, strengthening the product adoption. Countries like China, India, and Australia are leading the way with large-scale solar projects, many of which are adopting solar trackers to maximize efficiency. Several countries have set ambitious targets for renewable energy, driving the adoption of advanced technologies like solar trackers to achieve these goals which will drive the market growth.
 

The U.S. dual axis solar tracker market is driven by advances in solar tracker technology, including more reliable and cost-effective designs. The integration of IoT and AI for better monitoring and optimization of solar tracker performance will enhance the product adoption.
 

Residential Solar Tracker Market Share

The solar tracker industry is experiencing significant growth, driven by technological advancements and inorganic growth ventures. Increasing adoption of solar energy, Favorable government policies, and advancements in solar tracking technologies will contribute to the industry scenario. Additionally, mergers and acquisitions along with partnerships across the ecosystem will strengthen the market positions to enhance their technological capabilities.
 

Residential Solar Tracker Market Companies

Eminent players operating in the residential solar tracker industry are:

• Array Technologies, Inc.
• All Earth Renewables
• ArcelorMittal
• DEGERENERGIE GMBH & CO. KG
• FLEXRACK by Qcells, LLC
• GameChange Solar
• Haosolar Co. Ltd
• IDEEMATEC
• PVHardware
• MECASOLAR
• Nextracker Inc.
   

Residential Solar Tracker Industry News:

• In April 2024, Nextracker announced the availability of its solar tracker system equipped with nearly 35% lower carbon footprint. The NX Horizon low carbon tracker solution comprises of Life Cycle Assessment (LCA) documentation. The company achieved its Product Carbon Footprint label certification for its tracker system. Additionally, this will demonstrate the innovation and leadership required to propel the energy sector.
   
• In May 2024, PVH Software designed ProInsights SCADA designed for remote monitoring, analysis, control and maintenance of any existing solar tracking system. It is designed for managers and plant operators, offering operational visibility making the system maintenance more efficient, easier, and reliable.
   

This residential 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

• 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
• Middle East
  • Saudi Arabia
  • UAE
  • Jordan
  • Israel
• Africa
  • South Africa
  • Egypt
  • Algeria
  • Nigeria
  • Morocco
• Latin America
  • Brazil
  • Chile