Solar PV Tracker Market Size

Global Solar PV Tracker Market Overview

The Solar PV Tracker Market size was valued at USD 5.33 Billion in 2023. The solar PV tracker industry is projected to grow from USD 6.32 Billion in 2024 to USD 20.73 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 16.02% during the forecast period (2024 - 2032). Rising concerns over energy conservation and transition from non-renewable energy to renewable energy, increasing government focus on renewable energy, and increasing adoption of solar power in developing countries are the key market drivers enhancing the market growth.

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Solar PV Tracker Market Trends

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  The rising adoption of renewable sources for power generation is driving the market growth.

  
  

Market CAGR for solar PV trackers is driven by the growing adoption of renewable sources for power generation. The shortage of natural resources like oil, petroleum, and coal, continuous population increase, and electricity prices has shifted from these fossil energy sources to renewable energy sources like wind, solar, hydropower, nuclear, and others. Solar energy is one of the most accepted net zero renewable energy sources owing to the ample availability of the sun as an energy source to generate electricity. This has resulted in various entities of different countries providing subsidies, rebates, incentives, and many others to ensure solar energy adoption and promotion. For instance, Nextracker was selected by Mahindra Sustain to be the solar tracker supplier for Sakaka Solar Park. The project is part of a national program to deploy clean energy assets totaling 9.5 GW by 2023 and 58.7 GW by 2030.

Additionally, the market for solar trackers is expanding due to the adoption of helpful government laws that support numerous solar energy projects. Companies are focusing on producing advanced technology-based products due to the rise in industrial demand for advanced equipment for tracking purposes. For instance, in June 2021, Soltec introduced the SFOne solar tracker for high-power modules. It is made to work with modules with 78 and 72 cells, and it is self-powered by a module, lowering operating costs.

R&D activities in the renewable energy sector intending to reduce the reliance on fossil fuels are increasing technological advancement across the sector. For instance, in February 2023 - Solar Steel and Electrum signed an agreement where Solar Steel would supply its TracSmarT + solar trackers with a capacity of 21MW for the Osów project, which is said to be the largest solar tracking project in Poland. The single-rowed solar trackers will provide energy equivalent to the consumption of around 7,000 homes and help reduce more than 4,200 tons of carbon-di-oxide (CO2) emission annually.

Moreover, technological innovations aimed at developing new tracking system methods by companies such as NEXTracker, Array Technologies, AllEarth Renewables, and Solaria are expected to drive market growth during the forecast period. The solar tracker market is price competitive, so the manufacturers have to be operationally efficient and extremely strategic to successfully drive the solar PV tracker market revenue.

Solar PV Tracker Market Segment Insights

Solar PV Tracker Solar Power Type Insights

The solar PV tracker market segmentation, based on solar power type, includes solar PV, CSP, {parabolic trough, power tower, linear fresnel & dish/engine system}, and solar thermal. The solar PV segment dominated the market, accounting for 35% of market revenue (1.87 Billion). In developing economies, category growth is driven by very large solar PV installations compared to concentrated solar power installed in different regions. However, CSP is the fastest-growing category as CSP technology uses mirrors to accumulate the sunrays and focus on a single point.

Solar PV Tracker Tracking Type Insights

The solar PV tracker market segmentation, based on tracking type, includes fixed-tilt, single-axis, and dual-axis. The single-axis category generated the most income (70.4%). Single-axis solar trackers take up more land as their movement can create shadows, affecting the efficiency of neighboring panels. However, the dual-axis is the fastest-growing category as it allows maximum absorption of the sun's rays due to its capacity to track the sun horizontally and vertically.

Solar PV Tracker End-User Insights

The solar PV tracker market segmentation, based on end-user, includes industrial, commercial, and utilities. The utilities category generated the most income due to increasing electricity costs and rising demand for renewable sources for energy generation. However, commercial is the fastest-growing category due to rising agriculture and commercial business.

Solar PV Tracker Drive System Type Insights

The solar PV tracker market segmentation, based on drive system type, includes active systems and passive systems. The active system category generated the most income due to the growing adoption of solar PV trackers by several industries like commercial, manufacturing, military, and utility. However, the passive system is the fastest-growing category as they convert sunlight into usable heat and causes air movement.

Figure 1: Solar PV Tracker Market by Drive System Type, 2024 & 2032 (USD Billion)

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Solar PV Tracker Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The Asia-Pacific solar PV tracker market will dominate, owing to increasing investments and favorable government policies, leading to a rise in demand for solar PV trackers will boost the market growth in this region. Moreover, China’s solar PV tracker market held the largest market share, and the Indian solar PV tracker market was the fastest-growing market in the Asia-Pacific region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Solar Pv Tracker Market Share By Region 2022 (USD Billion)

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's solar PV tracker market accounts for the second-largest market share owing to the increasing focus of the country's government on renewable energy and supportive government policies. Further, the German solar PV tracker market held the largest market share, and the UK solar PV tracker market was the fastest-growing market in the European region.

The North American solar PV tracker market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the increasing focus on renewable energy and the decreasing cost of solar trackers, enhancing this region's market growth. Further, the US solar PV tracker market held the largest market share, and the Canada solar PV tracker market was the fastest growing market in the North American region.

Solar PV Tracker Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the solar PV tracker market grow even more. Market participants are also undertaking numerous strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the solar PV tracker industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global solar PV tracker industry to benefit clients and increase the market sector. Major players in the solar PV tracker market, including Arctech Solar (India), Convert Italia (Italy), Exosun (U.S.), First Solar (U.S.), Grupo Clavijo (Spain), and others, are attempting to increase market demand by investing in research and development operations.

Tata Power Co Ltd is an integrated power utility that generates, transmits and distributes electricity. Its power generation facilities include thermal power plants, hydro, solar power plants, and wind generation facilities. The company also offers operation and maintenance, project management, technical and quality audit, coal and freight logistics, consultancy and gas-insulated switchgear hipot and field-testing services. It supplies power to bulk consumers, including railways, ports, refineries, textile mills, fertilizer factories, municipal corporations, water pumping plants and other major industries. In February 2022, Tata Power RWE agreed on a partnership to explore the potential for joint development of offshore wind projects in India. India currently has no working offshore wind energy plant. However, it is expected that collaborations like these will be able to develop this segment.

GameChange Solar LP manufactures fixed tilt and tracker solar racking systems. The Company offers axis tracker, post ground, ballasted ground, and roof systems. GameChange Solar serves customers worldwide. In January 2023, GameChange Solar launched 1P-2Row Genius Tracker, standard with preassembled components. It is designed owing to the demand for energy-efficient & fast installation functions for certain projects and countries. Such reliable and innovative product development will boost the industry landscape for solar trackers.

Key Companies in the Solar PV Tracker Industry include

• Arctech Solar (India)


• Convert Italia (Italy)


• Exosun (U.S.)


• First Solar (U.S.)


• Grupo Clavijo (Spain)


• Ideematec (Germany)


• Mahindra Susten (India)


• NClave (Spain)


• NEXTracker (U.S.)


• PV Hardware (U.S.)


• Scorpius Trackers (India)


• Solar Steel (Spain)


• Soltec (U.S.)


• STI Norland (Spain)


• Sun Action Trackers (U.S.)


• SunLink (U.S.)

Solar PV Tracker Industry Developments

October 2022Gonvarri Solar Steel announced that it had signed an agreement to supply roughly 1.2 GW worth of solar trackers and racks solutions for several solar projects in the Iberian Peninsula. Iberdrola SA ordered 289 MW of Gonvarri Solar Steel's TracSmarT+ 1V single and double row trackers and 938 MW of its RackSmarT fixed structures.​

February 2022Solar Steel is developing a project called Digital Twins of photovoltaic plants for the design, engineering, and O&M phases. The digital twin virtually reproduces the behavior and performance of a process or product. This allows predicting failures and strange situations and performing certain actions to avoid them.

Solar PV Tracker Market Segmentation

Solar PV Tracker Solar Power Type Outlook

• Solar PV


• CSP


• Parabolic Trough


• Power Tower


• Linear Fresnel & Dish/Engine System


• Solar Thermal

Solar Panel Efficiency Tracking Type Outlook

• Fixed-Tilt


• Single Axis


• Dual-Axis

Solar PV Tracker End-User Outlook

• Industrial


• Commercial


• Utilities

Solar PV Tracker Drive System Type Outlook

• Active System


• Passive System

Solar PV Tracker Regional Outlook

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  North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


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  Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


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  Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


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  Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America