Solar Tracker Market by Axis Type (Single-axis, Dual-axis), Type (Grid-connected, Off-grid), Application (Utility, Non-utility), Region (Asia Pacific, North America, Europe, Latin America, Middle East & Africa) - Global Forecast to 2029

The solar tracker market is estimated to reach USD 22.87 billion by 2029 from an estimated value of USD 10.32 billion in 2024, at a CAGR of 17.3% during the forecast period. The Solar Tracker Market is driven by advancements in AI-enabled tracking systems, increasing demand for optimized land use, and the integration of bifacial solar modules. Enhanced durability and reduced maintenance costs make trackers more viable. Additionally, growing emphasis on energy resilience and climate targets prompts greater adoption in disaster-prone and remote regions, fueling overall market expansion.

“Utility segment held larger share of solar tracker market based on application”

The utility segment held a larger share of the solar tracker market in 2023 due to the increasing deployment of large-scale solar power plants to meet growing electricity demand and achieve clean energy targets. Utilities are rapidly adopting solar trackers to maximize energy yield and improve project economics, especially in regions with high solar irradiation. Government incentives, power purchase agreements (PPAs), and favorable grid integration policies are further encouraging investments in utility-scale solar projects. Additionally, the declining cost of solar technology, combined with advancements in tracker design, is making utility-scale projects more efficient and financially viable. Utilities also benefit from economies of scale, which enhance cost-effectiveness and operational efficiency. With the rising need for decarbonization and energy diversification, the utility segment continues to contribute globally to solar tracker installations.

“Single-axis solar trackers to lead market based on axis type”

The single-axis segment continues to hold a strong position in the solar tracker market due to its cost-effectiveness, ease of installation, and proven efficiency in utility-scale solar projects. It allows solar panels to follow the sun’s path from east to west, significantly improving energy output compared to fixed-tilt systems. Single-axis trackers are especially suitable for large ground-mounted installations, where maximizing land use and power generation is crucial. Their relatively low operational and maintenance costs make them attractive for investors seeking high returns. Growing adoption in emerging markets, favorable government policies, and increasing demand for renewable energy further accelerate their deployment. As solar energy becomes a cornerstone of global energy strategies, the single-axis tracker segment is expected to maintain its strong market presence, especially in high-solar-radiation regions.

“North America to record second-highest CAGR in solar tracker market”

North America is expected to record the second-highest CAGR in the solar tracker market, driven by supportive policies, technological advancements, and increasing demand for renewable energy. The United States and Canada are leading this growth through substantial investments in utility-scale solar projects, backed by federal and state-level incentives, tax credits, and renewable energy mandates. The adoption of single-axis trackers, particularly in Texas and California, has become prevalent due to their cost-effectiveness and ability to enhance energy yield. Furthermore, integrating bifacial solar modules with tracking systems is gaining traction, offering improved efficiency and reduced levelized cost of electricity (LCOE). The region's focus on grid modernization and the expansion of smart grid infrastructure also contributes to the increased deployment of solar trackers. Additionally, the presence of key industry players and ongoing research and development efforts foster innovation and drive the market. As North America prioritizes clean energy transitions, the solar tracker market is poised for significant growth in the coming years.

Breakdown of Primaries:

In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information and assess future market prospects. The distribution of primary interviews is as follows:

By Company Type: Tier 1 - 40%, Tier 2 - 33%, and Tier 3 - 27%

By Designation: C-Level Executives - 50%, Directors - 30%, and Other Designations- 20%

By Region: North America - 15%, Europe - 30%, Asia Pacific - 40%, Latin America - 10%, and Middle East & Africa - 5%

Note: Other designations include product engineers, product specialists, and engineering leads.

The tiers of the companies are defined based on their total revenues as of 2023. Tier 1: >USD 1 billion, Tier 2: from USD 500 million to USD 1 billion, and Tier 3:

A few major players with a wide regional presence dominate the solar tracker market. The leading players in solar tracker market are Nextracker Inc. (US), Array Technologies Inc. (Mexico), PVHardware (Spain), Soltec (US), Gamechanger Solar (US), ARCTECH (China), FTC Solar (US), Valmont Industries, Inc. (US), All Earth Renewables (UK), Xiamen Grace Solar New Energy Technology Co., Ltd. (China), Sun Action Trackers (US), Trinasolar (China), ADES TEMPERO GROUP (Spain), Aivatechnology (US), and ArcelorMittal (Luxembourg),

Research Coverage:

The report defines, describes, and forecasts the solar tracker market by axis type and application for various regions. It also offers detailed qualitative and quantitative analyses of the market. The report comprehensively reviews the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the solar tracker market.

Key Benefits of Buying Report

• The solar tracker market is driven by the global transition to renewable energy, growing demand for high-efficiency solar power systems, and the pressing need to optimize energy output from photovoltaic installations. As utility-scale solar projects expand, solar trackers play a crucial role in enhancing power generation by adjusting panel orientation to follow the sun’s path. Increasing government support, favorable policies, and feed-in tariffs encourage solar adoption across developed and emerging economies. Additionally, integrating smart technologies, declining solar component costs, and the push to reduce the levelized cost of electricity (LCOE) are accelerating tracker deployment. The expansion of grid-connected solar farms, the growing demand for electricity, and the rising emphasis on sustainable infrastructure development further boost the market. With a strong focus on improving solar plant efficiency and maximizing return on investment, solar trackers have become a key component in the clean energy transition, driving market growth.
• Product Development/Innovation: The solar tracker market is centered on advancing precision, automation, and durability in tracking technologies to enhance solar energy output. Companies are developing smart tracking systems with real-time weather adaptation, machine learning algorithms, and remote monitoring capabilities to optimize panel orientation. Innovations include robust dual-axis trackers for higher yield and terrain-adaptive single-axis systems for challenging landscapes. Integration of IoT and AI enables predictive maintenance, reducing downtime and operational costs. Materials innovations focus on corrosion resistance and lightweight designs to extend system lifespan. These product developments ensure greater energy efficiency and play a vital role in accelerating solar adoption globally.
• Market Development: In April 2024, Nextracker launched the Industry’s first low-carbon solar tracker solution, the NX Horizon solar tracker system.
• Market Diversification: Array Technologies Inc. and Alupco AStrategic partnered to meet the growing demand for renewable energy in the Middle East.
• Competitive Assessment: Assessment of rankings - some key players, including Nextracker Inc. (US), Array Technologies Inc. (Mexico), PVHardware (Spain), Soltec (US), Gamechange Solar (US), ARCTECH (China), FTC Solar (US), Valmont Industries, Inc. (US), All Earth Renewables (UK), Xiamen Grace Solar New Energy Technology Co., Ltd. (China), and Sun Action Trackers (US).

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