What is the Historic and Current Scenario of the Solar Tracker Market?
The solar tracker market has seen considerable growth due to a variety of factors.
• The size of the solar tracker market has expanded swiftly in the preceding years. It is projected to rise from $10.54 billion in 2024 to $12.17 billion in 2025, registering a compound annual growth rate (CAGR) of 15.4%.
The previous growth period's expansion can be linked to enhanced energy output, cost efficiency, growing awareness about the environment, stimulating schemes, and energy sovereignty.
What are the Forecasted Growth and Key Factors of the Solar Tracker Market?
The solar tracker market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the solar tracker market is predicted to experience rapid expansion, potentially swelling to $21.7 billion by 2029, with a compound annual growth rate (CAGR) of 15.6%.
This anticipated surge during the forecast period can be associated with the progression in tracking technology, worldwide solar installations, the integration of energy storage, efficiency upgrades, and the emergence of solar markets. Key trends expected to shape this period include technological advancements boosting efficiency, the increasing use of dual-axis trackers, digitalization and data-oriented optimization, the incorporation of artificial intelligence (AI) and machine learning (ML), and the utilization of smart inverters.
What Are The Leading Drivers Of Growth In The Solar Tracker Market?
The expansion of the solar trackers in the power generation market is predicted to be fueled by an increasing requirement for renewable energy sources. Renewable energy, derived from naturally replenishing sources like sun, rain, geothermal heat, and waves, is utilized by solar trackers to produce power. For example, the U.S. Energy Information Administration (EIA), a US-based organization, reported in 2023 that U.S. utility-scale electricity generation hit 240 billion kWh from hydropower, contributing 5.7% to the total energy portfolio. Consequently, the escalating demand for renewable energy sources propels the growth of the ocean energy market.
How Are The Segments Defined Within The Global Solar Tracker Market?
The solar tracker market covered in this report is segmented –
1) By Axis Type: Single Axis, Dual Axis
2) By Technology: Solar Photovoltaic (PV), Concentrated Solar Power (CSP), Concentrated Photovoltaic (CPV)
3) By Application: Residential, Commercial & Industrial, Utility
Subsegments:
1) By Single Axis: Horizontal Single Axis Trackers, Vertical Single Axis Trackers, Inclined Single Axis Trackers
2) By Dual Axis: Horizontal Dual Axis Trackers, Vertical Dual Axis Trackers, Polar Dual Axis Trackers
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How Are New Trends Expected To Influence The Growth Of The Solar Tracker Market?
The increased focus on the creation of inventive products is a prominent trend being observed in the solar tracker for power generation market. Several leading businesses in this arena are concentrating their efforts on producing unique products in order to enhance their market standing. As an exemplification, SFOne, Nextracker, an Indian company producing high-tech solar tracking systems, introduced the NX HorizonTM low-carbon solar tracker in April 202. This tracker leverages Electric Arc Furnace (EAF) technology, utilizing recycled steel as opposed to conventional methods dependent on iron ore and coal, thus considerably diminishing the emission of greenhouse gases. This strategic methodology not only alleviates the environmental footprint but also bolsters the United States steel sector through leveraging of domestic scrap steel resources.
Who Are the Key Players in the Solar Tracker Market?
Major companies operating in the solar tracker market include:
• NEXTracker Inc.
• Soltec Power Holdings SA
• Arctech Solar Holding Co. Ltd.
• Array Technologies Inc.
• Exosun SA
• Gonvarri Solar Steel SL
• Powerway Renewable Energy Co. Ltd.
• Meca Solar Mobility SL
• SunPower Corporation
• Haosolar Co. Ltd.
• Scorpius Trackers Private Limited
• AllEarth Renewables Inc.
• DEGER energie GmbH & Co. KG
• Convert Italia SpA
• GameChange Solar
• PV Hardware Solutions S.L.U.
• FTC Solar Inc.
• Mahindra Susten Pvt. Ltd.
• Abengoa Solar S.A.
• Grupo Clavijo Elt SL
• Titan Tracker SL
• Sun Action Trackers LLC
• SunLink Corporation
• Mechatron Solar Inc.
• Northern States Metals
• DCE Solar
• Valmont Industries Inc.
• NCLAVE Renewable S.L.
• Amberroot Systems
• Ephysx Technologies Pvt.Ltd.
• Greenera Energy Pvt. Ltd.
What Is The Most Dominant Region In The Solar Tracker Market?
North America was the largest region in the solar tracker for power generation market in 2024. The regions covered in the solar tracker for power generation market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
