The global market for the solar tracker is projected to have a considerable CAGR of around 11.6% during the forecast period. Solar trackers are used to increasing the energy output from the solar panel by following the movement of the sun as it rotates from the east to the west every day. It can increase the output of solar panels by 20-30%. The use of solar PV panels using the solar tracker to generate the energy used for commercial, industrial, and residential purposes has been gaining popularity due to the decreasing solar PV cost, which is further augmenting the demand for solar trackers. For instance, according to the Solar Energy Industrial Association (SEIA), in 2020, the cost of an average-sized residential solar system has dropped from a pre-incentive price of $40,000 in 2010 to roughly $20,000.  Due to this, the adoption of solar PV using solar trackers has increased. 

Moreover, the factors such as the rising adoption of renewable sources for power generation, increasing solar PV installations, growth in solar energy projects, and funding for solar tracking systems are also expected to surge the demand for solar energy and trackers during the forecast period. According to the Center for Climate and Energy Solutions, in the US, renewables made up 17.1% of electricity generation in 2018, with hydro, wind, and biomass making up the majority. That’s expected to rise to 24.0% by 2030. On the other hand, renewables made up 26.2% of global electricity generation in 2018. That’s expected to rise to 45.0% by 2040. Most of the increase will likely come from solar, wind, and hydropower according to the same source. However, the high cost associated with the installation of the solar panels, design complexity, and lack of skilled persons are the restraining factors that are hindering the market growth. Besides, the technological innovations and increasing awareness of solar energy are expected to accelerate the market growth and create opportunities during the forecast period.

COVID-19 Impact on global Solar Tracker Market Growth

The global solar tracker market is negatively impacted by the outbreak of COVID-19. Due to the project delay and supply chain disruptions owing to the lockdown announced by the government of major economies affected the market. The lack of investments in solar tracker systems from the government and major players has also affected the market growth. As China is the major economy with large solar PV installations and raw material suppliers, due to the lockdown imposed in China, the companies relying on raw material suppliers from China faced delays, which hampered the production of new solar tracker in the region. Hence, the global market witnessed a decline in the overall revenue in the year 2020. Post COVID-19 pandemic, the market is expected to gain its momentum with reduced cases.

Segmental Outlook  

The global Solar Tracker market is segmented based on type, technology, and end-user. Based on type, the market is bifurcated into a single-axis tracker and a dual-axis tracker. Based on technology, the market is categorized as the photovoltaic system (PV), concentrated solar power (CSP), and concentrator photovoltaics (CPV). Among these, the photovoltaic system (PV) is the fastest growing owing to the increasing solar PV installation using the solar tracker for residential purposes globally. The adoption of PV systems in various verticals such as the agricultural sector, industrial sector, aerospace & defense sector, and others is growing, which in turn, increasing the demand for them, that will further accelerate the market growth. The photovoltaic system (PV) sub-segment is further classified into monocrystalline silicon PV panels, polycrystalline silicon PV panels, and thin-film silicon PV panels. Whereas, based on end-user, the market is further categorized into commercial, residential, industrial, and others.

Global Solar Tracker Market Share by Type 2020 (%)

Single-Axis Tracker Anticipated to Account for the Largest Share in Global Solar Tracker Market

Based on type, the single-axis tracker held the largest market share, and it is further projected to exhibit the major CAGR during the forecast period. Single-axis solar trackers track the sun east to west, rotating on a single point, moving either in unison, by panel row or by section. The adoption of single-axis trackers has been witnessed to increase in the market owing to the low cost and less complexity associated with installation compared to the dual-axis tracker. The single-axis solutions have recently become a standard in utility-scale applications owing to the less installation space, and less maintenance required compared to dual-axis. Moreover, the increase in the number of solar PV installations using solar trackers will be projected to increase the demands for solar trackers such as single-axis and dual-axis, which in turn, further drive the market growth. 

Regional Outlook 

Geographically, the global Solar Tracker market is classified into four major regions including North America (the US and Canada), Europe (UK, Germany, France, Italy, Spain, Russia, and Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and Rest of the World (Latin America and the Middle East and Africa (MEA)). Among these, North America & Europe is expected to witness remarkable growth during the forecast period due to increasing electricity generation from renewable sources in the region.

Global Solar Tracker Market Growth, by Region

Asia-Pacific Dominates the global Solar Tracker Market

Geographically, Asia-Pacific dominated the global solar tracker market in 2020, and it is expected to grow with a significant CAGR during the forecast period. Asia-Pacific is gaining popularity in the global solar tracker market as the demand for solar power in Asia-Pacific countries such as China and India is growing significantly due to lowering the cost of buying. Additionally, favourable government initiatives towards renewable sources in the region are further propelling the demand for solar trackers in the region.

Market Players Outlook

The key players in the global Solar Tracker market contributing significantly by providing different types of products and increasing their geographical presence across the globe. The key players of the market are Abengoa S.A., Arctech Solar Holding Co., Ltd, Array Technologies, Inc., Nextracker Inc, Scorpius Trackers Pvt. Ltd., Soltec Energías Renovables, S.L., Sun Action Trackers, SunPower Corp., Trina Solar Ltd., among others. These market players adopt different marketing strategies such as mergers & acquisitions, R&D, product launches, and geographical expansions, project expansion to generated more revenue and to remain competitive in the market. For instance, in March 2021, Engie, a French electric utility company announced that it had acquired 40% stakes in Abengoa’s 100 MW concentrated solar power plant Xina Solar One in the Northern Cape of South Africa.  The acquisition of the stakes concentrated solar power plant will aid Engie to pursue its low carbon strategy. Furthermore, in Nov 2020, Hevel Group selected Arctech Solar to supply 150MW two-in-portrait (2P) trackers to Hevel’s solar PV projects in Kazakhstan. 

The Report Covers

• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global Solar Tracker market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.