What Does The Solar Tracker Market Size Projection Indicate?
The solar tracker market size has shown significant growth in recent years. It is projected to grow from $10.54 billion in 2024 to $12.17 billion in 2025, registering a compound annual growth rate (CAGR) of 15.4%. Improved energy yield, cost reductions, environmental awareness, and incentive programs among others have contributed to this historical growth.
Looking ahead, the solar tracker market size is expected to display impressive growth, reaching an estimated value of $21.7 billion by 2029, with a CAGR of 15.6%. This anticipated growth can be attributed to advancements in tracking technologies, increasing global solar installations, rising energy storage integration, and improving efficiency.
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What Drivers Are Propelling The Solar Tracker Market Growth?
One of the key driving forces behind the solar trackers market growth is the increasing demand for renewable energy sources. Solar trackers effectively utilize renewable energy from sources like sun, rain, geothermal heat, and waves to generate power. According to a report by the U.S. Energy Information Administration (EIA) in 2023, U.S. utility-scale electricity generation from hydropower reached 240 billion kWh, accounting for a significant share of the total energy production. This demonstrates the rising dependency on renewable energy sources, hence driving the market for solar trackers.
Which Are the Critical Sectors Within The Global Solar Tracker Market?
• By Axis Type: Single Axis, Dual Axis
• By Technology: Solar Photovoltaic (PV), Concentrated Solar Power (CSP), Concentrated Photovoltaic (CPV)
• By Application: Residential, Commercial & Industrial, Utility
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What Companies Are Dominating The Solar Tracker Market Landscape?
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., and many others.
Which Trends Are Poised To Impact The Solar Tracker Market Scenario?
The introduction of innovative products is a key trend gaining traction in the solar tracker for the power generation market. In April 2020, SFOne, Nextracker, an India-based company, unveiled the NX HorizonTM low-carbon solar tracker, leveraging technological developments to improve sustainable energy production while reducing environmental impact and supporting the local steel industry.
Which Region Holds The Largest Share In The Solar Tracker Market?
In 2024, North America held the largest share in the solar tracker market for power generation. The report also covers market data for regions like Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
What Does The Solar Tracker Market Report 2025 Offer?
A solar tracker for power generation refers to strategically positioning a photovoltaic panel towards the sun to capture maximum sunlight and improve the electricity production capacity of a solar plant. They help generate clean energy and reduce carbon emissions during the power production process. The Solar Tracker Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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