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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Solar Tracker Market Outlook
The global solar tracker market was estimated at USD 6.28 Billion in 2023 and is expected to grow at a CAGR of 28.1% in the forecast period of 2024-2032.
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The solar tracker market is driven by the increasing need for solar cells or photovoltaic cells and solar tracker benefits such as improved cell performance. Photovoltaic cells are used with the help of sunlight to transform solar energy into a flow of electrons.
Market Segmentation
A solar tracker is a device directed toward the sun by a payload. Trackers are used to enable optical components in CPV and CSP systems in concentrator photovoltaics (CPV) and concentrated solar power (CSP) applications.
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The solar tracker market can be segmented into technology, applications, and products. The industry can be broadly categorised based on technology into:
- Solar PV
- Concentrator Photovoltaic (CPV)
- Concentrated Solar Power (CSP)
- Others
The industry can be divided based on applications as:
- Utility
- Non-Utility
- Others
Based on the products, the industry can be divided into:
- Single Axis
- Dual Axis
The EMR report looks into the regional solar tracker markets like North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific regions.
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Market Analysis
The solar tracker market is driven by the rapid increase in the use of solar trackers. Solar monitor in the direction of the sun guides solar panels or modules. The two types of material used for this purpose are the single axis and dual axis. The former product category is commonly used as it is fairly cost-effective and easy to install and run. Due to the increasing number of installed capacities, Europe and North America had a significant market share in the past years and are projected to increase impressively during the forecast period. In addition, one of the key drivers of consumer demand in these regions is the favourable legislation for installing solar trackers. It is predicted that the involvement of well-established companies in North America, increasing R&D programs, strict regulations for regulating environmental emissions, and the increased funding, feed-in tariffs, and government subsidies will further push the solar tracker market over the forecast period. Favourable government regulations are projected to have a positive impact on the industry growth in most regions around the globe. In addition, the increasing numbers of government incentives to encourage the value and use of solar panels are also projected to boost the solar tracker market development.
Competitive Landscape
The report presents a detailed analysis of the following key players in the global solar tracker market, looking into their capacity, competitive landscape, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- SunPower Corporation
- Array Technologies Inc.
- AllEarth Renewables, Inc.
- Deger Energie GMBH & CO. KG
- Nextracker Inc.
- PV Hardware Solutions, S.L.U.
- Abengoa S.A.
- Others
The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter's Five Forces model.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Technology |
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| Breakup by Application |
|
| Breakup by Product |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
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Solar Tracker Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The global solar tracker market reached the value of about USD 6.28 Billion in 2023.
The market is projected to grow at a CAGR of 28.1% between 2024 and 2032.
The major drivers of the market include increasing research and development programs, strict regulations regarding environmental emissions, increased funding, feed-in tariffs, and subsidies by various governments.
The increasing need for solar cells or photovoltaic cells and solar tracker benefits such as improved cell performance is expected to be a key trend guiding the growth of the market.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The technology-based classifications of solar trackers available are solar PV, concentrator photovoltaic (CPV), and concentrated solar power (CSP), amongst others.
Solar trackers find applications in utility, and non-utility, amongst others.
There are single axis and dual axis products for solar trackers.
The leading players in this market are SunPower Corporation, Array Technologies Inc., AllEarth Renewables, Inc., Deger Energie GMBH & CO. KG, Nextracker Inc., PV Hardware Solutions, S.L.U., Abengoa S.A., Others.
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