Global Solar Tracker Market Size, Share, and COVID-19 Impact Analysis, By Type (Single Axis Tracker, Double Axis Tracker), By Technology (Photovoltaic (PV), Concentrated Solar Power (CSP)), By Application (Utility Sector, Residential Sector, Commercial Sector), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033

Industry: Energy & Power

RELEASE DATE Feb 2024
REPORT ID SI3639
PAGES 200
REPORT FORMAT PathSoft

Global Solar Tracker Market Insights Forecasts to 2033

  • The Global Solar Tracker Market Size was valued at USD 34.73 Billion in 2023.
  • The Market Size is growing at a CAGR of 22.02% from 2023 to 2033.
  • The Worldwide Global Solar Tracker Market Size is Expected to reach USD 254.07 Billion by 2033
  • Asia- Pacific Market is expected to grow the fastest during the forecast period.

Global Solar Tracker Market

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The Global Solar Tracker Market Size is expected to reach USD 254.07 Billion by 2033, at a CAGR of 22.02% during the forecast period 2023 to 2033.

 

A solar tracker is a device that helps a solar panel or solar reflector towards the sun to harness more sunlight. Regardless of the weather, the trackers are fixed to the solar panels so they can change positions about the sun. By doing this, the solar panels' overall efficiency is increased and the solar modules are positioned correctly to capture the most solar energy. Active, passive, single-axis and dual-axis trackers are a few of the frequently used variations, depending on the design and tracking mechanism. They have several benefits, including the production of extra energy, binary format availability, and low space requirements. Furthermore, solar trackers use a variety of electrical components, such as actuators, motors, and sensors, to position the solar cell so that the sun's radiation is focused to capture the most energy. The collected solar energy is further converted into electricity, which is used in a variety of end-user industries, including utility, commercial, and residential. Moreover, one of the primary drivers of market growth is a significant increase in the number of solar panel installations around the world. Additionally, the market is growing due to the adoption of supportive government policies that encourage different solar energy projects.

 

Global Solar Tracker Market Report Coverage

Report CoverageDetails
Base Year:2023
Market Size in 2023:USD 34.73 Billion
Forecast Period:2023-2033
Forecast Period 2023-2033 CAGR:22.02%
2033 Value Projection:USD 254.07 Billion
Historical Data for:2019-2022
No. of Pages:200
Tables, Charts & Figures:110
Segments covered:By Type, By Technology, By Application, By Region
Companies Covered: DCE Solar, Soltec Power Holdings SA, Arctech Solar Holdings Co Ltd., PV Hardware Solutions S.L.U., Solar Flexrack, Array Technologies, Meca Solar, Ideematec Deutschland GmbH, Nextracker Inc., Valmont Industries Inc., and Other Key Vendors.
Pitfalls & Challenges:COVID-19 Empact,Challenges, Future, Growth, & Analysis

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Driving Factors

Installing solar trackers in residential, commercial, and industrial settings is becoming more common as consumer preferences for renewable energy sources and utility-scale projects gain traction. Other significant growth-inducing factors include a variety of product innovations, such as the creation of concentrated photovoltaics and solar photovoltaics that are more affordable and efficient. These systems' creative design makes it easier to generate power at a low cost. Further factors that are anticipated to propel the market include the growing demand for off-grid energy and the integration of cloud computing and Internet of Things (IoT)-based solutions.

 

Restraining Factors        

High investment and a lack of necessary infrastructure pose a threat to the growth of the solar tracker market. Solar trackers improve solar panel efficiency, but they are expensive to install. Installing a solar tracker incurs additional costs for labour and space. The cost of tracking systems used in the majority of utility-scale projects is increased by the rising cost of steel, which is one of the main factors impeding the growth of the solar tracker market.

 

Market Segmentation

By Type Insights

The single axis tracker segment dominates the market with the largest revenue share over the forecast period.

On the basis of type, the global solar tracker market is segmented into single axis tracker, and double axis tracker. Among these, the single axis tracker segment is dominating the market with the largest revenue share over the forecast period. The simple design of single-axis solar trackers allows for the most photovoltaic panel placement per square area while also providing a shorter payback time. Furthermore, governments and energy companies are facing a challenge in increasing power capacity for current and future projects. A 20–30% capacity surge can be very helpful with single-axis solar trackers. Consequently, during the projection period, it is anticipated to generate noteworthy prospects for enterprises engaged in the production of single-axis solar tracking systems.

 

By Technology Insights

The photovoltaic (PV) segment is witnessing significant CAGR growth over the forecast period.

On the basis of technology, the global solar tracker market is segmented into photovoltaic (PV), and concentrated solar power (CSP). Among these, the photovoltaic (PV) segment is witnessing significant growth over the forecast period. The compatibility of PV cells with standard photovoltaic module technologies is the primary reason for PV technology's largest market share. The use of solar PV in utility and non-utility applications will increase due to the growing cost of electricity caused by the supply-demand gap. The low cost of manufacturing and minimal raw material requirements of PV systems results in the production of inexpensive solar power.

 

By Application Insights

The utility sector segment is expected to hold the largest share of the global solar tracker market during the forecast period.

Based on the application, the global solar tracker market is classified into utility sector, residential sector, and commercial sector. Among these, the utility sector segment is expected to hold the largest share of the global solar tracker market during the forecast period. The use of solar trackers in utility applications is expected to increase as electricity costs rise and there is a greater demand for renewable energy. Since utility solar installations are ground-mounted and single axis trackers can be used to follow the sun during the day, they are the most popular type of solar trackers used in the utility industry. Trackers are being used extensively in utility applications due to rising government subsidies combined with feed-in tariff schemes, especially in North America and Europe.

 

Regional Insights

North America dominates the market with the largest market share over the forecast period.

 North America

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North America is dominating the market with the largest market share over the forecast period. The growth can be attributed to the growing emphasis on renewable energy and the Paris Agreement on Climate Change, which recommends renewable energy as the nation's primary source of energy. Through several programs, the US government hopes to boost the economy's usage of solar energy. The segment of solar trackers based on dual axis is anticipated to gain substantial momentum during the forecast period due to its superior power durability and extensive usage in distributed utilities. In addition, some of the main factors driving the demand for solar trackers in this region are Mexico's ongoing urbanization, rising power consumption, rising energy security, and rising infrastructure investment.

 

Asia Pacific is expected to grow the fastest during the forecast period. A paradigm shifts toward renewable energy production, followed by increased solar technology installation, is the primary driver of the solar tracker industry's expansion. Forty large solar technology contracts, including installations of cutting-edge PV panels and single-axis solar trackers, were launched by China and India. Additionally, it is anticipated that the business environment will change due to a growing preference for solar-based energy sources to meet the growing power demand in the manufacturing sectors. The market for solar trackers in India is anticipated to grow in tandem with rising energy demand and consumer awareness of renewable energy sources.

 

List of Key Market Players

  • DCE Solar
  • Soltec Power Holdings SA
  • Arctech Solar Holdings Co Ltd.
  • PV Hardware Solutions S.L.U.
  • Solar Flexrack
  • Array Technologies
  • Meca Solar
  • Ideematec Deutschland GmbH
  • Nextracker Inc.
  • Valmont Industries Inc.
  • Others

 

Key Market Developments

  • In April 2023, NEXTracker Inc. intends to double India's solar tracker manufacturing capacity to ten gigawatts over the next few years. They will produce 100% of the products domestically while manufacturing the semiconductors under the production-linked incentives program. According to the company, at least 7-8 GW of projects annually will have trackers in order for India to meet its 2030 target of 500 GW of renewable capacity.

 

  • In February 2023, Solar Steel and Electrum have agreed to supply TracSmarT + solar trackers with a capacity of 21MW for the Osów project, which is said to be Poland's largest solar tracking project. Each year, the single-row solar trackers will help cut more than 4,200 tons of carbon dioxide (CO2) emissions and produce energy enough to power about 7,000 homes.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Solar Tracker Market based on the below-mentioned segments:

 

Global Solar Tracker Market, Type Analysis

  • Single Axis Tracker
  • Double Axis Tracker

 

Global Solar Tracker Market, Technology Analysis

  • Photovoltaic (PV)
  • Concentrated Solar Power (CSP)

 

Global Solar Tracker Market, Application Analysis

  • Utility Sector
  • Residential Sector
  • Commercial Sector

 

Global Solar Tracker Market, Regional Analysis

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • Uk
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Qatar
    • South Africa
    • Rest of Middle East & Africa

Frequently Asked Questions (FAQ)

  • 1. What is the market size of the Global Solar Tracker Market?
    The Global Solar Tracker Market Size is expected to grow from USD 34.73 Billion in 2023 to USD 254.07 Billion by 2033, at a CAGR of 22.02% during the forecast period 2023-2033.
  • 2. Which region is dominating the global solar tracker market?
    North America is dominating the global solar tracker market.
  • 3. Which are the key companies in the market?
    DCE Solar, Soltec Power Holdings SA, Arctech Solar Holdings Co Ltd., PV Hardware Solutions S.L.U., Solar Flexrack, Array Technologies, Meca Solar, Ideematec Deutschland GmbH, NEXTracker Inc., Valmont Industries Inc. and Others

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