Solar Tracker Global Market Report 2024

A solar tracker for power generation involves aligning a photovoltaic panel at an optimal angle toward the sun to capture maximum sunlight, thereby enhancing the electricity production capacity of a solar plant. These trackers are utilized to generate clean energy and reduce carbon emissions during the power production process, ultimately improving the efficiency of solar panels and maximizing their output.

The main products in the field of solar trackers for power generation are single-axis and dual-axis trackers. Single-axis trackers employ technology that adjusts the position of a solar panel along a single axis, allowing it to follow the changing position of the sun throughout the passing days and years. The technologies utilized include photovoltaic (PV) and concentrated solar power (CSP). Applications for solar trackers span across residential, commercial, industrial, and utility sectors.

The solar tracker for power generation market research report is one of a series of new reports that provides solar tracker for power generation market statistics, including a solar tracker for power generation industry, global solar tracker for power generation market size, regional shares, competitors with a solar tracker for power generation market share, detailed solar tracker for power generation market segments, market trends and opportunities, and any further data you may need to thrive in the solar tracker for power generation industry. This solar tracker for power generation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.

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 observed during the historical period can be attributed to several factors, including the increased efficiency of solar technologies, declining costs of solar installations, incentives for renewable energy adoption, a focus on achieving energy independence, and growing environmental awareness. These

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 anticipated growth in the forecast period can be attributed to factors such as advancements in tracking technologies, the expansion of global solar installations, the integration of energy storage, improvements in efficiency, and the emergence of solar markets. Major trends expected in the forecast period include the comparison between single-axis and dual-axis tracking systems, the adoption of smart and autonomous tracking technologies, the development of floating solar trackers, the implementation of real-time monitoring and data analytics, and the emergence of climate-adaptive tracking systems.

The anticipated increase in power demand from renewable energy sources is set to drive the growth of the market for solar trackers in power generation. Renewable energy, derived from naturally replenished sources like the sun, rain, geothermal heat, and waves, is on the rise. Solar trackers play a crucial role in utilizing these renewable energy sources for power generation. According to the International Energy Agency (IEA) investment report for 2021, global power sector investments were projected to increase by 5% to over $820 billion in 2021 compared to 2020. Renewables took the lead in new power generation investment, constituting 70% of the $530 billion spent on all new power generation capacity in 2021. Consequently, the surge in power demand from renewable sources is propelling the solar tracker market for power generation.

The growing demand for off-grid solar systems is expected to contribute to the expansion of the solar tracker market for power generation in the coming years. Off-grid solar systems operate independently of the main power grid, generating power through solar panels installed on rooftops. These self-sustaining systems store energy in batteries during sunlight hours for use during the night. Solar trackers enhance energy production, improve energy efficiency, reduce maintenance costs, and increase energy-generating capacity in off-grid solar systems. As reported by the United States Department of Energy in August 2023, a record-breaking 9.5 million off-grid solar products were sold in 2022, amounting to 94 megawatts (MW). Therefore, the growing demand for off-grid solar systems is a driving force for the solar tracker market in power generation.

The emergence of innovative products is a prominent trend gaining traction in the solar tracker market for power generation. Leading companies in the market are dedicated to developing innovative products to solidify their market position. For example, in June 2021, Soltec, a Spain-based single-axis solar tracker manufacturer, introduced the highly versatile SFOne solar tracker suitable for various projects worldwide. The SFOne solar tracker features a double-row 1P configuration and Dy wind technology.

Major companies in the solar tracker market for power generation are emphasizing single-axis solar tracking systems to better cater to the needs of their consumers. A single-axis solar tracking system continuously adjusts the orientation of solar panels along a specific axis to maximize energy extraction from the sun. In October 2021, Arctech Solar Holding Co., a China-based manufacturer and supplier of intelligent solar trackers, launched the SkyLine II horizontal single-axis solar tracking system. SkyLine II, the first 1P tracker with a pentagonal torque pipe and synchronous multi-point driving mechanism, offers increased bending and torsional capacities, ensuring stability at all monitoring tilts. The design features a standardized and modular design, new-generation AI tracking algorithms, and a pentagonal torque tube design.

In January 2022, Array Technologies Inc., a US-based solar tracking solutions manufacturer, acquired Soluciones Técnicas Integrales Norland, S.L., a Spain-based solar tracker manufacturing company, for an undisclosed amount. The acquisition strengthened Array's position as a global leader in solar trackers, with a strong presence in North America, Latin America, and Europe. This strategic move positions Array as an expert in the rapidly growing Brazilian solar sector, establishing it as the world's largest solar tracker company with production capacity and technical expertise on three continents.

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.

North America was the largest region in the solar tracker for power generation market in 2023. The regions covered in this solar tracker for power generation market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the solar tracker for power generation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The solar tracker for power generation market consists of sales of Horizontal Single-Axis Solar Tracker (HSAT), Horizontal Tilted Single-Axis Solar Tracker (HTSAT), Vertical Single-Axis Solar Tracker (VSAT), Vertical-Tilted Single-Axis Solar Tracker (VTSAT), polar-axis tracking and altitude–azimuth tracking. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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