Solar Tracker Global Market Size, Share, By Type, By Movement, By Application, By Technology, By Region And Segment Forecasts, 2024-2033 | NEXTracker Inc., Exosun SA, FTC Solar Inc., DCE Solar, SunLink Corporation

Solar Tracker Global Market

Overview and Scope
The solar tracker refer 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.

Sizing and Forecast
The solar tracker market size has grown rapidly in recent years. It will grow from $9.22 billion in 2023 to $10.71 billion in 2024 at a compound annual growth rate (CAGR) of 16.2%. 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 market size is expected to see rapid growth in the next few years. It will grow to $19.22 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%. 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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Segmentation & Regional Insights
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

North America was the largest region in the solar tracker market in 2023. 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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Major Driver Impacting Market Growth
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, in September 2022, according to the U.S Energy Information Administration, a US-based federal statistical system responsible for energy information, from 21.8 million peak kW in 2020, U.S. shipments of solar photovoltaic (PV) modules (solar panels) increased to a record 28.8 million peak kilowatts (kW) in 2021. Additionally, installations of small-scale solar power climbed by 5.4 GW in 2021, up 23% from 2020. (4.4 GW. Thus, an increase in the number of solar panel installations is expected to boost demand for solar trackers during the forecast period.

Key Industry Players
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.

The solar tracker market report table of contents includes:
1. Executive Summary