Solar Tracker Market Size - By Product (Single Axis {Horizontal, Vertical}, Dual Axis), By Technology (PV, CSP), By Application (Residential, Commercial & Industrial, Utility), Regional Outlook & Forecast, 2024 – 2032

Solar Tracker Market Size

Solar Tracker Market was valued at USD 50.5 billion in 2023 and is anticipated to grow at a CAGR of 8.5% from2024 to 2032. A solar tracker is a device that orients solar panels or mirrors toward the sun to maximize their energy capture. The primary goal of a solar tracker is to increase the efficiency of solar power systems by ensuring that the solar panels remain optimally aligned with the sun's position in the sky throughout the day.
 

Ability to significantly increase the efficiency and output of solar power systems along with  decreasing costs of solar trackers will enhance the business statistics. They can increase the energy output of solar panels by 10-25% for single-axis and up to 40% for dual-axis systems compared to fixed-tilt systems. Modern solar trackers can integrate with smart grid technologies and IoT, allowing for better monitoring, control, and optimization of energy production which will accelerate the business dynamics.
 

Governments and organizations worldwide are setting ambitious renewable energy targets, promoting the adoption of efficient technologies like solar trackers to meet the sustainability goals. Companies are increasingly adopting renewable energy solutions to reduce their carbon footprint which will complement the product penetration. Additionally, advancements in materials and control systems will enhance the reliability and lifespan of solar trackers, thereby reducing maintenance costs and downtime boosting the industry statistics.
 

Solar Tracker Market Trends

Solar trackers are particularly beneficial for utility-scale solar farms, where the higher initial investment can be offset by the increased energy production and improved return on investment. Regions with high solar irradiance, such as the Middle East, North Africa, and parts of the United States and Australia, are seeing more tracker installations due to the substantial energy gains in these areas. Additionally, Tax credits, subsidies, and other financial incentives from governments will boost the business scenario in the forecasted timeframe.
 

Solar Tracker Market Analysis

Based on product, the single solar tracker market is anticipated to cross more than USD 58.8 billion by 2032. These enhance the solar panel efficiency by up to 25-35% compared to fixed-tilt systems, making them highly attractive for maximizing energy output. Advances in materials and design have made them more reliable and durable, thereby reducing maintenance costs and increasing their lifespan strengthening the product adoption. In addition, the increased energy output and efficiency gains from the single-axis trackers translate to better return on investment (ROI) for solar projects, driving the business scenario.
 

Based on application, the residential solar tracker market is set to grow at a CAGR of over 11.5% through 2032, on account of demonstration projects and pilot programs in residential communities and innovative leasing and financing options that lower the upfront cost barrier for homeowners. Community solar projects, where multiple households share the benefits of a centrally located solar system with trackers, are becoming more popular. Moreover, they are increasingly being integrated with smart home systems, allowing homeowners to monitor and optimize their energy use more effectively.
 

Based on technology, the CSP segment is set to grow owing to technological advancements, comprising more efficient heat transfer fluids, better reflector materials, and improved thermal storage systems. Innovations in thermal energy storage (TES) allow CSP plants to store energy for use during non-sunny periods, providing a reliable and consistent power supply augmenting the product demand.
 

Europe solar tracker market is projected to surpass USD 16.6 billion by 2032, driven by stringent renewable energy targets and supportive government policies. The European Union’s renewable energy targets and national policies aiming for at least 32% of energy consumption to come from clean energy sources by 2030 drive the adoption of efficient technologies, including trackers. Various European countries offer incentives such as feed-in tariffs, subsidies, and tax credits to support the product deployment. Furthermore, The cost of solar trackers has been decreasing due to economies of scale, improved manufacturing processes, and technological advancements, thereby driving the business scenario in the region.
 

In the U.S. favorable policies, high solar potential, and significant utility-scale projects will enhance the industry scenario. Many of the largest solar farms in the country including the Topaz Solar Farm in California and the Copper Mountain Solar Facility in Nevada utilize solar trackers to maximize the energy production. Various federal and state-level incentives coupled with ongoing development for more affordable and user-friendly tracker solutions for the residential market will strengthen the business landscape.
 

Solar Tracker Market Share

Companies are diversifying their product portfolios to cater to different market segments and geographical regions. Focus on reducing production and installation costs to remain competitive in a price-sensitive market. Integration with IoT and AI for improved monitoring, control, and optimization of solar panels along with major companies forming partnerships with solar panel manufacturers to provide integrated solutions is sett o enhance the industry statistics. Strategic joint ventures to enter new markets and leverage local expertise and collaborations with research institutions and technology companies to drive innovation and improve product offerings.
 

Solar Tracker Market Companies

Eminent players operating in the solar tracker industry are:

• ArcelorMittal
• Array Technologies, Inc.
• Arctech
• All Earth Renewables
• Convert Italia
• DEGERENERGIE GMBH & CO. KG
• GameChange Solar
• Gonvarri Solar Steel
• Haosolar Co. Ltd
• IDEEMATEC
• MECASOLAR
• NCLAVE
• Nextracker Inc.
• Powerway Renewable Energy Co., Ltd
• PVHardware
• Scorpius Trackers
• SmartTrak Solar Systems (Pvt) Ltd.
• SOLTEC
• STI Norland
• SunPower Corporation
• Trina Solar
   

Solar Tracker Industry News

• In January 2023, Hindware Home Innovation, India along with its joint venture company Group Atlantic, France commenced the operation of a Solar Tracker manufacturing facility in India. The Indo-French joint venture between the two firms had set up an investment of USD 25.62 million for the establishment of the plant able to manufacture 6 lakh units of heating appliances & water heaters. The state-of-the-art plant aims to cater the growing demand for water heaters across India, thereby strengthening the company’s presence across the country.
   
• In May 2022, GE Appliances opened a water heating manufacturing facility with advanced technology worth USD 70 million in South Carolina. This vertically integrated plant was set to make products ranging from coils of steel to high-quality water heaters for homes in the U.S. homes with robotic material handling & processing, cutting-edge machines for metal fabrication, and welding. This expansion allowed the company to showcase its expertise in large-scale projects in the U.S., thereby maintaining a strong position across the industry.
   

This solar tracker market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “USD Billion & MW” from 2021 to 2032, for the following segments:

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Market, By Product

• Single axis
  • Horizontal
  • Vertical 
• Dual axis

Market, By Technology

• PV
• CSP

Market, By Application

• Residential
• Commercial & Industrial
• Utility

The above information has been provided for the following 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
  • Nigeria
  • Algeria
  • Morocco
• Latin America
  • Brazil
  • Chile