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

Solar Tracker Market Size - Analysis

Solar Tracker Market Trends

With rising concerns about climate change and increasing environmental pollution levels globally, there is a growing emphasis on adopting clean and green sources of energy. Solar energy has emerged as one of the most viable and sustainable alternatives to conventional power sources like coal and natural gas.

Leading tracker suppliers have also ramped up manufacturing and are offering a wider range of attractive product solutions. Countries are stepping up ambitions to transition to greener sources of energy in line with their decarbonization goals. Consequently, the solar trackers market is likely to grow substantially in the coming years.

Market Driver - Increased Solar Panel Installations Globally, Driven by Favorable Government Regulations

Some ambitious markets have also set long-term renewable capacity or carbon reduction targets to provide regulatory certainty to investors. As a result, the overall solar energy market has witnessed high double-digit annual growth rates over the last decade.

Market Challenge - High Maintenance and Operational Costs for Dual-Axis Trackers

Additionally, issues like stalling or jamming of parts is more common in dual-axis trackers compared to simpler trackers. All these factors contribute to increased overall costs. Repairs and unexpected downtime further increase maintenance expenditures. High costs have limited the widespread adoption of dual-axis trackers, especially in price-sensitive markets.

One major opportunity in the solar tracker market is presented by ongoing technological advancements that aim to enhance the efficiency and functionality of tracker systems, while reducing costs. Tracker manufacturers are developing new designs that utilize lighter materials, require fewer moving parts, and simplify control mechanisms. This helps lower installation and servicing requirements.

Additionally, hybrid tracker designs that combine features of single-axis and dual-axis models promise efficiency close to dual-axis while cutting costs. Widespread adoption of such advanced tracker solutions boost overall solar power plant profits and internal rates of return, driving greater uptake of solar trackers technology globally.

Key winning strategies adopted by key players of Solar Tracker Market

Dual-axis tracking systems: Dual-axis solar trackers have become the dominant technology adopted by solar farms across the world. Players like Array Technologies, Nextracker, and Arctech Solar have seen huge success with their dual-axis trackers that rotate panels in both azimuth and elevation to follow the sun throughout the day. Studies have shown dual-axis trackers can increase energy production by 25-30% compared to fixed-tilt systems.

Geographic expansion: Key players expanded operations and footprint across high-growth regions. For example, in 2017 Nextracker set up a manufacturing plant in India to address rising local demand. This allowed it to lower costs and win large-scale projects.

Segmental Analysis of Solar Tracker Market

In terms of product, single axis contributes 90.3% share of the solar tracker market in 2024. This is due to its simple and cost-effective design compared to dual and multi-axis trackers. Single axis trackers optimize solar exposure by pivoting around one axis, usually east-west, to follow the sun's daily path.

The ease of installation of single axis solar trackers allows for scalability and fast deployment on large utility-scale projects to meet capacity targets. Their standardized designs facilitate mass production and straightforward integration within large solar farms.

In terms of technology, solar photovoltaic contributes 63.5% share of the solar tracker market in 2024. This is owing to its proven technology and compatibility with existing power infrastructure. Solar PV technology has been continually refined over decades of commercial use and is now a mature and bankable solution for solar power projects.

In terms of application, the utility segment contributes the highest share of the solar tracker market as supportive policies and regulations have promoted large-scale deployment of solar power in this sector. Stringent renewable portfolio standards adopted by many countries require a mandated percentage of electricity sold by utilities to be sourced from clean energy sources like solar. Compliance with these regulations has spurred widespread development of utility-scale solar farms using solar trackers for maximum output.

Tracker-mounted large scale solar farms deliver these benefits and support the transformation towards greener energy systems mandated under policy frameworks. This enables the utility sector to maintain its leadership position in driving solar tracker market adoption.

Additional Insights of Solar Tracker Market

• The utility segment accounted for the highest share of the solar tracker market in 2023 due to increased use of single-axis trackers in large-scale solar farms.
• Europe is expected to be the fastest-growing region in the solar tracker market, driven by government incentives and technological advancements.
• Single-axis solar trackers held the largest share (90%) in 2023 due to their cost-effectiveness and reliability.
• Concentrated Photovoltaic (CPV) technology is expected to grow fastest in the solar tracker market due to its high efficiency and scalability.

Competitive overview of Solar Tracker Market

The major players operating in the solar tracker market include NEXTracker Inc., Array Technologies, Soltec Power Holdings SA, Convert Italia, Arctech Solar, SunPower Corporation, Sun Action Trackers, STi Norland, Scorpius Trackers, and Exosun Sas.

Recent Developments in Solar Tracker Market

Solar Tracker Market Segmentation

• By Product
  • Single Axis
    • Horizontal
    • Vertical
    • Polar Aligned
    • Tilted
  • Dual Axis
    • Tip-Tilt
    • Azimuth-Altitude
• By Technology
  • Solar Photovoltaic
  • Concentrated Solar Power (CSP)
  • Concentrated Photovoltaic (CPV)
• By Application
  • Utility
  • Residential
  • Commercial & Industrial