Utility Single Axis Solar Tracker Market Size

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.

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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.