The global solar trackers market size was valued at USD 3.2 billion in 2022. The market is estimated to surge at a CAGR of 7.5% by 2033, reaching a value of about USD 7.2 billion by 2033.
Solar tracker sales are anticipated to rise as awareness of energy saving and transition to renewable energy sources grows. Solar trackers use a range of electrical components such as counting motors, actuators, and sensors. These help to direct the solar cells to focus sunlight for exploiting energy capture.
The collected sunlight will then be transformed into electricity for use by several end-user segments. Increasing use of solar energy as a potential basis of commercial power generation has become popular due to reduced cost of solar panels. It is expected to further drive growth in the solar trackers market.
Solar photovoltaic technology is fast mounting renewable energy sources in recent years in the United States. The government's increasing emphasis on renewable energy has led to growth of photovoltaic cells as a sustainable and incessant source of electricity generation.
Increasing capacity expansion of the market has resulted in lower cost of conductive electricity (LCOE). This has branded solar trackers’ energy competitiveness with other conservative forms of energy. Together with the supportive policies of government bodies, these are the key drivers for the widespread deployment of solar energy in the country.
Technological innovations to develop new tracking system methods by key companies are projected to drive growth in the forecast period. The solar trackers market is price competitive. Hence, companies in the solar trackers market need to be efficient and highly strategic to succeed.
Solar tracker demand is projected to experience significant growth during the review period due to the recent surge in the price of electricity (FIT). Presence of government subsidies is likely to have an optimistic impact on the market. During the FIT boom, several projects used dual-axis trackers with low reliability, resulting in high operating and maintenance costs.
| Attributes | Details |
|---|---|
| Solar Trackers Market (2022A) | USD 3.2 billion |
| Estimated Solar Trackers Market Value (2023E) | USD 3.5 billion |
| Forecast Solar Trackers Market Value (2033F) | USD 7.2 billion |
| Value-based Solar Trackers Market CAGR (2023 to 2033) | 7.5% |
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The solar trackers market increased at a CAGR of 8.8% between 2018 and 2022. The solar trackers market was valued at USD 3.2 billion in 2022 and further surpassed a value of USD 3.5 billion in 2023.
| Historical CAGR (2018 to 2022) | 8.8% |
|---|---|
| Historical Market Size (2022) | USD 3.2 billion |
The idea of solar trackers began to gain attention as a means to surge the energy output of solar panels by tracking the movement of the sun. Single-axis trackers were among the first to be introduced.
The systems track the sun's movement from dawn to dusk, augmenting panel angles for maximum energy capture. Innovations in tracking algorithms are expected to help in improving the total energy production. It is further projected to spur solar tracker sales by 2033.
As the cost of solar panels decreases and energy efficiency becomes more important, solar tracking technology has evolved to meet these needs. Dual-axis trackers have arrived, allowing panels to track the daily and seasonal movement of the sun, boosting energy production. Manufacturers have focused on improving system dependability, durability, and maintenance efficiency to solve problems associated with moving parts.
Use of solar trackers has gained momentum in large-scale solar projects. Larger scale of these projects has resulted in better economies of scale and increased return-on-investment (ROI).
Double-sided solar panels, capable of taking sunlight from both sides, have gained attention. They combine well with the ability of solar trackers to optimize the orientation of such panels.
Emerging markets, particularly in parts of Asia, Africa, and Latin America, have begun to explore solar solutions, including solar trackers, to meet their growing energy needs. In these regions, solar trackers are seen as a way to maximize energy production and reduce dependence on fossil fuels.
With growing adoption, solar tracking technologies have become more consistent and mature. Rivalry among manufacturers has led to price reductions and enhanced functionality, making solar trackers more reachable to more projects. Manufacturers have begun to emphasize sustainability through eco-friendly materials and improving designs to reduce the ecological impact of solar tracking systems.
Dual-axis tracking: While single-axis trackers are more common, dual-axis tracking systems are growing in popularity due to their capability to adjust solar panels not only in response to the sun's daily movement but also variations.
Double-sided solar panels: Double-sided solar panels are becoming more popular. These panels can create electricity from both sides, letting them capture sunlight reflected from the ground.
Integrated energy storage: Solar trackers are integrated with energy storage solutions such as batteries. This allows excess energy to be recovered during peak production hours and used during periods of low solar intensity, growing system efficiency and grid stability.
Increase efficiency and reduce costs: Solar tracker manufacturers have focused on refining the efficiency of tracking systems while trying to reduce production and installation costs.
Market expansion: Adoption of solar trackers is not limited to traditional solar power plants. Developing markets with high solar latent but extreme conditions such as deserts, have also shown interest in positioning solar trackers to improve production.
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Energy consumption: Tracking mechanism of the solar tracker consumes extra power to operate. This power consumption can partially offset the additional power produced by the tracking system, thereby dipping the net energy gain and affecting the system performance.
Regulatory challenges: Diverse regions might have regulations or licensing processes that can affect the installation and operation of a solar tracking system. Addressing these legal challenges can increase the schedule and cost of the project.
The below table showcases sizes in terms of leading countries- Japan and China, which are set to dominate the solar trackers market by 2033, with values of USD 1.5 billion and USD 1.4 billion, respectively.
| Countries | Market Size (2033) |
|---|---|
| China | USD 1.4 billion |
| United States | USD 1.3 billion |
| Japan | USD 1.5 billion |
| United Kingdom | USD 254.8 million |
| South Korea | USD 334.0 million |
The below table exhibits value-based CAGRs of top 5 countries in the solar trackers market. Among them, China, the United States, and Japan are set to witness the same CAGR of 7.4% from 2023 to 2033. These are expected to be followed by the United Kingdom and South Korea solar trackers markets with CAGRs of 7.3% each.
| Countries | Value-based CAGR (2023 to 2033) |
|---|---|
| China | 7.4% |
| United States | 7.4% |
| Japan | 7.4% |
| United Kingdom | 7.3% |
| South Korea | 7.3% |
The United States solar trackers market is expected to reach USD 1.3 billion by 2033, growing at a CAGR of 7.4%. The country has seen prominent growth in solar installed capacity, largely supported by increased investment and favorable government policies. This might help in creating high demand for solar trackers in the country.
The United States is projected to maintain its dominance in the solar trackers market over the forecast period, as the government increasingly focuses on renewable energy and policies. The country is the world's leading market in terms of solar tracker sales, with most of the demand coming from states such as California, Arizona, Nevada, Texas, Florida, and North Carolina.
The United States accounts for a significant portion of the total number of dual-axis solar trackers deployed worldwide. These systems have augmented efficiency compared to existing trackers. This has led to a surging demand for these systems.
Operating and maintenance costs associated with solar tracking systems are expected to be the market limiting factor. As a result, aspects such as upcoming solar PV tracking system projects, favorable government policies, and efforts to reduce dependence on fossil energy are projected to support solar tracker demand in the country.
China solar trackers market is expected to reach USD 1.4 billion by 2033, growing at a CAGR of 7.4%. Emphasis on energy security and grid stability, particularly after the Fukushima disaster, has sparked interest in combining solar trackers with energy storage solutions.
China's solar market has grown as the government adjusts the FiT program and moves to a more competitive bidding process. This transition has driven solar developers to enhance returns on their projects, and solar trackers are part of this equation.
China's commitment to dropping greenhouse gas emissions and moving away from nuclear energy has led to increasing focus on renewable energy sources, including solar energy. Sustainability and environmental considerations have influenced the choice of solar technology, especially trackers.
China-based companies and research institutes have been actively involved in the development of solar tracking technology. This includes discovery of new materials, control systems, and integration with other renewable technologies.
The solar trackers market in Japan is expected to reach USD 1.5 billion by 2033. It is anticipated to expand at a CAGR of 7.4% in the forecast period.
Japan solar sector grew strongly after the introduction of the input price program in 2012. This program guarantees fixed payments to solar power producers encouraging investment in solar projects, counting on those using solar trackers.
Limited land availability in Japan for large-scale solar installations has encouraged the adoption of solar trackers to maximize energy production from smaller areas of land. Solar trackers allow panels to follow the path of the sun, enhancing energy capture despite space constraints.
Solar trackers manufacturers in Japan have worked hard to integrate advanced control systems, sensors, and algorithms to optimize tracking accuracy and performance of their trackers. Japan's geographical location makes it prone to frequent earthquakes and typhoons. Solar trackers designed for the market often include features to withstand such natural phenomena, ensuring the durability and reliability of these systems.
The market is an early adopter of double-sided solar panels, which are great for use with solar trackers. These panels can capture sunlight from both sides, possibly increasing energy output.
The solar trackers market in South Korea is expected to reach a value of USD 334.0 million, expanding at a CAGR of 7.3% during the forecast period. South Korea has set ambitious renewable energy targets to surge the share of renewable sources in its energy mix. Solar energy, especially solar trackers, has played a role in attaining these goals.
Several government incentives including tariffs, subsidies, tax benefits, and support mechanisms have been put in place to inspire the adoption of solar technologies, including solar trackers. South Korea's commitment in decreasing carbon emissions and switching to cleaner energy sources is the driving force behind adoption of solar technology.
South Korea solar trackers market has seen policy and regulatory changes affecting the deployment of solar trackers. Government policies aim to balance renewable energy support with economic considerations. The solar industry has also entered into partnerships and collaborations with international companies to leverage its global expertise in solar tracking technology.
The United Kingdom solar trackers market is expected to reach a valuation of around USD 254.8 million by 2033. The United Kingdom solar industry has grown rapidly thanks to generous subsidy schemes such as the Electricity Input Tariff (FiT). The government has reduced these subsidies over time, leading to a shift to more competitive solar technologies, including solar trackers.
Focus has shifted from preferential prices to incentives to encourage self-consumption of solar energy. This has raised interest in maximizing energy production from solar installations, and branding solar trackers as a potential solution for greater efficiency.
The United Kingdom 's relatively low solar irradiance compared to sunnier regions makes it important to maximize energy efficiency. Solar trackers can improve energy production by adjusting the angle of these panels to capture more sunlight throughout the day.
Given the specific solar condition in the United Kingdom, adoption of solar trackers often depends on economics of the project, payback period, and return on investment. Several projects have shown that solar trackers can improve economic viability by growing energy production in the United Kingdom.
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The below table shows that the single-axis segment is significant in terms of product type, surging at a CAGR of 7.3% by 2033. It is likely to be followed by the technology category where the photovoltaic (PV) segment might grow at 7.1% CAGR by 2033 in the solar trackers market.
| Segments in Solar Trackers Market | Value-based CAGR (2023 to 2033) |
|---|---|
| Single-axis (Product Type) | 7.3% |
| Photovoltaic (Technology) | 7.1% |
By product type, the single axis segment is expected to dominate the solar trackers market and is estimated to surge at a CAGR of 7.3% by 2033. Single-axis solar trackers generally refer to a type of solar tracking system used in solar power generation.
Solar trackers are devices that orient solar panels or modules tracking the sun's movement across the sky, maximizing the amount of sunlight they receive throughout the day. This improves the energy production of solar panels compared to fixed mount systems.
This type of solar tracker moves solar panels along a single axis, usually a horizontal or vertical axis. The single-axis horizontal tracker tracks the sun's movement from east to west, adjusting the tilt of panels as the sun moves across the sky.
Single-axis trackers are generally simpler and less expensive than dual-axis trackers. Hence, they might be a popular choice for large-scale solar installations in the solar trackers market.
Based on technology, the photovoltaic (PV) segment is projected to surge at a CAGR of 7.1% by 2033 in the solar trackers market. Power standards are the key reason that photovoltaic technology has the leading market share. Rising electricity costs due to the gap between supply and demand will further increase the use of photovoltaic (PV) in utility and non-utility applications.
Using solar trackers on PV modules needs lesser design rules than mirrors, and lenses, on CPV and CSP technology trackers. These structures might accelerate the development of solar trackers in photovoltaic technology during the forecast period.
CPV systems produce low-cost solar energy due to low production costs and less raw material requirements. This technology uses optics such as a lens to focus a large amount of sunlight onto a small area of photovoltaic material to generate electricity.
Solar trackers improve the production volume of the solar panel system by supporting solar panels to the course of sunlight. These trackers can change the placement of the photovoltaic panel so that sunlight hits the plate perpendicularly and delivers maximum power.
Installed capacity of solar photovoltaic (PV) projects has increased due to growing investment in the renewable energy sector supported by favorable government strategies and targeted projects. Ambitious renewable energy targets set by several countries might further fuel solar trackers market.
Companies in the solar trackers market are focusing on emerging innovative technology-based goods due to rising industrial demand for advanced technologies for tracking purposes. They are adopting a range of organic and inorganic growth strategies to expand their geographic reach & portfolio.
Key solar tracker manufacturer's strategic framework focuses on packaging orders for large purchases as it allows manufacturers to accomplish economies of scale.
Recent developments in solar trackers market
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Estimated Market Size (2023) | USD 3.5 billion |
| Projected Market Valuation (2033) | USD 7.2 billion |
| Value-based CAGR (2023 to 2033) | 7.5% |
| Market Analysis | Value (USD billion) |
| Key Segments Covered | Product Type, Technology, and Application |
| Key Regions Covered | North America; Latin America; East Asia; South Asia Pacific; Western Europe; Eastern Europe; Middle East & Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, Italy, France, United Kingdom, Spain, Russia, GCC Countries, India, China, Japan and Australia |
| Key Companies Profiled | AllEarth Renewables, Inc.; Arctech Solar; Array Technologies, Inc.; Convert Italia; First Solar Inc.; GameChange Solar |
The market is anticipated to reach a value of USD 7.2 billion by 2033.
Single-axis solar trackers to witness 7.3% CAGR from 2023 to 2033.
AllEarth Renewables, Inc. is the largest solar tracker seller worldwide.
Double-sided solar panels and panels with storage space are key trends.
Solar trackers are mainly set to be applied in the utility sector.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Single-axis 5.2. Dual-axis 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Technology 6.1. Photovoltaic (PV) 6.2. Concentrated Solar Power (CSP) 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 7.1. Utility 7.2. Commercial 7.3. Residential 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. AllEarth Renewables, Inc. 18.2. Arctech Solar 18.3. Array Technologies, Inc. 18.4. Convert Italia 18.5. First Solar Inc. 18.6. GameChange Solar 18.7. Mecasolar España SL 18.8. NClave 18.9. NEXTracker Inc. 18.10. PVHardware 18.11. Solar Steel 18.12. Soltec 18.13. STI Norland 18.14. Sun Action Tracker 18.15. SunPower Corporation 19. Assumptions & Acronyms Used 20. Research Methodology
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Solar Trackers Market
