Global solar tracker market is projected to have a considerable CAGR of around 11.6% during the forecast period (2024-2031). The market growth is driven by the rising adoption of renewable sources for power generation, increasing solar PV installations, growth in solar energy projects, and funding for solar tracking systems. In addition, technological innovations and increasing awareness of solar energy are expected to present growth opportunities for the market. However, the high cost associated with the installation of solar panels, design complexity, and lack of skilled workforce are restraining the market growth during the forecast period.
The global solar tracker market is segmented by type (single-axis tracker, and dual-axis tracker) by technology (photovoltaic system (PV), concentrated solar power (CSP), and concentrator photovoltaics (CPV)) by end-user (commercial, residential, industrial, and others).
The major players in the global solar tracker market include CDecaux Group, OUTFRONT Media Inc., Daktronics, Inc., Clear Channel Outdoor Holdings, Inc., and Adomni, Inc., among others. The market players are contributing significantly to the market growth, by the adoption of various business strategies, such as collaborations, mergers and acquisitions, product portfolio diversification, and more.
Browse the full report description of “Global Solar Tracker Market Size, Share & Trends Analysis Report By Type (Single Axis Tracker, and Dual Axis Tracker) By Technology (Photovoltaic System (PV), Concentrated Solar Power (CSP), and Concentrator Photovoltaics (CPV)) By End-User (Commercial, Residential, Industrial, and Others) Forecast, 2024-2031” at https://www.omrglobal.com/industry-reports/solar-tracker-market
Recent Developments
- In October 2024, Nextracker inaugurated India's first Center of Solar Excellence (CFSE) in Hyderabad. The facility spans an area of 13 acres to advance solar tracker technology.
- In September 2024, FTC Solar, Inc. announced its selection by Strata Clean Energy (Strata) to supply approximately 500 megawatts of its Voyager 2P solar tracker technology for multiple project sites in the US and will be the preferred 2P solar tracker supplier over a three-year initial term, which could expand to over a gigawatt of volume. Strata is expected to utilize FTC Solar’s tracker solutions in combination with SunPath software to enhance output and performance.
- In June 2024, Antaisolar signed a 294 MW solar tracker project with Larsen & Toubro. Antaisolar offered a single slew drive design to significantly reduce the man-hours required for tracker installation.
- In June 2024, Nextracker announced the acquisition of Ojjo in an all-cash transaction for approximately $119 million. The acquisition aims to serve the Engineering Procurement Construction Companies (EPCs) and solar power plant developers with integrated solutions for various soil conditions for developing, designing, and installing their projects.
- In June 2024, Nextracker and Unimacts jointly announced a new factory in the Las Vegas area. It is the second manufacturing line by Unimacts in the last year. The 160,000-square-foot facility in Sloan, Nevada, produces steel torque tubes used to hold and rotate solar panels in solar power plants. The two factories will support more than 2 GW of new solar power each year, equivalent to the energy used by 400,000 houses in the US.
- In August 2023, FTC Solar, Inc. launched SUNOPS—a differentiated cloud-based PV asset monitoring solution for solar asset performance management. The tracker offers a holistic view of plant operation, analyzing most facets of PV plant performance. It also assists in deriving actionable insights to enhance energy generation across their solar deployments.
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