How Has The Solar Tracker For Power Generation Market Size Evolved Historically?
The solar tracker for power generation market has seen considerable growth due to a variety of factors.
• The market size of solar trackers for power generation has experienced robust growth in the recent past. It is projected to increase from $7.29 billion in 2024 to $7.94 billion in 2025, leading to a compound annual growth rate (CAGR) of 9.0%.
The growth during the historical period is due to factors such as improved solar efficiency, declining solar expenses, incentive schemes for renewable energy, the drive for energy independence, and heightened environmental consciousness.
What Will Be The Solar Tracker For Power Generation Market Size In The Future?
The solar tracker for power generation market is expected to maintain its strong growth trajectory in upcoming years.
• The market for solar trackers for power generation is projected to experience a robust expansion in the coming years, reaching a value of $11.47 billion in 2029 with a compound annual growth rate (CAGR) of 9.6%.
This expected surge during the forecast period is due to factors such as innovative tracking technologies, increased solar installations worldwide, integration of energy storage, efficiency enhancements, and the rise of new solar markets. Key trends for the predicted period encompass single-axis versus dual-axis tracking, intelligent and autonomous tracking systems, floating solar trackers, real-time monitoring and data analysis, and climate-responsive tracking.
What Are The Key Drivers Fueling Growth In The Solar Tracker For Power Generation Market?
The solar tracker market is anticipated to grow due to a global increase in solar panel installations. The surge can be attributed to governmental shifts towards renewable energy initiatives and the rising investment by homeowners in eco-friendly energy alternatives, leading to a significant rise in global solar panel installations. This high-speed increase is likely to stimulate the demand for solar trackers, primarily employed to raise energy output and efficacy in new establishments. Notably, the Belgium-based organization SolarPower Europe, representing the European solar PV sector, reported a nearly two-fold increase in solar panel installations from 239 gigawatts (GW) in 2022 to 447 GW in 2023. Consequently, the burgeoning growth in solar panel installations is anticipated to escalate the demand for solar trackers during the forecast duration.
What Are The Principal Market Segments In The Global Solar Tracker For Power Generation Industry?
The solar tracker for power generation market covered in this report is segmented –
1) By Product: Single Axis, Dual Axis
2) By Technology: Solar Photovoltaic (PV), Concentrated Solar Power (CSP)
3) By Application: Residential Solar Tracker, Commercial and Industrial, Utility
Subsegments:
1) By Single Axis: Horizontal Single Axis Trackers, Vertical Single Axis Trackers, Tilted Single Axis Trackers
2) By Dual Axis: Horizontal Dual Axis Trackers, Vertical Dual Axis Trackers, Polar Dual Axis Trackers
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Which Emerging Market Trends Are Altering The Solar Tracker For Power Generation Sector?
The key trend gaining momentum in the solar tracker market is the development of new products. The primary focus of major companies in this market is to create innovative products that cater to the technical needs of the industry and bolster their global market position. In July 2024, Soltec, a company based in Spain providing electric services, introduced its 4×4 system for the SFOne solar tracker. This system is adaptable to various terrains and locations. It enables solar trackers to function on constant slopes of up to 15% in both North-South and East-West directions, and it can accommodate non-constant slopes of up to 20%. The 4×4 feature reduces terrain preparation efforts, making it perfectly suitable for complicated topographies. Further, it comes with a customizable software that streamlines the layout and installation process, thereby improving overall project efficiency.
Who Are the Key Players in the Solar Tracker For Power Generation Market?
Major companies operating in the solar tracker for power generation market include:
• NEXTracker Inc.
• Array Technologies Inc.
• PV Hardware Solutions S.L.U.
• Arctech Solar Holding Co. Ltd.
• Soltec Power Holdings SA
• FTC Solar Inc.
• AllEarth Renewables Inc.
• Mechatron Solar Inc.
• Convert Italia SPA
• SunPower Corporation
• Trina Solar Co.Ltd.
• DEGERENERGIE GMBH & CO. KG
• GameChange Solar Services India Pvt. Ltd.
• Soluciones Tecnicas Integrales Norland Sl
• Ideematec Deutschland GmbH
• MECASOLAR LLC
• OPTIMUM TRACKER
• Powerway Renewable Energy Co. Ltd.
• The Schletter Group
• Xiamen Grace Solar Technology Co. Ltd.
• Jiangsu Aikang Industrial Group Co. Ltd.
• Dalian CDS Solar Energy Technology Co.Ltd.
• Clenergy Technology Co. Ltd.
• Amberroot Systems Pvt. Ltd.
• Ephysx Technologies Pvt. Ltd.
• Greenera Energy Pvt. Ltd.
• Hyquip Systems Ltd.
• Nordic Semiconductor
• Canadian Solar Inc.
• Risen Energy Co. Ltd.
What are the Regional Insights into the Solar Tracker For Power Generation Market?
North America was the largest region in the solar tracker market in 2024. The regions covered in the solar tracker market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
