Solar Tracker Market Report and Forecast 2025-2034

The global solar tracker market was estimated at USD 6.28 Billion in 2024 and is expected to grow at a CAGR of 28.10% in the forecast period of 2025-2034, reaching a value of USD 74.72 Billion by 2034.

The solar tracker market is driven by the increasing need for solar cells or photovoltaic cells and solar tracker benefits such as improved cell performance. Photovoltaic cells are used with the help of sunlight to transform solar energy into a flow of electrons.

Market Segmentation

A solar tracker is a device directed toward the sun by a payload. Trackers are used to enable optical components in CPV and CSP systems in concentrator photovoltaics (CPV) and concentrated solar power (CSP) applications.

The solar tracker market can be segmented into technology, applications, and products. The industry can be broadly categorised based on technology into:

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

The industry can be divided based on applications as:

• Utility
• Non-Utility
• Others

Based on the products, the industry can be divided into:

• Single Axis
• Dual Axis

Looks into the regional solar tracker markets like:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Market Analysis

The solar tracker market is driven by the rapid increase in the use of solar trackers. Solar monitor in the direction of the sun guides solar panels or modules. The two types of material used for this purpose are the single axis and dual axis. The former product category is commonly used as it is fairly cost-effective and easy to install and run. Due to the increasing number of installed capacities, Europe and North America had a significant market share in the past years and are projected to increase impressively during the forecast period. In addition, one of the key drivers of consumer demand in these regions is the favourable legislation for installing solar trackers. It is predicted that the involvement of well-established companies in North America, increasing R&D programs, strict regulations for regulating environmental emissions, and the increased funding, feed-in tariffs, and government subsidies will further push the solar tracker market over the forecast period. Favourable government regulations are projected to have a positive impact on the industry growth in most regions around the globe. In addition, the increasing numbers of government incentives to encourage the value and use of solar panels are also projected to boost the solar tracker market development.

Competitive Landscape

The report presents a detailed analysis of the following key players in the global solar tracker market, looking into their capacity, competitive landscape, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• SunPower Corporation
• Array Technologies Inc.
• AllEarth Renewables, Inc.
• Deger Energie GMBH & CO. KG
• Nextracker Inc.
• PV Hardware Solutions, S.L.U.
• Abengoa S.A.
• Others

The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter's Five Forces model.
Show more