Solar Tracker Market Size & Growth Report to 2030

The global solar tracker market size was valued at around USD 5 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of around 26% from 2023 to 2030. The market is driven by several factors including the growing demand for renewable energy, cost reduction, technological advancements, government initiatives and incentives, and increasing investments in solar power plants. The demand for solar energy is increasing globally due to concerns about climate change and environmental degradation. Solar trackers can increase the efficiency of solar panels and reduce the number of panels required for a given amount of energy production, resulting in cost savings. Advancements in technology, including artificial intelligence and machine learning algorithms, are also driving improvements in efficiency, accuracy, and reliability. Government initiatives and incentives are encouraging the adoption of renewable energy sources, including solar energy. Overall, increasing investments in solar power plants, especially in developing countries, are making solar trackers an increasingly important component of the renewable energy industry

Driving Factors:

Increasing demand for renewable energy: There is a growing global demand for renewable energy sources as concerns about climate change and environmental degradation increase. Solar energy is one of the most promising renewable energy sources, and solar trackers can help increase the efficiency and output of solar panels.

Cost reduction: Solar trackers can help reduce the overall cost of solar energy by increasing the efficiency of solar panels, which reduces the number of panels required for a given amount of energy production. This, in turn, reduces the total cost of installation, operation, and maintenance.

Technological advancements: The solar tracker market is constantly evolving, with new technologies and innovations driving improvements in efficiency, accuracy, and reliability. For example, some solar trackers now incorporate artificial intelligence and machine learning algorithms to optimize panel orientation and reduce energy loss.

Government initiatives and incentives: Many governments around the world have introduced policies and incentives to encourage the adoption of renewable energy sources, including solar energy. These initiatives can help increase demand for solar trackers and drive growth in the market.

Increasing investments in solar power plants: Large-scale solar power plants are becoming more common, especially in developing countries with growing energy needs. Solar trackers can help improve the efficiency and output of these plants, making them more cost-effective and attractive to investors.

Market Attributes:

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Market Insights:

Global Solar Tracker Market Analysis by Component

The global solar tracker market is bifurcated into component, type, application, end-use, and geography. On the basis of component, the market is further segmented into control systems, drive systems, and others. It is estimated that the control systems segment is growing at a faster rate than the other segments. The global focus on renewable energy and the increasing adoption of solar power in commercial and residential applications has led to an increased demand for solar trackers, which in turn has driven the demand for control systems. As solar tracker systems become more widely adopted, it is likely that the control systems segment will continue to grow at a fast pace.

Control Systems: Control systems are an essential component of solar trackers, and they play a crucial role in ensuring the accuracy and efficiency of the tracking system. These systems are responsible for monitoring the position of the sun and controlling the movement of the solar panels to maximize the amount of solar energy captured. Control systems can include sensors, software, and communication interfaces that enable real-time tracking and monitoring of the solar panels.

Drive Systems: Drive systems are responsible for the mechanical movement of the solar panels and can be classified into hydraulic, pneumatic, and electric drive systems. Hydraulic drive systems are typically used in large-scale solar power plants due to their high power and efficiency, while electric drive systems are commonly used in residential and commercial applications. Drive systems can also include motors, gearboxes, and other mechanical components that facilitate the movement of the solar panels.

Other Mechanical and Electrical Components: Other components used in solar trackers can include bearings, couplings, sensors, cables, and other mechanical and electrical components that ensure the proper functioning of the solar tracker system. These components are critical for ensuring the long-term reliability and durability of the system.

Global Solar Tracker Market Analysis by Application

On the basis of application, the solar tracker market is bifurcated into solar photovoltaic, concentrated solar power, and concentrated photovoltaic. The dominant application segment in the solar tracker market is Solar Photovoltaic (PV).  Solar PV has been rapidly growing in recent years due to its falling cost, technological advancements, and increasing concerns over climate change. The adoption of solar PV has been driven by favorable government policies and regulations, such as feed-in-tariffs and net metering, that promote the use of renewable energy sources. Additionally, the increasing demand for clean energy sources and the need to reduce greenhouse gas emissions are expected to further drive the growth of solar PV in the coming years.

Solar Photovoltaic (PV): Solar Photovoltaic (PV) is the most widely used solar technology and represents the largest application segment for solar trackers. Solar PV trackers help to maximize the energy output of PV panels by orienting them towards the sun and following its path throughout the day. PV trackers are used in a wide range of applications, including utility-scale solar farms, commercial and industrial rooftops, and residential solar installations.

Concentrated Solar Power (CSP): Concentrated Solar Power (CSP) is a solar thermal technology that uses mirrors or lenses to concentrate sunlight onto a receiver, which heats a fluid to generate electricity. CSP systems require precise tracking of the sun’s movement to optimize energy production, and hence, solar trackers are an essential component of these systems. CSP systems are typically used in large-scale utility projects and can provide energy storage capabilities, making them an attractive option for grid-scale applications.

Concentrated Photovoltaic (CPV): Concentrated Photovoltaic (CPV) is a newer technology that uses lenses or mirrors to concentrate sunlight onto a small area of high-efficiency PV cells. CPV systems require highly accurate tracking to maintain the concentration of sunlight onto the small PV cells, and hence, solar trackers are a crucial component of these systems. CPV systems are typically used in high-insolation regions where they can achieve high energy outputs, making them a suitable option for utility-scale solar projects.

The solar tracker market research report presents the analysis of each segment from 2020 to 2030 considering 2022 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2023 to 2030.

Historical & Forecast Period

• 2020-21 – Historical Year
• 2022 – Base Year
• 2023-2030 – Forecast Period

Market Segmentation:

By Component:

• Control Systems
• Drive Systems
• Others

By Type:

• Single-axis
• Dual-axis

By Application:

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

By End-Use:

• Utility
• Non-utility

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Geographic Coverage:

By region, North America is the largest market for solar trackers due to the high adoption of solar PV and CSP technologies in the region. The United States is the largest market for solar trackers in North America, driven by supportive government policies and incentives that encourage the use of renewable energy sources. In addition, the increasing demand for clean energy, rising electricity prices, and the need to reduce greenhouse gas emissions are also driving the growth of the solar tracker market in the region.

Asia-Pacific is the fastest-growing market for solar trackers, driven by the increasing adoption of solar PV and CSP technologies in countries such as China, India, Japan, and Australia. The increasing demand for electricity, growing population, and rapid industrialization are driving the demand for clean energy sources in the region, which is expected to fuel the growth of the solar tracker market.

Competitive Assessment:

Some of the major market players operating in the global solar tracker market are Nextracker, Array Technologies, Inc., Soltec, Convert Italia S.p.A., and SunPower Corporation. Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. For instance:

• In September 2022, FTC Solar, Inc. launched a new portrait (1P) solar tracker solution named Pioneer, which is designed to enhance the efficiency of solar energy production.
• In August 2022, Solar FlexRack, a leading provider of solar trackers and mounting solutions, introduced the TDP 2.0 Solar Tracker. This advanced solar tracker features a streamlined design and provides enhanced performance, scalability, and flexibility.
• In June 2022, Array Technologies, Inc. launched a new solar tracker named DuraTrack HZ v4. This innovative solar tracker features a single-row, self-powered design and is engineered to provide increased reliability, flexibility, and performance.
• In April 2022, Nextracker, a leading provider of solar tracker solutions, launched its latest product, the NX Gemini Solar Tracker. This innovative dual-row solar tracker system features a high-density module configuration and provides superior energy yield and reliability.
• Gonvarri Solar Steel announced in October 2022 that it had secured a contract to provide solar trackers and racks solutions for multiple solar projects in the Iberian Peninsula, amounting to a total of approximately 1.2 GW. The contract includes 289 MW of TracSmarT+ 1V single and double row trackers and 938 MW of RackSmarT fixed structures, which were ordered by Iberdrola SA.
• In 2021, Nextracker, a leading solar tracker company, formed a partnership with the Indian engineering firm, Sterling and Wilson to develop solar projects in the Middle East and Africa.

Key Companies:

• Nextracker
• Array Technologies, Inc.
• Soltec
• Convert Italia S.p.A.
• SunPower Corporation
• GameChange Solar
• Scorpius Trackers
• Powerway Renewable Energy Co. Ltd.
• Arctech Solar
• Abengoa Solar, S.A.

Key Questions Answered by Solar Tracker Market Report

• Global solar tracker market forecasts from 2023-2030
• Regional market forecasts from 2023-2030 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2023-2030 covering 15 major countries from the regions as mentioned above
• Solar tracker submarket forecasts from 2023-2030 covering the market by component, type, application, end-use, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis about the market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level solar tracker markets from 2023-2030
• Competitive Landscape and market positioning of top 10 players operating in the market