IMARC Group, a leading market research company, has recently released a report titled “Solar Tracker Market Report by Type (Active Solar Tracker, Passive Solar Tracker), Tracking Type (Single Axis Tracking, Dual Axis Tracking), Technology (Solar Photovoltaic (PV), Concentrated Solar Power (CSP), Concentrated Photovoltaic (CPV)), Application (Utility Sector, Residential Sector, Commercial Sector), and Region 2025-2033”. The study provides a detailed analysis of the industry, including the global solar tracker market trends, share, size, and industry trends forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global solar tracker market size reached USD 7.8 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 32.4 Billion by 2033, exhibiting a growth rate (CAGR) of 17.2% during 2025-2033.
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Solar Tracker Market Trends
The solar tracker market is on the verge of a major transformation. This is due to various trends and a global shift towards renewable energy. Experts expect demand for solar trackers, especially in large installations, to surge. By 2024, new technologies will likely make trackers more efficient and cheaper. This will attract more developers and investors.
Moreover, the addition of smart technologies will boost trackers' performance and reliability. This allows for real-time energy production monitoring. The growing focus on sustainability will also spark innovations. These will aim to lessen the environmental impact of solar setups. As new markets invest in renewable energy, the solar tracker market will grow to meet their needs. This move will lead to a more sustainable energy future. In summary, the market is set for growth and innovation.
Market Dynamics 1: Increasing Adoption of Renewable Energy Sources
The solar tracker market is growing rapidly. This growth is fueled by the global shift to renewable energy. Countries and organizations are working to cut carbon emissions and tackle climate change. Solar energy is a key part of this effort due to its sustainability and efficiency.
By 2024, the demand for solar trackers is expected to rise sharply. This is mainly due to an increase in solar PV installations, especially in large projects. Solar trackers make solar panels more efficient. They do this by following the sun, capturing more energy. This technology is now more appealing to investors and developers. It helps them improve their projects and increase returns. Supportive government policies, incentives, and subsidies are boosting solar trackers' adoption. This makes them vital for moving towards sustainable energy.
Market Dynamics 2: Technological Advancements and Cost Reductions
Advancements in solar tracker systems are crucial for market growth. For instance, dual-axis trackers, which move in two directions, are becoming popular. They boost energy output more than fixed systems.
By 2024, we expect better tracker tech. It should be more efficient, reliable, and cheap. Meanwhile, better manufacturing and economies of scale are lowering solar component costs. This makes solar trackers accessible to more people, including homeowners and businesses.
As prices drop, more projects will adopt tracking systems, widening the market. This trend makes solar energy more competitive. It also encourages using solar trackers in various settings, from large farms to small setups.
Market Dynamics 3: Growing Demand from Emerging Markets
Emerging markets are crucial for the solar tracker sector. They face rising energy needs and seek sustainable solutions. Countries in Asia Pacific, Latin America, and Africa are leading this charge. They're investing in solar energy to cut fossil fuel dependence. By 2024, these efforts will boost opportunities for solar tracker makers. Financing options like green bonds and foreign investment are key. They ease the launch of solar projects in these markets.
As these markets grow, adopting advanced technologies like solar trackers becomes vital. This is necessary to meet rising electricity demands. Tailored solutions are essential for the unique challenges and opportunities in these markets. Thus, solar trackers are key to the global energy transition.
Solar Tracker Market Report Segmentation:
By Type:
- Active Solar Tracker
- Passive Solar Tracker
Active solar trackers hold the majority of the market share because they offer higher efficiency and energy output compared to passive trackers.
By Tracking Type:
Single Axis Tracking
- HSAT (Horizontal Single Axis Trackers)
- VSAT (Vertical Single Axis Trackers)
- TSAT (Titled Single Axis Trackers)
- PSAT (Polar Aligned Single Axis Trackers)
Dual Axis Tracking
- TTDAT (Tip-Tilt Dual Axis Trackers)
- AADAT (Azimuth-Altitude Dual Axis Trackers)
Breakup by Technology:
- Solar Photovoltaic (PV)
- Concentrated Solar Power (CSP)
- Concentrated Photovoltaic (CPV)
Single axis tracking accounted for the largest market share as it is less complex, more cost-effective, and sufficiently improves energy capture for many solar installations.
By Technology:
- Solar Photovoltaic (PV)
- Concentrated Solar Power (CSP)
- Concentrated Photovoltaic (CPV)
Solar photovoltaic (PV) represented the largest segment due to its lower cost, ease of installation, and versatility in different environments.
By Application:
- Utility Sector
- Residential Sector
- Commercial Sector
The utility sector holds the majority of the market share because it involves large-scale solar installations, where solar trackers significantly enhance efficiency and output.
Regional Insights:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
North America's dominance in the market is attributed to its extensive solar energy initiatives, favorable government policies, and substantial investments in solar infrastructure.
Competitive Landscape with Key Players:
The competitive landscape of the solar tracker market size has been studied in the report with the detailed profiles of the key players operating in the market.
Some of These Key Players Include:
- Arctech Solar Holding Co. Ltd.
- Array Technologies Inc.
- Convert Italia SpA (Valmont Industries Inc.)
- DEGER energie GmbH Co KG, First Solar Inc.
- Nextracker Inc. (Flex Ltd.)
- Powerway Renewable Energy Co.
- (SinoTech Power Group)
- Soltec Energias Renovables S.L.
- Sunpower Corporation (Total S.A.)
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Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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