The Business Research Company’s report on the Solar Tracker For Power Generation Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the key drivers behind the solar tracker for power generation market’s growth in recent years?
An increase in the number of solar panel installations across the globe is expected to propel the growth of the solar tracker market. Increasing government shifts toward renewable energy projects and growing investment by residential customers towards environmentally friendly energy sources have contributed to strong growth in solar panel installations across the globe. The rapid growth in solar panel installations is expected to boost demand for solar trackers, as they are widely used to enhance energy output and efficiency in new installations. For instance, according to the SolarPower Europe, a Belgium-based association that represents the European solar PV sector, in 2023, 447 gigawatts (GW) of solar panels were installed, which is nearly double the 239 GW installed in 2022. Thus, an increase in the number of solar panel installations is expected to boost demand for solar trackers during the forecast period.
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How does the future projection of the solar tracker for power generation market size compare to its historical growth?
The solar tracker for power generation market size has grown strongly in recent years. It will grow from $7.29 billion in 2024 to $7.94 billion in 2025 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to increased solar efficiency, falling solar costs, renewable energy incentives, energy independence, environmental awareness.
The solar tracker for power generation market size is expected to see strong growth in the next few years. It will grow to $11.47 billion in 2029 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to advanced tracking technologies, global solar installations, energy storage integration, efficiency improvements, emerging solar markets. Major trends in the forecast period include single-axis vs dual-axis tracking, smart and autonomous tracking, floating solar trackers, real-time monitoring and data analytics, climate-adaptive tracking.
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Which key players are shaping the future of 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 trends will propel the growth and evolution of the solar tracker for power generation market?
New product developments are the key trend gaining popularity in the solar tracker market. Major companies operating in the solar tracker market are focused on developing innovative products to meet industry-specific technical demands and strengthen their market position across the globe. For instance, in July 2024, Soltec, a Spain-based electric services company, launched its 4×4 system for the SFOne solar tracker, designed to adapt to various terrains and locations. This innovative system allows the solar trackers to operate on constant slopes of up to 15% in both North-South and East-West orientations, and it can handle non-constant slopes of up to 20%. The 4×4 functionality minimizes land preparation work, making it ideal for complex topographies, and includes customizable software that optimizes the layout and installation process, enhancing overall project efficiency.
Which regions are expected to become dominant players in 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.
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What are the emerging key segments in the solar tracker for power generation market, and how are they evolving?
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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How is the solar tracker for power generation market defined?
The solar tracker refers to a system that positions solar panels at an angle relative to the sun to absorb more sunlight and generate more electricity. Active solar tracking systems utilize powered machinery such as gears and motors to move solar panels, whereas passive tracker attains motion by heating compressed liquid by the sun.
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