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

Utility Solar Tracker Market Size

Utility Solar Tracker Market Size was valued at more than USD 23.3 billion in 2023 and is anticipated to grow more than USD 34.6 billion by 2032. A solar tracker is a device used in solar photovoltaic (PV) systems to optimize the orientation of solar panels by tracking the movement of the sun throughout the day. These trackers enable solar panels to follow the sun's path, maximizing sunlight exposure and enhancing overall energy production efficiency. Utility-scale solar trackers are commonly deployed in large solar power plants to improve the plant's energy output.
 

Transition towards sustainable energy sources along with significant number of policies, regulatory and market related initiatives further provide the necessary framework for the solar deployment. Shifting focus of a variety of stakeholders in decentralized distributed solar models including utilities owing to the declining cost of solar and simultaneous increases in the costs of conventional power will stimulate the business landscape. Moreover, introduction of advanced tracking systems equipped with improved accuracy and reliability will further augment the product penetration.
 

COVID- 19 Impact

The COVID- 19 pandemic led to disruption in the global supply chain owing to factory closures, transportation restrictions, and shortages of key components. Lockdowns, social distancing measures, and workforce limitations caused delays in the construction and commissioning of solar projects. However, governments and businesses recognizing the need to invest in renewable energy coupled with global focus on economic recovery aligned with climate goals will accelerate the industry scenario.
 

Utility Solar Tracker Market Trends

Ability to optimize the energy output in large solar installations coupled with growing emphasis on maximizing the energy production from solar projects will enhance the product adoption. Favorable regulatory environment, introduction of feed in tariff in line with continuous efforts of major players to develop and invest in utility scale projects across the globe will drive the business scenario.
 

Utility Solar Tracker Market Analysis

The single axis utility solar tracker industry will reach USD 27.1 billion by 2032. Innovations comprising of improved control algorithms and sensor technologies along with integration of smart technologies and control systems in solar trackers will proliferate the product penetration. Moreover, gradual shift toward decentralized energy generation along with capabilities including increased efficiency and higher energy output will strengthen the industry landscape.
 

Asia Pacific utility solar tracker market will grow at a CAGR of more than 3% through 2032. Shifting focus on reducing the LCOE (Levelized Cost of Energy) in conjunction with supportive government incentives and policies for the development of solar projects will sway the business trends. For instance, in September 2023, Asian Development Bank (ADB) approved funding of USD 50.5 million for the expansion of renewable energy development in Maldives. Additionally, corporate and public sector commitments for environmental sustainability along with rising demand for efficient tracking systems will foster the industry landscape.
 

Utility Solar Tracker Market Share

Collaboration facilitates the transfer of innovative tracking technologies, allowing companies to integrate advanced features into their products, enhancing overall efficiency and performance. Acquisitions allows companies to diversify their product portfolios, offer comprehensive solar solutions that include utility solar trackers along with other relevant technologies. These strategic initiatives contribute to technology advancements, market expansion, and overall competitiveness.
 

Utility Solar Tracker Market Companies

Eminent players operating in the utility solar tracker industry are:

• Nextracker Inc.
• FTC Solar
• ANTAI TECHNOLOGIES CO. LTD.
• Trina Solar
• Array Technologies, Inc.
• MECASOLAR
• SOLTEC
• Scorpius Trackers
• Arctech
• PVHardware
• STI Norland
• GameChange Solar
• NCLAVE
   

Utility Solar Tracker Industry News

• In November 2023, Array Technologies Inc., a solar tracker provider, announced its plan to build utility scale solar tracking manufacturing plant in Albuquerque, New Mexico in U.S. The government will provide USD 2.5 million of job creation fund from the Local Economic Development Act (LEDA) along with USD 250 thousand of additional LEDA fund from two cities. Therefore, this significant expansion will enable the company to solidify its market presence and increase customer base.
   
• In November 2023, Antaisolar signed a agreement with Larsen & Toubro Limited (L&T) to supply solar tracking system for solar tracker project in India. The company will deliver TAI-Simple (S2), a single axis solar tracking system which features cost-efficiency, stability and supports in reducing the Levelized Cost of Energy (LCOE). Henceforth, the company will be contributing in the development of utility-scale solar power projects across the country and enhancing its position in the industry.
   

This utility solar tracker market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘MW & USD Million’ from 2024 to 2032 for the following segments:

Click here to Buy Section of this Report

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