Solar Tracker Market

Solar Tracker Market Overview

Global Solar Tracker Market acquired the significant revenue of 7.4 Billion in 2023 and expected to be worth around USD 37.4 Billion by 2033 with the CAGR of 19.3% during the forecast period of 2024 to 2033. The market for solar trackers is expanding rapidly, primarily because of the rising use of renewable energy solutions, including solar energy. Solar trackers are machines the move in tandem with the position of the sun to adjust the angle of the panels and increase the yield of the solar energy system.

This market is being fueled by increase in the global energy consumption, government policies encouraging solar power installations and the demands for higher performance of solar products for increased energy output. Improved technology in trackers regarding the dual-axis and even, the integration of artificial intelligence also plays a part. Stakeholders in this market are photovoltaic systems manufacturers, energy providers, infrastructure providers, and others especially in North America, Europe and Asia Pacific.

Drivers for the Solar Tracker Market

Increasing Adoption of Renewable Energy

There is a rising consciousness of climate change and environmental conservation thus increasing the pressure towards a move towards green energy. The negative impacts of fossil fuels are becoming more and more evident where effects such as greenhouse emissions that because global warming can be seen felt by governments, corporations and individuals. Hence, one sees an emergence of a new renewable energy platforms including solar, wind and hydropower as possible solutions. Among them, solar energy has become a hot issue for research because it is rich in resources, large in energy, and more cost-reducing.

Solar power is viewed as one of the most accessible and versatile renewable options, capable of powering everything from individual homes to large-scale industrial operations. Additionally, the transition to solar energy aligns with global climate commitments such as the Paris Agreement, where nations are setting ambitious goals to reduce carbon footprints and increase the share of renewables in their energy mix.

Restraints for the Solar Tracker Market

Complex Installation and Maintenance

Solar trackers, while highly efficient at maximizing energy output by adjusting the orientation of solar panels to follow the sun, come with certain challenges due to their mechanical complexity. These systems include moving parts, such as motors and gears, which can make installation more complicated compared to fixed solar arrays. In remote or less developed regions, this complexity can pose a barrier to adoption, as skilled labor and specialized equipment may be required for both the installation and maintenance of these systems. Additionally, the moving components increase the likelihood of wear and tear over time, leading to higher maintenance needs. In areas with limited access to replacement parts, technical support, or reliable infrastructure, keeping solar trackers operational can become costly and logistically challenging.

Opportunity in the Solar Tracker Market

Continuous Innovation, such as AI-Driven Tracking Systems and Dual-Axis Trackers

Continuous innovation in solar tracker technology is transforming the industry by significantly enhancing efficiency and reducing operational costs. AI-driven tracking systems represent a major advancement, as they use artificial intelligence to optimize the positioning of solar panels in real-time, based on factors like weather conditions, shading, and the sun’s trajectory. These intelligent systems can increase energy capture by making precise adjustments, even under variable conditions, thus maximizing output and improving overall system efficiency. This innovation also helps lower maintenance costs, as AI can predict mechanical issues before they occur, enabling preventive maintenance.

Trends for the Solar Tracker Market

Bifacial Solar Panels with Trackers

Bifacial solar panels are designed to capture sunlight from both their front and rear surfaces, significantly boosting their energy generation capabilities compared to traditional monofacial panels. By pairing bifacial panels with solar trackers, which adjust the panels' orientation to follow the sun's path, energy generation efficiency is further enhanced. This combination is particularly beneficial in high-reflectivity environments, such as deserts, where the albedo effect caused by light-colored sand and surfaces can reflect additional sunlight onto the rear side of the panels. As a result, bifacial solar panels can harness this reflected light, increasing overall energy output. The use of solar trackers optimizes the angle of these bifacial panels, allowing them to maximize exposure to direct sunlight throughout the day, thus enhancing their performance even in less-than-ideal weather conditions.

Segments Covered in the Report

By Type

o   Solar Photovoltaic (PV)

o   Concentrated Photovoltaic (CPV)

o   Concentrated Solar Power (CSP)

By Movement

o   Single Axis

o   Dual Axis

By Application

o   Utility

o   Non-utility

Segment Analysis

By Type Analysis

On the basis of type, the market is divided into solar photovoltaic (PV), concentrated photovoltaic (CPV), and concentrated solar power (CSP). Among these, solar photovoltaic (PV) segment acquired the significant share in the market owing to its widespread adoption and versatility. PV systems are more commonly used in both residential and commercial settings because they convert sunlight directly into electricity through the photovoltaic effect, making them simpler to install and maintain compared to CPV and CSP systems. Additionally, the costs of PV panels have steadily decreased over the years, making them more affordable and accessible to a broader range of consumers and industries.

By Movement Analysis

On the basis of movement, the market is divided into single axis and dual axis. Among these, single axis segment held the prominent share of the market. Single-axis trackers move along one axis, typically oriented north-south, allowing solar panels to pivot and follow the sun’s path from east to west throughout the day. This design requires fewer moving parts than dual-axis systems, making single-axis trackers less complex and easier to maintain.

The lower initial investment and reduced installation costs associated with single-axis trackers make them particularly attractive for large-scale solar farms and utility projects, where maximizing energy output while controlling expenses is essential. Additionally, single-axis trackers can increase energy production by 20-30% compared to fixed installations, making them an effective solution for enhancing solar efficiency without significant added complexity.

By Application Analysis

On the basis of application, the market is divided into utility and non-utility. Among these, utility segment held the prominent share of the market due to the increasing demand for large-scale solar energy production to meet growing electricity needs. Utility-scale solar projects typically require significant amounts of energy; which solar trackers can efficiently provide by maximizing the energy harvested from the sun. These projects often involve extensive solar farms that can benefit from the enhanced energy generation capabilities of solar trackers, leading to higher overall efficiency and output compared to fixed systems.

Additionally, government incentives and renewable energy mandates have spurred investments in utility-scale solar installations, driving the adoption of advanced technologies like solar trackers. Utilities are increasingly looking to diversify their energy portfolios with renewable sources to reduce reliance on fossil fuels, and solar trackers play a crucial role in optimizing solar farm performance.

Regional Analysis

North America Dominated the Market with the Highest Revenue Share

North America held the most of the share of 34.1% the market. The region benefits from a well-established solar industry ecosystem, including a robust supply chain and skilled workforce, which facilitates the development and deployment of advanced solar technologies. The increasing emphasis on sustainability and carbon reduction across various sectors has also contributed to the growth of solar energy projects, with many utilities and corporations committing to ambitious renewable energy targets.

Moreover, the region's diverse geographic landscape provides ample opportunities for solar farms, making solar trackers an attractive option for maximizing energy yield in varying climatic conditions. As technology continues to evolve, with innovations such as AI-driven systems and improved tracking mechanisms, North America is poised to maintain its leadership position in the solar tracker market.

Competitive Analysis

The competitive landscape of the solar tracker market is characterized by a mix of established players and emerging companies, all striving to innovate and capture market share in a rapidly growing sector. Key players such as Trina Solar, NEXTracker, and Array Technologies dominate the market, leveraging their extensive experience, robust supply chains, and strong brand recognition to provide advanced solar tracking solutions. These companies invest significantly in research and development to enhance the efficiency and reliability of their products, focusing on features such as AI integration and improved mechanical designs.

Recent Developments

In February 2023, PVHardware has announced plans to construct the world's largest solar tracker factory in Spain, covering an area of 65,000 square meters. The company aims to increase its production capacity to 25 GW, positioning itself as the leading solar tracker manufacturer globally.

In April 2022, Array Technologies, Inc. has secured a contract to provide 1 GW of its DuraTrack HZ v3 single-axis solar trackers for the Gemini solar project. This project is anticipated to become one of the largest solar storage facilities in the United States.

Key Market Players in the Solar Tracker Market

o   Abengoa Solar S.A.

o   Array Technologies Inc.

o   AllEarth Renewables

o   DEGERenergie GmbH & Co. KG

o   Powerway Renewable Energy Co. Ltd.

o   Trina Solar Limited

o   Nclave

o   Soltec Tracker

o   SunPower Corporation

o   Titan Tracker

o   Other Key Players