Solar Tracker Installation Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

Solar Tracker Installation Market Size - Analysis

Solar Tracker Installation Market Trends

With climate change concerns rising and fossil fuel reserves diminishing, global emphasis on renewable energy sources is increasing rapidly. Governments and large corporations across the world are making huge investments to generate power through solar energy.

Manufacturers are also making solar trackers with more durable materials, precise sensors and controls, and self-learning software. Some new solar trackers coming up have advanced features like weather sensors, predictive algorithms, and autonomous functions like stow command that help improve reliability and optimization.

Governments around the world are coming up with supportive policies and initiatives to encourage renewable energy generation from solar. They are recognizing that transition to cleaner energy is necessary to reduce carbon emissions as well as strengthen energy security.

Favorable regulatory environment helps create a strong demand in the solar tracker installation market for all associated solar technology. Some regions have enacted laws mandating new commercial buildings to install a minimum solar capacity along with making provisions for trackers.

Market Challenge - High Costs Associated with Installation and Maintenance

Solar trackers need robust motors, gears, controllers and software to precisely position panels throughout the day. Their moving parts also require more frequent maintenance checks and potential repairs to replace worn components. The upfront capital expenditures for solar trackers are typically 10-20% higher than traditional fixed-tilt arrays.

One of the major opportunities for the solar tracker installation market is the rising awareness and initiatives around reducing carbon emissions globally. Governments and corporations alike are committing to ambitious renewable energy and decarbonization targets to mitigate the worst impacts of climate change.

In the coming years, opportunities for players in solar tracker installation market to support a greener transition of global power infrastructure.

Key winning strategies adopted by key players of Solar Tracker Installation Market

Apollo has been one of the leading players in the global solar tracker installation market for over a decade. One of the key strategies that has contributed to their success is heavy investment in R&D to develop innovative tracker technologies. In 2010, Apollo launched their Dual Row tracker system which allowed for bifacial module installation and maximum energy generation from both sides of the solar panel.

More recently, Arctech Solar successfully expanded into new markets like Europe and Australia through targeted acquisitions between 2015-2018. They acquired Italian company Soltec and Australian company TrackerMax, which gave them a ready installed customer base and local team in these regions.

Segmental Analysis of Solar Tracker Installation Market

In terms of type, single axis solar tracker contribute 88.3% share of the solar tracker installation market in 2024, owning to its technological superiority over other axis types. Single axis configuration is well-suited for applications where solar panels only need to follow the east-west path of the sun. This covers a majority of use cases, from residential rooftop installations to large utility-scale solar farms.

The established supply chains and manufacturing expertise around single axis has also driven down costs. Mass production at scale has optimized production processes and reduced per unit expenses. All these factors cement its position as the dominant type in the solar tracker installation market.

In terms of application, residential segment contributes 42.8% share of the solar tracker installation market in 2024.. Growth in the residential solar sector is being driven by rising environmental awareness among homeowners. Many seek to reduce their carbon footprint and electricity bills by adopting renewable energy solutions.

In densely populated regions, land constraints make rooftop the preferred deployment mode over large ground-mounted solar farms. This plays to the strengths of residential and small commercial installations using solar trackers. With urbanization on the rise worldwide, distributed generation will continue leading solar tracker installation market growth.

Insights, By Technology: Advantages Drive PV Technology Dominance

CSP and CPV systems concentrate sunlight before converting it to electricity. This adds thermal and optical components that increase costs and complexity. Any concentrated light source also faces higher risks of performance loss from soiling or reflector misalignment over time.

Additional Insights of Solar Tracker Installation Market

• North America Solar Tracker Installation Market: With abundant solar resources, North America has seen large-scale solar projects adopt trackers, driven by incentives and regional policies.
• U.S. Market Growth: Estimated at USD 3.22 billion in 2023, anticipated to reach USD 12.49 billion by 2033, driven by extensive solar projects and favorable policies.
• Asia Pacific Demand: Asia’s growing power demand, especially from China and Southeast Asia, is pushing the need for solar trackers as renewable power sources.
• Single-axis Trackers: Dominated the solar tracker installation market market in 2023 with an 88% share due to their efficiency and cost-effectiveness.
• Dual-axis Trackers: Projected for the fastest growth in the solar tracker installation market, enhancing precision in solar energy capture.

Competitive overview of Solar Tracker Installation Market

The major players operating in the solar tracker installation market include NEXTracker Inc., Array Technologies Inc., Soltec Trackers, Arctech Solar, First Solar Inc., PV Hardware, STI Norland, Solar Steel, SunPower Corporation, GameChange Solar, Abengoa Solar S.A., DEGERenergie GmbH & Co. KG, Nclave, Powerway Renewable Energy Co. Ltd., Titan Tracker, and Trina Solar Limited.

Recent Developments in Solar Tracker Installation Market

Solar Tracker Installation Market Segmentation

• By Type
  • Single Axis
    • Horizontal
    • Vertical
  • Dual Axis
• By Application
  • Residential
  • Commercial
  • Industrial
• By Technology
  • Photovoltaic (PV)
  • Concentrated Solar Power (CSP)
  • Concentrator Photovoltaic (CPV)