Shift Towards Renewable Energy is Driving the Global Solar Tracker Market

The 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. Most of the increase is anticipated to come from solar, wind, and hydropower according to the Center for Climate and Energy Solutions. However, the high cost associated with the installation of solar panels, design complexity, and lack of skilled persons are the restraining factors that are hindering the market growth. The technological innovations and increasing awareness of solar energy are expected to present considerable opportunities for market expansion. 

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), and geography (North America, Europe, Asia-Pacific, and Rest of the World). 

Market Dynamics

• The single-axis tracker is anticipated to hold the largest market share during the forecast period, attributed to the increased adoption owing to the low cost and less complexity associated with installation compared to the dual-axis tracker. 

• The increasing adoption of utility-scale applications owing to the less installation space and less maintenance required compared to dual-axis, and the increase in the number of solar PV installations using solar trackers, are additionally supporting the segmental growth. 

• North America & Europe is expected to witness remarkable growth during the forecast period owing to increasing electricity generation from renewable sources in the region. 

• Asia-Pacific is anticipated to dominate the global solar tracker market during the forecast period, owing to the growing popularity and demand in China and India and the lower cost of buying. 

• Additionally, favorable government initiatives towards renewable sources in the region are further propelling the demand for solar trackers in the Asia-Pacific region. 

The major players in the global solar tracker market include 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. The market players are actively adopting different growth strategies such as mergers & acquisitions, capacity expansion, and product innovation among others, contributing significantly to the market growth.  

Recent Developments

• In June 2024, Axial launched the double-row axial tracker slope-sync, at the Intersolar Europe 2024. AxialTracker SlopeSync, incorporates the technology of cardan joints along its main axis of rotation, to allow total adaptability and synchronization to all terrains.  The system does not imply the deformation of any profile or part of the structure, avoiding the appearance of induced stresses achieving a longer useful life of the tracker. 

Additionally, the company redefined the SmartAx logic, for climate adaptation and solar tracking, integrating intelligent functions to manage wind, snow, hail, floods, diffuse irradiation, and 3DBT. Its self-powered versions feature a charging algorithm that maximizes battery life, with options that operate even at -30°C, and fastchange technology that reduces replacement time and cost by 75%.

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