Solar Tracker Market Size | Share and Trends 2024 to 2034

Solar Tracker Market Size and Forecast 2024 to 2034

The global solar tracker market size accounted for USD 7.01 billion in 2024 and is expected to reach around USD 71.81 billion by 2034, expanding at a CAGR of 26.2% from 2024 to 2034. The North America solar tracker market size reached USD 1.67 billion in 2023.

Solar Tracker Market Key Takeaways

• North America led the global market with the highest market share of 30% in 2023.
• By product, the single axis segment has held the largest market share of 90% in 2023.
• By technology, the solar photovoltaic (PV) segment captured the biggest revenue share in 2023.
• By application, the utility segment registered the maximum market share in 2023.

U.S. Solar Tracker Market Size and Growth 2024 to 2034

The U.S. solar tracker market size was estimated at USD 1.17 billion in 2023 and is predicted to be worth around USD 15.43 billion by 2034, at a CAGR of 26.4% from 2024 to 2034.

North America dominated the solar tracker market in 2023. The market players are adopting unique strategies such as partnership, joint venture, product launch, and collaboration. These strategies are contributing towards the growth of the regional market. For instance, the SunShot Initiative was started in 2011 by the U.S. Department of Energy to make the solar industry cost competitive with conventional energy sources by 2020 by lowering costs to less than 1 USD/watt. More than 350 initiatives have received funding from the initiative.

Europe, on the other hand, is expected to develop at the fastest rate during the forecast period. The UK dominates the solar tracker market in Europe region. The growth of Europe solar tracker market is attributed to the growing funding by government bodies. The technological advancements are contributing towards the growth of solar tracker market in Europe region. In addition, the rising solar tracker deployment of solar panels is driving the expansion of Europe solar tracker market.

Growth Factors

A solar tracker surges the solar panel system’s productivity capacity by synchronizing the solar panels with the path of the sun. The growing initiatives and efforts by market players are driving the growth of global solar tracker market. For instance, PV Hardware Solutions S.L.U., a major participant in the solar tracker market, was chosen as the supplier for the single axis solar tracker for more than 30PV plants with a total capacity of more than 3GW in April 2019.

In addition, the growth of global solar tracker market is being driven by the growing emphasis on clean and green energy. The growing awareness about environmental pollution is also boosting the growth of global solar tracker market. One of the primary factors driving the growth of solar tracker market is a huge increase in the number of solar panel installations around the world. Moreover, the solar tracker market is growing due to the introduction of favorable government regulations that promote various solar energy projects.

Due to the increased industrial demand for sophisticated technology for tracking reasons, companies are concentrating on developing advanced technology-based products. For growing their geographical reach and product portfolio, manufacturing organizations use a variety of organic and inorganic expansion tactics. The key market players’ strategic approach revolves around securing large buy orders, as this helps them to realize to economic growth. The tracker research and development are a key differentiator for industry players.

A solar tracker’s other key goal is to save energy and increase operational efficiency. This is due to the fact that solar trackers are distinct energy consuming organizations that are attached to solar panels in order to improve their performance. Furthermore, solar trackers must provide operational reliability across a variety of operating conditions, as any impact on tracker application performance can have a significant impact on the overall performance of solar panels or power systems.

Market Scope

Product Insights

The single axis tracker segment accounted largest revenue share of 90% in 2023. Single axis trackers typically move from east to west, following the sun’s path. Single axis trackers are inexpensive, easy to setup, and operate at a minimal cost. They outperform dual axis trackers in terms of reliability. Dual axis trackers have a shorter lifespan than single axis trackers. Single axis trackers are ideal for businesses looking for a low-cost solution.

The dual axis tracker segment is projected to witness strong growth from 2024 to 2034. When compared to single axis trackers, dual axis trackers help generate 8% to 10% more energy. The dual axis trackers have a high operational and maintenance cost due to higher space needs, more sophisticated technology, and significant maintenance for motors and control systems.

Technology Insights

The solar photovoltaic (PV) segment dominated the solar tracker market in 2023. Solar photovoltaic is a modestsystem that usagessunlight to produce electricity with no working components. Solar photovoltaic systems directly absorb solar photons, which are light particles that operate as independent units of energy and either convert part of the energy to electricity or store some of the energy in a chemical reaction.

The concentrated photovoltaic (CPV) segment is fastest growing segment of the solar tracker market in 2023. Concentrated photovoltaic (CPV) systems focus sunlight on solar cells, boosting their efficiency significantly. In a concentrated photovoltaic (CPV) system, the photovoltaic cells using a lens or mirrors. To keep sunlight focused on photovoltaic cells, concentrated photovoltaic (CPV) systems must track the sun. The minimal capital investment, high efficiency, and low cost of system are the key benefits of concentrated photovoltaic (CPV) systems, which allow for rapid scale up by using least expensive semiconducting photovoltaic material to meet a specific electrical output. 

Application Insights

The utility segment dominated the solar tracker market in 2023. As utility installations are ground mounted and solar trackers may be used to follow the sun during the day, single axis tracking systems are the most commonly utilized solar trackers in the utility industry. Furthermore, due to rising government subsidies and feed in tariff programs, these trackers are increasingly being employed in utility applications, particularly in developing and developed regions.

The non-utility segment is expected to grow at a fastest rate from 2024 to 2034. The residential and commercial installations make up the non-utility sector. Due to the infeasibility of using trackers due to land limits, non-utility applications have a lower market share than utility applications. In non-utility applications, installing solar trackers can be highly expensive.

Solar Tracker Market Companies

• NEXTracker
• Array Technologies
• Soltec
• Convert Italia
• Arctech Solar
• SunPower
• Sun Action Trackers
• STi Norland
• Scorpius Trackers
• Exosun

Recent Developments

• In Lyubar, Ukraine’s largest solar tracking plant, with a capacity of 33 MW, was launched in May 2020. SolControl, Soltigua’scloud-based SCADA, was used for the installation, which was designed from the start to be optimal for remote help and supervision of the solar plant. 

• SkySmart-2, an autonomous single axis tracking system, was announced by Arctech in May 2019. It’s a 120-module 2P solar tracker that eliminates the instabilities of traditional 2P or two module portrait tracking systems and improves photovoltaic plant stability in poor visibility. 

• Mass Megawatts declared plans for a solar tracker trailer trip with modest solar units in April 2021 to show the cost and output of the added solar tracking features. The trip is set to begin at the end of 2021, according to the organization. 

• Antaisolar declared SPACE, the global longest solar tracker, in June 2021. It is a 1P multi-Slew solar tracker that can cut solar mounting system costs by 18% and can be stretched to more than four strings with a maximum length of 240 meters.

Segments Covered in the Report

By Product

• Single Axis
• Horizontal
• Vertical
• Polar Aligned
• Titled
• Dual Axis
• Tip-Tilt
• Azimuth-Altitude

By Technology

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

By Type

• Active Solar Tracker
• Passive Solar Tracker

By Application

• Utility
• Residential
• Commercial & Industrial

By Geography

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Malaysia
• Philippines
• Latin America
• Brazil
• Rest of Latin America
• Middle East & Africa (MEA)
• GCC
• North Africa
• South Africa
• Rest of the Middle East & Africa