The global shift towards renewable energy is accelerating, and solar trackers are at the heart of this transformation. As solar power becomes more affordable and governments worldwide push for greener solutions, the solar tracker market is experiencing unprecedented growth. According to MarketsandMarkets, the market is projected to soar from USD 10.32 billion in 2024 to USD 22.87 billion by 2029, registering a robust CAGR of 17.3%. Let’s explore what’s fueling this surge and why solar trackers are crucial for the future of energy.
What is a Solar Tracker?
A solar tracker is a mechanical system that dynamically adjusts the orientation of solar panels to follow the sun’s path throughout the day. By maintaining optimal alignment with the sun, solar trackers can increase electricity generation by up to 30–40% compared to fixed installations. This technology is especially valuable in regions with significant seasonal variations in sunlight.
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Key Market Drivers
1. Rising Demand for Renewable Energy
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The global push to reduce greenhouse gas emissions and combat climate change is driving massive investments in solar energy.
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Solar trackers maximize energy output, making solar power more efficient and cost-effective.
2. Falling Solar PV Costs
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The decreasing price of solar PV panels makes solar projects more accessible, boosting the adoption of advanced tracking systems.
3. Government Incentives
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Policies such as tax exemptions and subsidies (e.g., Brazil’s tax exemption for photovoltaic power generation until 2045) are encouraging the deployment of solar trackers.
4. Technological Advancements
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Ongoing improvements in tracker efficiency and integration with smart grid technologies are enhancing performance and reducing costs.
Market Segmentation: Single-Axis vs. Dual-Axis Trackers
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Single-Axis Trackers: The most popular segment, ideal for large-scale utility projects due to their simplicity, lower cost, and quick returns. They rotate panels from east to west.
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Dual-Axis Trackers: Offer higher efficiency by enabling movement in both horizontal and vertical planes, maximizing sun exposure year-round. However, they are more complex and costly.
Regional Insights
Asia Pacific: The Global Leader
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The Asia Pacific region, led by China, India, and Japan, is projected to dominate the solar tracker market.
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Strong government support and corporate commitment to renewable energy are driving large-scale adoption.
North America: Innovation Hub
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North America holds a significant market share, especially in grid-connected solar projects.
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Supportive policies, high solar irradiance (especially in the US Southwest), and public awareness are fueling growth.
Challenges and Opportunities
Challenges
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High Initial Costs: Trackers are more expensive than fixed systems, which can deter adoption, especially in developing economies.
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Complexity: Installation and maintenance require specialized skills, adding to operational costs.
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Energy Consumption: Trackers use motors and sensors, which consume energy and can offset some efficiency gains.
Opportunities
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Grid Integration: Solar trackers help utilities manage energy flow, improve grid stability, and support energy storage solutions.
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Technological Innovation: Smarter, more energy-efficient trackers are expanding the market’s appeal.
Top Companies in Solar Tracker Market
Some of the leading companies shaping the solar tracker industry include:
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Nextracker Inc. (US)
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Array Technologies Inc. (Mexico)
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PVHardware (Spain)
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Soltec (US)
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Trinasolar (China)
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ADES TEMPERO GROUP (Spain)
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Gamechange Solar (US)
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Aivatechnology (US)
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ArcelorMittal (Luxembourg)
These companies are driving innovation through acquisitions, partnerships, product launches, and global expansion.