Solar PV Tracker Market Research Report Information by Technology (Solar Photovoltaic, Concentrated PV, and Concentrated Solar Power), By Axis (Single Axis, and Dual-Axis), By End-User (Industrial, Commercial, and Utilities), By Drive System (Active Syste

During the forecast period, the solar PV tracker industry is anticipated to grow at a compound annual growth rate (CAGR) of 10.0%. The market growth is being driven by the following key market drivers: the increasing focus of governments on renewable energy, the growing adoption of solar power in developing countries, and the growing concerns regarding energy conservation and the transition from non-renewable to renewable energy.

The increasing utilization of renewable energy sources for power generation is the primary factor driving the market CAGR for solar PV trackers. Renewable energy sources, including wind, solar, hydropower, and nuclear, have replaced fossil energy sources due to the scarcity of natural resources such as oil, petroleum, and coal, as well as the ongoing population growth and the rise in electricity prices. Due to the abundant availability of the sun as an energy source for electricity generation, solar energy is one of the most widely accepted net zero renewable energy sources.

Market segment insights
The global solar PV tracker market has been divided into dual-axis and single-axis segments based on axis. The global solar PV tracker market was dominated by the single-axis segment in 2023, with a value share of 90.90%. It is anticipated to experience a compound annual growth rate (CAGR) of 10.2% during the forecast period.
The global solar PV tracker market has been divided into three categories: concentrated PV, concentrated solar power, and solar photovoltaic. This segmentation is based on technology.
The global solar PV tracker market has been divided into three categories: active system, passive system, and manual system, based on the motor system segment. The market was dominated by the Active System segment in 2023, with a 66.06% share.
The global solar PV tracker market has been divided into industrial, commercial, and residential segments based on the end-user segment. In 2023, the industrial segment held most of the market with a share of 74.26%. It is anticipated to experience a compound annual growth rate (CAGR) of 10.4% during the forecast period.

Regional Perspectives
The global solar PV tracker market has been divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. In 2023, the Asia Pacific region held most of the market with a 34.48% share. It is anticipated that the region will experience a compound annual growth rate (CAGR) of 11.7% during the forecast period.
The market growth in the Asia-Pacific solar PV tracker market will be bolstered by a rise in demand for solar PV trackers, which will be facilitated by favorable government policies and increased investments.
The European solar PV tracker market occupies the second-largest market share because of the government's growing emphasis on renewable energy and its supportive policies.
From 2023 to 2032, the North American solar PV tracker market is anticipated to experience the most rapid growth rate. This is attributable to the growing emphasis on renewable energy and the declining cost of solar trackers, which have contributed to the expansion of the market in this region.

Significant figures
PVHardware, MECASOLAR, IDEEMATEC, Soltec, Arctech, GameChange Solar, Trina Solar, AllEarth Renewables, Xiamen Grace Solar Technology, Lingyang Technologies Inc., Array Technologies, and Nextracker Inc. are among the major participants in the solar PV tracker market.