Solar Tracker Market: The growing emphasis on clean and green energy is driving the global market for solar trackers forward

Solar Tracker Market size reached USD 13.30 billion in 2021 and is expected to reach USD 54.19 billion by 2029, growing at a CAGR of 19.2 % during the forecast period. The solar trackers adjust the direction of the solar panels according to the movement of the sun. When the panel is oriented perpendicular to the sun, more sunlight reaches the panels, and more energy is absorbed, which is then converted into electricity. Solar trackers produce more electricity in about the same amount of space which makes them ideal for land optimization. Solar trackers are usually combined with ground-mount solar systems but recently, rooftop-mounted trackers have come into the market. Solar energy tracking systems can be beneficial for commercial solar plants but solar trackers might not be a worthwhile investment for residential installations. PV cells, inverters, batteries, and panel-holding equipment are just some of the components of a solar power system. The Solar Tracker market is driven by the rising demand for energy, growing environmental concern, and awareness coupled with the depleting fossil fuel around the world. Solar trackers can significantly raise the cost of a photovoltaic solar installation. A standard 4-kilowatt ground-mounted solar system will cost around $13,000 to install. Tracking equipment can range in price from $500 to more than $1,000 per panel. Trina has more than 20 years of expertise in the solar sector and has become a pioneer in commercial and utility-scale solar. The company is fully committed to all of its global markets, including the United States. For instance, the Indian government is executing a major initiative to become a leading solar power contributor by 2025. Such initiatives are expected to increase the demand for the Solar Tracker Market in this region during the forecast period.
Solar system type System cost Annual energy savings Estimated payback period
Fixed ground-mounted system $14,625 $1,100 13 years
Single-axis Tracker System $22,125 $1,430 15.5 years
Double-axis Tracker System $29,625 $1,540 19 years
The competitive landscape of this market shows market domination by major solar tracker manufacturers such as NEXTracker, PV Hardware, Array Technologies, and Soltec. NEXTracker has the largest market share in the world, acquiring contracts from countries throughout the globe. A well-established supply chain, customer preference, and an established brand name have all contributed to the company's success. Other industry participants, such as Array Technologies, Trina Solar, and Solar Steel, are extending their customer reach and establishing a significant market footprint. This is expected to result in a competitive market for solar tracker sales in the coming years. Solar Tracker MarketTo know about the Research Methodology :- Request Free Sample Report

Solar Tracker Market Dynamics:

The rising adoption of Artificial Intelligence is expected to offer new growth opportunities for the solar tracker manufacturers Controls powered by artificial intelligence (AI) and machine learning provide better returns and give projects a competitive edge for the market players. Artificial intelligence is one of the latest technologies that has been merged with renewable energy, resulting in a variety of operational advantages and cost-effectiveness. Integrating these technologies helps in tracking control strategy under real-world conditions and control strategy based on real-time weather data. Intelligent tracker software utilizes data and algorithms to enhance performance, boost energy output, and reduce downtime. Adaptive machine learning may account for changes in day length throughout the year by gathering data to develop a projection of where the row should be at different times of the day, then optimizing the module locations to gain maximum sunlight exposure. For example, Arctech Solar has developed a new generation of Artificial Intelligence (A!) solar tracking technologies that allow PV tracking power plants to adapt to changing weather conditions. The Al control system can perform algorithm optimization on the tracker angle, as well as weather sampling, feedback distribution, and constant information comparison, which might help improve the power output of solar power plants by up to 7%. Therefore, the advanced technology has boosted the demand for Solar Tracker Market during the forecast period. Solar Tracker Market 1 Green Energy initiative to Fuel Investments in Solar Industry The growing emphasis on clean and green energy is propelling the global solar trackers market to new heights. Because of rising environmental concerns, the global market for solar trackers is growing. Carbon reduction has encouraged the use of renewable energies as the world advances towards a clean energy transition. Solar and other clean energy technologies have advanced significantly, enabling quick deployment and offering cost-effective choices for decarbonizing the energy industry. As a modular technology that is easily adaptable for big and small projects, inequitable adoption of a solar tracking system has become more prominent as an energy justice issue. Mahindra Sustain chose NEXTracker to be the supplier for Sakaka Solar Park. The project is part of Saudi Arabia's national clean energy development program. The project's overall capacity is planned to be 9.5 GW by 2023 and 56.7 GW by 2029. The huge increase in the number of solar panel installations throughout the world is one of the primary drivers of the solar tracker market growth. Solar trackers aim to save energy and enhance efficiency Another important purpose of a solar tracker is to save energy and boost operational efficiency. This is because of the fact that solar trackers are distinct energy-consuming organizations that are attached to solar panels to boost their effectiveness. Furthermore, solar trackers must be operationally reliable throughout a wide range of operating conditions, since any influence on tracker application performance can have a major impact on the overall performance of solar panels or power systems. Solar panel efficiency is a good indication of performance and many high-efficiency panels employ higher-grade N-type silicon cells with a lower temperature coefficient and less power degradation over time. Several manufacturers such as LG, Panasonic, and SunPower offer warranties with 90% or greater retained power output. Bifacial Solar Panels are an example of a high-energy solar panel, with power output ratings often exceeding 500W. They work perfectly with solar trackers, significantly increasing efficiency. Solar tracker research and development is a major differentiator for companies in this sector. Companies are working on developing advanced technology-based solutions in response to the growing industrial need for advanced tracking technology. Therefore, the Solar Tracker Market is expected to grow during the forecast period. High investment and a lack of necessary infrastructure pose a threat to Solar Trackers Market growth Solar trackers increase the efficiency of a solar panel, but the installation of a solar tracker requires a high cost of investment. The cost of labor and space gets added to the installation of a solar tracker. One of the primary issues hampering the growth of the Solar Tracker Market is the rise in steel costs, which raises the cost of the tracking systems utilized in most utility-scale projects. Steel accounts for more than 65% of the entire cost of solar tracking systems, making solar trackers more expensive. Furthermore, the overall cost of the solar tracking system is higher than the cost of installing conventional solar panels, which restricts its use in residential applications where energy consumption is often less. For instance, the installation of 15 ground-mounted solar panels with a power rating of 300 watts would cost USD 14,625. The installation would cost an extra USD 500 per solar module. This increase in initial cost leads to less adoption of the solar tracking system. Another issue limiting market investment is a lack of required infrastructure. Lack of understanding about the benefits of fixed-tilt installations over tracker installations has hampered growth in the Asia Pacific and Europe.

Solar Tracker Market Segment Analysis:

Based on the Drive type, the Dual axis trackers are significantly more costly than single-axis trackers. Dual-axis trackers require more complex technology, as well as high-maintenance motors and control systems, resulting in high O&M costs and higher land requirements. These problems are significant restraints for the widespread adoption of dual-axis trackers. A dual-axis tracker can add up to 50% to the overall cost of your PV plant over a fixed tilt installation. Two-axis trackers have yield gains of 30-40%, which means the cost is higher than the yields, making dual-axis trackers unattractive for most types of installations. Dual-axis trackers are typically employed on highly specialized installations such as farms for dual land use since the poles with dual-axis tracking may be high enough for crops, animal grazing beneath the panels, and farm equipment to pass underneath the panels. Single-axis trackers are very universal on utility-scale installations these days. These days single axis trackers are almost standard for utility-scale installations. Approximately 72% of utility-scale installations in 2021 utilized single-axis tracking technology. The single-axis solar tracker is 50% more expensive than a fixed PV panel setup, but it gives an extra 25-35% capacity surge. Horizontal single-axis trackers (HSAT) are now the most popular tracker choice since they can supply 20-30% more energy without the additional cost and difficulties of dual-axis tracking systems. The North American single-axis Solar Tracker Market is expected to grow rapidly because of its low cost, reliability, and longer lifespan as compared to other segments. Furthermore, the decrease in the cost of single-axis tracking systems is growing the popularity of SATs, hampering the growth of the dual-axis trackers market. Based on Application, the Utility segment is expected to grow at the highest CAGR during the forecast period. Increasing power costs, along with increased demand for renewable energy sources, are likely to boost the usage of solar trackers in utility applications. This trend is expected to continue over the forecast period. Because utility solar systems are ground-mounted, single-axis trackers may be utilized to track the sun throughout the day. Trackers are being utilized extensively in utility applications due to rising government subsidies and feed-in tariff programs, notably in North America and Europe. Solar Tracker Market 2

Solar Tracker Market Regional Insights

In North America, the Solar Tracker market accounted for the highest revenue share in 2021, exceeding 25%, and this trend is expected to continue until 2029. The increasing focus on renewable energy and the Paris Agreement on Climate Change, which recommends the use of renewable energy as the nation's primary source of energy is responsible for the growth. The United States government aims to increase the use of solar energy in the economy through a variety of initiatives. The dual-axis-based solar tracker segment is expected to acquire significant traction throughout the forecast period because of its better power durability and widespread application in distributed utilities. Furthermore, rising infrastructure investment, rising energy security, and power consumption as well as continuous urbanization in Mexico are some of the major key drivers which have increased the Solar Tracker Market demand in this region. Key manufacturers in the North American Solar Tracker Market are investing heavily in R&D to develop improved technologies and get a competitive advantage over the competition. Nextracker, Soltec America LLP, Array Technologies, Inc, Nielsen-Kellerman Co., All Earth Renewables, Arctech, Optical Scientific Inc, Trina Solar, Campbell Scientific, In, and PVHardware are among the industry's major players. The Asia-Pacific region dominated the worldwide Solar Tracker market share in 2021. A paradigm shifts toward renewable energy production, followed by increased solar technology installation is the key driver for the Solar Tracker market growth. India and China launched 40 extensive solar technology contracts, including single-axis solar trackers and advanced PV panel installations. Furthermore, a growing preference for solar-based energy sources to meet rising power demand in the manufacturing sectors is expected to increase the business landscape. The India solar tracker market is expected to increase as energy demand rises and consumer awareness of renewable energy sources rises. Rapid industrialization and commercialization, followed by increased installation of solar-based technologies are the main reasons for the market growth. The Solar Tracker Market report forecasts revenue growth at global, and country levels and provides an analysis of the latest industry trends in each of the sub-segments during the forecast period. MMR has segmented the global Solar Tracker Market report based on Type, Application, and region. The report contains strategic profiling of top key players in the market, a wide-ranging analysis of their core competencies, and their strategies like new product launches, growths, agreements, joint ventures, partnerships, and acquisitions that apply to the businesses. Our team of analysts can also provide you with data in excel files and pivot tables or can assist you in creating presentations from the data sets available in the report.

Solar Tracker Market Scope: Inquire before buying

Solar Tracker Market
Report Coverage Details
Base Year: 2021 Forecast Period: 2022-2029
Historical Data: 2017 to 2021 Market Size in 2021: US $ 13.30 Bn.
Forecast Period 2022 to 2029 CAGR: 7.5 % Market Size in 2029: US $ 54.19 Bn.
Segments Covered: by Type • Single Axis • Dual Axis
by Application • Residential • Commercial • Utility

Solar Tracker Market, by Region

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

Leading Manufacturers in the Solar Tracker Market are:

• Array Technologies, Inc. (U.S.) • NEXTracker (U.S.) • Array Technologies (U.S.) • Trina Solar (China) • SunPower Corporation (U.S.) • ArcelorMittal Projects (Luxemburg) • Soltec (Spain) • Convert Italia (Italy) • PV Hardware (Spain) • Arctech Solar (U.S.) • Solar Steel (Spain) • Ideematec (Germany) • Scorpius Trackers (India) • Sun Action Trackers (U.S.) • DEGERENERGIE GMBH & CO. KG (Germany) • GameChange Solar (New York) • STI Norland (Spain) • MECASOLAR (Spain) • Mechatron (India) • OPTIMUM TRACKER (France) • Powerway Renewable Energy Co. Ltd. (China) • Schletter (Germany) FAQs: 1. Who are the key players in the Solar Tracker market? Ans. NexTracker Inc., Array Technologies Inc., Valmont Industries Inc., and Soluciones Tecnicas Integrales Norland SL.are some of the market players in the Solar Tracker industry. 2. Which Type segment dominates the Solar Tracker market? Ans. The Single Axis segment accounted for the largest share of the global Solar Tracker market in 2021. 3. How big is the Solar Tracker market? Ans. The global Solar Tracker market size reached USD 13.30 billion in 2021 and is expected to reach USD 54.19 billion by 2029, growing at a CAGR of 19.2 % during the forecast period. 4. What are the key regions in the global Solar Tracker market? Ans. Based On the region, the market has been classified into North America, Europe, Asia Pacific, Middle, East and Africa, and Latin America. North America dominates the global Solar Tracker market.
1. Global Solar Tracker Market: Research Methodology 2. Global Solar Tracker Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Solar Tracker Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Solar Tracker Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12 COVID-19 Impact 4. Global Solar Tracker Market Segmentation 4.1. Global Solar Tracker Market, by Type (2021-2029) • Single Axis • Dual Axis 4.2. Global Solar Tracker Market, by Application (2021-2029) • Residential • Commercial • Utility 5. North America Solar Tracker Market(2021-2029) 5.1 North American Solar Tracker Market, by Type (2021-2029) • Single Axis • Dual Axis 5.2 North America Solar Tracker Market, by Application (2021-2029) • Residential • Commercial • Utility 5.3 North America Solar Tracker Market, by Country (2021-2029) • United States • Canada • Mexico 6. European Solar Tracker Market (2021-2029) 6.1. European Solar Tracker Market, by Type (2021-2029) 6.2. European Solar Tracker Market, by Application (2021-2029) 6.3 European Solar Tracker Market, by Country (2021-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Solar Tracker Market (2021-2029) 7.1. Asia Pacific Solar Tracker Market, by Type (2021-2029) 7.2. Asia Pacific Solar Tracker Market, by Application (2021-2029) 7.3. Asia Pacific Solar Tracker Market, by Country (2021-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Solar Tracker Market (2021-2029) 8.1. Middle East and Africa Solar Tracker Market, by Type (2021-2029) 8.2. Middle East and Africa Solar Tracker Market, by Application (2021-2029) 8.3. Middle East and Africa Solar Tracker Market, by Country (2021-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Solar Tracker Market (2021-2029) 9.1. South America Solar Tracker Market, by Type (2021-2029) 9.2. South America Solar Tracker Market, by Application (2021-2029) 9.3 South America Solar Tracker Market, by Country (2021-2029) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1 Array Technologies, Inc. (U.S.) 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2 NEXTracker (U.S.) 10.3 Array Technologies (U.S.) 10.4 Trina Solar (China) 10.5 SunPower Corporation (U.S.) 10.6 ArcelorMittal Projects (Luxemburg) 10.7 Soltec (Spain) 10.8 Convert Italia (Italy) 10.9 PV Hardware (Spain) 10.10 Arctech Solar (U.S.) 10.11 Solar Steel (Spain) 10.12 Ideematec (Germany) 10.13 Scorpius Trackers (India) 10.14 Sun Action Trackers (U.S.) 10.15 DEGERENERGIE GMBH & CO. KG (Germany) 10.16 GameChange Solar (New York) 10.17 STI Norland (Spain) 10.18 MECASOLAR (Spain) 10.19 Mechatron (India) 10.20 OPTIMUM TRACKER (France) 10.21 Powerway Renewable Energy Co. Ltd. (China) 10.22 Schletter (Germany)

About This Report

Report ID 22498
Category Energy & Power
Published Date Dec 2022
Updated Date
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