Solar Tracker Market Outlook
According to a new report by Expert Market Research titled, “Global Solar Tracker Market Growth, Size, Share, Analysis, Report and Forecast 2024-2032″, the global solar tracker market reached a value of USD 4.9 billion in 2023. Aided by the escalating demand for energy-efficient solutions and the expansive applications of solar trackers across numerous sectors, the market is projected to further grow at a CAGR of 28.1% between 2024 and 2032.
Solar trackers are devices that direct solar panels or mirrors towards the sun to harness more sunlight. They play a pivotal role in enhancing the efficiency of solar energy systems by ensuring that solar modules remain in the optimal position to capture maximum sunlight. Their significance is accentuated as they enable a 10-25% increase in the energy output of solar installations. Given the mounting concerns over environmental degradation and the subsequent push for sustainable energy solutions, solar trackers have become indispensable in large-scale solar power projects.
A primary driver for the global solar tracker market growth is the increasing inclination of nations worldwide towards renewable energy. As governments set ambitious targets to reduce carbon footprints and combat climate change, solar energy emerges as a promising solution. In this paradigm shift, solar trackers stand out, providing the means to optimise solar energy generation, making projects more viable and efficient.
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Moreover, the expanding horizon of applications for solar trackers acts as a significant catalyst for the solar tracker market expansion. Beyond large solar farms, these trackers are now being increasingly integrated into commercial establishments, residential setups, and even in remote off-grid locations, ensuring that energy efficiency is maximised. The advent of smart solar trackers, equipped with advanced algorithms and sensors to predict and adapt to weather conditions, further accentuates their appeal and application.
In the realm of technological advancements, the advent of single-axis and dual-axis trackers offers varied solutions catering to diverse solar installation requirements. While single-axis trackers follow the sun’s movement from east to west, dual-axis trackers adjust based on both the daily east to west trajectory and the seasonal declination of the sun, offering superior accuracy and energy output.
Regionally, North America has been bolstering the solar tracker market demand, given the region’s keen emphasis on clean energy solutions and large-scale solar projects. However, The Asia-Pacific, with its vast and growing energy needs and increasing governmental support for solar projects, is expected to emerge as a significant stakeholder in the global solar tracker market.
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Solar Tracker Market Segmentation
The market can be divided based on technology, application, product, and region.
Market Breakup by Technology
- Solar PV
- Concentrator Photovoltaic (CPV)
- Concentrated Solar Power (CSP)
- Others
Market Breakup by Application
- Utility
- Non-Utility
- Others
Market Breakup by Product
- Single Axis
- Dual Axis
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global solar tracker market. Some of the major players explored in the report by Expert Market Research are as follows:
- SunPower Corporation
- Array Technologies, Inc.
- AllEarth Renewables, Inc.
- Deger Energie GMBH & CO. KG
- Nextracker Inc.
- PV Hardware Solutions, S.L.U.
- Others
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