Solar Tracker For Power Generation Global Market Report 2024

A solar tracker is a system designed to position solar panels at an optimal angle relative to the sun, allowing them to absorb more sunlight and generate increased electricity. Active solar tracking systems utilize powered machinery, such as gears and motors, to move solar panels, while passive trackers achieve motion by utilizing the sun's heat to compress liquid.

The main types of solar trackers include single-axis and dual-axis systems. A single-axis solar tracking system moves a photovoltaic (PV) panel on an approximate trajectory relative to the Sun's position, utilizing a tilted PV panel mount and one electric motor. The axis of rotation can be horizontal, vertical, or oblique. Solar trackers are deployed in various technologies, including solar photovoltaic (PV), concentrated solar power (CSP), and concentrated photovoltaic (CPV). These trackers find applications in residential, commercial, industrial, and utility settings.

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

The solar tracker for power generation market size has grown strongly in recent years. It will grow from $6.75 billion in 2023 to $7.41 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth observed during the historical period can be attributed to several factors, including improved energy yield from solar installations, cost reductions associated with solar technologies, growing environmental awareness, incentive programs supporting renewable energy adoption, and a focus on achieving energy independence.

The solar tracker for power generation market size is expected to see strong growth in the next few years. It will grow to $10.71 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The anticipated growth in the forecast period can be attributed to factors such as advanced tracking technologies, the continued expansion of global solar installations, the integration of energy storage, ongoing efficiency improvements in solar technology, and the emergence of new solar markets. Major trends expected in the forecast period include technological advancements leading to enhanced efficiency, a growing adoption of dual-axis trackers for improved solar panel positioning, increased digitalization and data-driven optimization in solar tracking systems, the integration of artificial intelligence (AI) and machine learning (ML) for intelligent tracking solutions, and the use of smart inverters to optimize energy production.

The anticipated surge in solar panel installations globally is poised to drive the growth of the solar tracker market. The increasing focus of governments on renewable energy initiatives and the rising investments from residential consumers in environmentally sustainable energy sources have led to substantial growth in solar panel installations worldwide. This rapid expansion in solar panel installations is expected to fuel the demand for solar trackers, widely utilized to optimize energy output and efficiency in new installations. For example, in September 2022, data from the U.S Energy Information Administration indicated that U.S. shipments of solar photovoltaic (PV) modules (solar panels) reached a record 28.8 million peak kilowatts (kW) in 2021, up from 21.8 million peak kW in 2020. Furthermore, small-scale solar power installations increased by 5.4 GW in 2021, marking a 23% rise from the 4.4 GW recorded in 2020. Therefore, the upswing in solar panel installations is anticipated to drive the demand for solar trackers in the forecast period.

The increasing adoption of renewable energy is set to propel the growth of the solar tracker market. Renewable energy, harnessed from naturally replenishing sources like sunlight, wind, and hydropower, is not only environmentally sustainable but also indefinitely available. Solar trackers play a crucial role in maximizing energy production, improving efficiency, and making solar power economically viable and sustainable within the renewable energy landscape. As of December 2021, the International Energy Agency forecasted that renewables would contribute to about 95% of the global increase in power capacity until 2026, with solar PV accounting for over half of this surge. Hence, the growing adoption of renewable energy is expected to be a significant driver for the solar tracker market.

The key trend gaining momentum is the development of new products. Major companies in this market are actively involved in creating innovative products to meet specific technical requirements in the industry and strengthen their global market standing. For instance, in October 2021, Arctech introduced the Skyline II system, a 1P single-axis tracker featuring a pentagonal torque tube design. Skyline II triggers wind stows at 22m/s, leading to up to a 2% increase in energy yield per year and subsequently reducing energy costs.

Prominent companies in the solar tracker market are dedicated to product innovation, aiming to enhance energy efficiency and overall performance. Product innovation involves the introduction of new and improved technologies or features that elevate the efficiency, precision, and durability of solar tracking systems, ultimately boosting the energy output of solar panels. For instance, in September 2022, Array Technologies Inc., a U.S.-based provider of utility-scale solar tracker technology, launched the Array OmniTrack and Array STI H250 products, enhancing its existing DuraTrack product line. Array OmniTrack is designed to simplify site preparation, ease installation, increase project ROI, and lower total project expenses. Meanwhile, Array STI H250 serves as a cost-effective alternative, particularly suitable for sites with irregular boundaries, highly inclined blocks, or fragmented project areas. These product lines, meeting domestic sourcing content standards, cater to diverse client needs and evolving requirements in the utility-scale solar industry. Customers benefit from Array's extensive product portfolio and a track record of innovation, receiving solutions tailored to their site-specific requirements and priorities.

In January 2022, Array, a U.S.-based solar tracker manufacturer, completed the acquisition of STI Norland for $652.16 million. This strategic move is a pivotal step in Array's expansion strategy to enhance its global business presence. The amalgamation of Array and STI Norland is expected to establish dominant positions in the solar market outside China and India. It also enables the company to maintain relationships with key international customers and gain access to a proven, cost-effective product. STI Norland, based in Spain, is a manufacturer of solar trackers.

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.

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

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

The solar tracker market consists of sales of Horizontal Single-Axis Solar Tracker (HSAT), Horizontal Tilted Single-Axis Solar Trackers (HTSAT, Vertical Single-Axis Solar Trackers (VSAT), and Vertical-Tilted Single-Axis Solar Trackers (VTSAT). 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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