Utility Solar Tracker Market

Utility Solar Tracker Market Size

The utility solar tracker market size was valued at USD 42.5 billion in 2024 and is anticipated to grow to USD 87.6 billion in 2034, at a CAGR of 7.6%. 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.

Growing emphasis on large-scale solar installations along with reducing costs of solar panels and trackers due to technological advancements, economies of scale, and increased competition will drive the business scenario. Furthermore, developing utility scale solar projects is a strategic move in many developing economies to achieve energy security and independence. For citation, in October 2023, Nextracker, secured contracts for a 10 GW annual manufacturing capacity in India through partnerships with local firms.

This reduction in LCOE makes solar energy more competitive with traditional fossil fuels, attracting more investments into large-scale solar projects. Growing utility scale projects has encouraged key players to expand their reach to overcome the energy need sustainably. For instance, in June 2024, Nextracker, a leading provider of smart solar tracker solutions, has recently completed an all-cash acquisition of Ojjo for around USD 119 million. This strategic move is aimed at bolstering the company’s utility scale solar tracker foundations business.

Falling solar PV prices, new financing options, along with programs focused on low and moderate income households will augment the industry landscape. For instance, in July 2022, BrightSource Energy announced its partnership with Timken Company, which is a power transmission and bearing solutions provider. Under the partnership, Timken Company will provide its advanced precision drives for solar tracking technology for the Redstone CSP project in South Africa.

Utility Solar Tracker Market Trends

• 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. For citation, in 2023, Ideematec collaborated with AMDA Energies on a pioneering agrivoltaic project in France, leveraging advanced solar tracking technology, including 2P trackers mounted 3.5 meters above the ground.
  
• Initiatives including the International Solar Alliance (ISA) aim to promote solar energy adoption in the member countries, providing financial and technical support, emphasizing the use of advanced technologies including solar trackers to ensure that solar projects achieve high performance and efficiency. In June 2023, Ideematec teamed up with Parliament Solar, LLC to supply 640 MW of its Horizon 1P solar tracking system for the largest solar project in Texas.
  
• Continuous research activities on developing advanced solar trackers targeting specifically remote locations will positively impact the business statistics. For instance, in May 2023, University of Mauritius researchers developed a tracking system tailored for portable, lightweight PV systems, ideal for deployment in remote tropical regions.
  
• Recent innovations in PV technology, such as bifacial panels, high-efficiency cells, and advanced materials such as perovskite, have significantly improved energy conversion rates and module longevity. To cite an instance, In December 2023, Solar Steel signed an agreement with Naturgy to supply over 1.1 GW of solar infrastructure across several provinces in Spain. The deal includes 760 MW of TracSmarT+ 1V solar trackers and 358 MW of RackSmarT fixed structures.
  

Utility Solar Tracker Market Analysis

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• Based on product, the utility solar tracker market is segmented into Single and dual axis. The overall market amounted to USD 23.1 billion, USD 40.2 billion and USD 42.5 billion in 2022, 2023 and 2024. Single axis is anticipated to grow by more than USD 49 billion by 2034. 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.
  
• Dual axis trackers market will grow more than 9.5% CAGR by 2034 owing to rising demand for products offering superior energy capture by continuously adjusting both the azimuth and elevation angles of the panels. Furthermore, increased efficiency and energy output of dual axis trackers make them suitable for high-value projects where maximizing energy production is crucial. This includes applications in areas with limited space but high energy demands, such as urban solar installations or industrial facilities.
  
• For instance, in March 2024, NEXTracker, has been selected by L&T and Acwa Power to supply its all-terrain tracker NX Horizon-XTR for around 1.17 GW installation in Saudi Arabia at Al Kahfah Solar Power Plant.
  

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• The U.S. utility solar tracker market accounted for USD 2.4 billion, USD 3.7 billion and USD 3.73 billion in 2022, 2023 and 2024 respectively. The North America market contributed over 9% of the market share in 2024. The industry environment will be boosted by positive policies, high solar resource availability, and large utility-scale projects being developed across the country.
  
• Europe utility solar tracker market is set to grow more than USD 10 billion by 2034 driven by growing demand for solar heating systems coupled along with growing customer preference for energy efficient systems. The presence of wide manufacturing base and their increasing investments in developing advanced technology in countries including Spain, UK, France, and Germany is contributing to the European solar tracking industry. For instance, in April 2024, Spain based company, Soltec introduced new solar tracker SFOneX. The system stands as the longest in Soltec's lineup at 125 meters long.
  
• Asia Pacific utility solar tracker market will grow at a CAGR of more than 8% through 2034. 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.
  
• Rising regulatory efforts to utilize existing resources to meet energy consumption effectively is fueling the Africa market share. Increasing eminent players interest in boosting the tracker adoption in the region will complement the industry growth. For instance, in April 2024, GameChange Solar has announced a major deal to supply its Genius Tracker for a combined capacity exceeding 500 megawatts (MW) across four new solar projects in South Africa.
  

Utility Solar Tracker Market Share

• The top 5 players including Nextracker, FTC Solar, Trina Solar, SOLTEC and Array Technologies contribute to 35% of the market share. Mergers & acquisitions with an aim to diversify technological portfolios along with the presence of a large number of contracts to deploy products across various projects have been the primary parameters across the industry landscape.
  
• Partnerships will enable the adoption of cutting-edge tracking technologies which will help companies customize their products and increase efficiency and performance. In addition, the improvement of the R and D facilities together with the application of sophisticated control units further affects the differentiation of products. These initiatives are helpful in improving technology, expanding markets, and increasing competitiveness.
  

Utility Solar Tracker Market Companies

• FTC Solar is a well-known provider of solar tracker systems, including relevant technology, software, and engineering services, reported revenues of USD 10.1 Million during Q3 of 2024. Recently, the company sealed a supply agreement with Dunlieh Energy that is set to commence in 2025 for over one gigawatt of solar projects.
  
• Array Technologies is a global leader in renewable energy solutions, providing utility solar trackers around the globe. The company recorded a revenue of USD 915.8 Million in 2024. The company reached a historic manufacturing milestone, surpassing 50 GW of domestic solar module production capacity.
  
• Arctech leads the world in the manufacturing of intelligent solar trackers, fixed-tilt structures, PV cleaning robots, and energy storage solutions. The company maintains over 30GW of annual manufacturing capacity, comprised of a 6.4 GW Chinese facility, a 2.8 GW Chinese facility which is currently in trial operation, a 3 GW Indian facility which began operations in August 2022, a 3 GW Saudi facility and a 3 GW Brazilian plant. Further, it recorded a revenue of USD 358.6 Million in Q3 of 2024.
  
• NCLAVE specializes in the design, manufacturing, installation and maintenance of fixed tilts and solar trackers. The company has developed more than 5 GW worldwide, with operating offices on the five continents, completing more than 300 projects. Recently, the company became the first manufacturer of solar structures to get ISO 45001 certification.
  

Eminent players operating in the utility solar tracker market are:

• Antai Technologies
• Arctech
• Array Technologies
• FTC Solar
• GameChange Solar
• MECASOLAR
• NCLAVE
• Nextracker
• PVHardware
• Scorpius Trackers
• SOLTEC
• STI Norland
• Trina Solar
  

Utility Solar Tracker Industry News

• In February 2024, Gonvarri Solar Steel entered into a supply agreement with Repsol to deliver 220 MW of TracSmarT+ 1V solar trackers. This contract included 120 MW, 50 MW, and 50 MW capacities from three Repsol solar plants located in Spain, which amounts to 4,278 trackers. The plants will provide renewable energy for approximately 127,000 homes each year, reducing CO2 emissions by over 90,000 tons annually.
  
• In April 2024, GameChange Solar partnered with JZNEE to increase the in-country solar tracker component production in the Middle East. JZNEE has set up a state of the art plant in Dammam, KSA which is designed to manufacture 3GW and, with future expansion plans, up to 5 GW of GCS’s Genius Tracker components.
  
• In November 2023, Array Technologies Inc. a solar tracker supplier revealed its intentions to establish a plant for manufacturing utility scale solar trackers in Albuquerque, New Mexico. 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. Hence, this notable enhancement will aid the firm in fortifying their market position and boosting their clientele.
  
• In November 2023, Larsen & Toubro Limited (L&T) has an agreement with Antaisolar for the delivery of solar tracking system 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.
  

The utility 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 2034, for the following segments:

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Market, By Product

• Single axis
• Dual axis

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