Solar Tracker Industry Overview

The global solar tracker market size was valued at USD 4.41 billion in 2022, expanding at a compound annual growth rate (CAGR) of 26.2% from 2023 to 2030.

Rising concerns over energy conservation and transition from non-renewable energy to renewable energy is expected to surge demand for solar energy and eventually solar trackers over the forecast period on a global level. Solar tracker utilizes various electrical components including actuators, motors, and sensors to orient the solar cell for concentrating the sunlight in order to maximize the energy captured. The captured solar radiations are further converted into electricity which is utilized by various end-user segments. Rising use of solar power as a potential source of commercial energy generation has gained popularity due to decreasing solar PV panel cost which is excepted to further augment solar tracker market growth.

Gather more insights about the market drivers, restrains and growth of the Solar Tracker Market

Solar PV technology has been one of the fastest growing renewable sources of energy over the past few years in the U.S. Increasing government focus on renewable energy has resulted in the development of PV cells as a sustainable and continuous source of energy generation. Rising capacity expansions across the U.S. has led to decline the levelized cost of electricity (LCOE). This has made solar PV competitive with other conventional forms of energy in the country. Along with supporting policies by the U.S. government has been one of the significant drivers for high implementation of solar energy in the country.

Technological innovations aimed at the development of new methods in tracking systems by companies such as NEXTracker, Array Technologies, AllEarth Renewables, and Solaria are expected to drive market growth during the forecast period. The solar tracker market is price competitive, so the solar tracker manufactures have to be operationally efficient and extremely strategic to be successful.

The market in Europe is expected to witness substantial growth over the forecast period, owing to the recent increase in the Feed-in Tariff (FIT) rates especially in Germany. The presence of other government subsidies in the region is likely to have a positive impact on the European market over the next ten years. During the FIT boom in Europe, numerous projects employed dual axis trackers with poor reliability which led to high O&M costs.

Browse through Grand View Research's Renewable Energy Industry Research Reports.

• Global solar cell market size was estimated at 182.4 GW in 2014. Rising penetration of renewable energy sources owing to environmental benefits coupled with increasing electricity demand is expected to propel market growth.
• The global solar PV panels market size was estimated at USD 170.25 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 7.7% from 2024 to 2030.

Solar Tracker Market Segmentation

Grand View Research has segmented the global solar tracker market based on technology, type, application, and region: 

Solar Tracker Technology Outlook (Volume, Megawatt; Revenue, USD Million, 2018 - 2030)

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

Solar Tracker Type Outlook (Volume, Megawatt; Revenue, USD Million; 2018 - 2030)

• Single Axis
• Dual Axis

Solar Tracker Application Outlook (Volume, Megawatt; Revenue, USD Million; 2018 - 2030)

• Utility
• Non-utility

Solar Tracker Regional Outlook (Volume, Megawatt; Revenue, USD Million, 2018 - 2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Spain
  • Italy
  • France
• Asia Pacific
  • China
  • India
  • Japan
• Central & South America
  • Brazil
  • Chile
• Middle East & Africa
  • UAE
  • Saudi Arabia

Key Companies profiled:

• Abengoa Solar S.A.
• AllEarth Renewables
• Array Technologies Inc.
• DEGERenergie GmbH & Co. KG
• Nclave
• Powerway Renewable Energy Co. Ltd.
• Soltec Tracker
• SunPower Corporation
• Titan Tracker
• Trina Solar Limited

Key Solar Tracker Company Insights

Companies are focusing on developing advanced technology-based products owing to the growing industrial demands for advanced technology for tracking purpose. The manufacturing companies are adopting various organic and in-organic growth strategies for expanding their geographical reach and product portfolio. The strategy framework of major solar tracker manufacturer is centered around bagging orders for large purchases as it gives the manufacturer an opportunity to achieve economies of scale. The research and development of solar trackers is a major differentiating factor for manufacturers in this market. 

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