Solar Tracker Market size is expected to grow at a CAGR of 13.1% from 2022 to 2030

According to the Market Statsville Group (MSG), the global solar tracker market size is expected to grow from USD 5,417.4 million in 2021 to USD 16,404.2 million by 2030, at a CAGR of 13.1% from 2022 to 2030. Solar energy is a less expensive power source than hydraulic generators since it generates electricity using solar cells. Solar cell production is largely dependent on sunlight intensity and angular incidence. Solar panels facing direct sunlight have the highest efficiency. However, due to the planet's rotation, solar panels tend to remain inactive to collect solar energy all of the time, resulting in a loss of efficiency in absorbing sunlight at night. As a result, the requirement for a continuous output with an automated system to gather sunlight as the planet rotates is predicted. In this sense, the Automatic Solar Tracking System (ASTS) performs admirably, and the system's distinguishing characteristic is that it refers to the mobility of sunlight rather than the rotation of the Earth.

A solar tracker directs solar panels to face the sun. For changing the location of a solar panel, these systems employ computers and sensors with complicated algorithms. This guarantees that photovoltaic (PV) panels are oriented perpendicular to the sun, reducing light reflection and increasing energy absorption. Solar trackers have several advantages, including increased power output, decreased space needs, cheaper electricity bills, and fewer maintenance expenses.

The rising deployment of solar panels and the trend toward sustainable energy generation are driving the worldwide solar tracker market. This is further assisted by the creation of green energy initiatives by governments worldwide, enabling the development of new solar energy plants and accompanying infrastructure. Furthermore, the increased population has led to a rise in worldwide electricity consumption, functioning as a growth inducer. Furthermore, the rising use of solar power as the primary energy source in the residential, commercial, and industrial sectors is boosting the market's growth.

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Aside from that, fast technology breakthroughs, such as large-scale integration of solar and concentrated photovoltaics with the Internet of Things (IoT) and cloud-based solutions, are producing a positive market outlook.

From a commercial standpoint and with the advancement of semiconductor technology, there is a universal need for solar trackers, even in distant places. Companies involved in renewable energy sources are increasingly investing more in trackers and creating a suitable technology capable of giving optimal outcomes. Sensor technology and R&D advancements are projected to increase demand for tracking devices in the renewable energy industry.

COVID-19 Impact on the Global Solar Tracker Market
The COVID-19 pandemic had a negative impact on the market since it caused delays and shelving of solar power projects where they were utilized, as well as an interruption in the production of solar trackers owing to worldwide supply chain disruption induced by the epidemic. In terms of market growth, the rising number of solar power projects in the nation and the advent of multi-axis tracking systems are expected to boost the market.

Global Solar Tracker Market Dynamics
Drivers: Growing Adoption of Renewable Energy Sources for Power Generation to Drive Market Growth
The growing population in developing nations has directly influenced electricity generation during the last decade. Renewable energy production is expanding at a healthy rate and is being seen as the largest practical replacement for traditional power sources like coal and oil products with increased carbon reduction. Nearly 29% of the world's total electricity production comes from renewable sources. Furthermore, according to the International Energy Agency (IEA), stronger government policy support and more ambitious clean energy goals are expected to contribute to nearly 95% of the increase in the world's power capacity by 2026, with solar PV accounting for more than half of that capacity alone.

Restraints: High Investment and a Lack of Required Infrastructure
The rise in steel costs, which further pushes the cost of the tracking systems used in most utility-scale projects, is one of the primary reasons impeding the growth of the solar tracker industry. Steel often accounts for more than 65 percent of the entire cost of solar tracking systems, making solar trackers more costly. Furthermore, the overall cost of the solar tracking system is higher than the cost of installing standard solar panels, limiting its use in residential applications where energy consumption is often lower.

Each solar module would cost an extra USD 500 to install. Because of the increase in initial cost, fewer people use the solar tracking system. Furthermore, a lack of sufficient infrastructure is another issue slowing market investment. Lack of understanding about the benefits of fixed-tilt installations over tracker installations has impeded expansion in the Asia Pacific and Europe.

Opportunities: Government initiatives
Opportunities such as government initiatives, reduced design complexity, and solar tracker research are expected to drive the market's growth in the coming years.

The Indian government aims to produce 500 GW of electricity from renewable sources. Solar energy, being one of the cheapest sources, is projected to have a considerable share and, as a result, give significant potential to companies in the country's solar tracker market.

Scope of the Global Solar Tracker Market
The study categorizes the solar tracker market based on product type, technology, and application at the regional and global levels.

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By Product Type Outlook (Sales, USD Million, 2017-2030)
Single Axis
Dual Axis

By Technology Outlook (Sales, USD Million, 2017-2030)
Solar Photovoltaic (PV)
Concentrated Solar Power (CSP)
Concentrated Photovoltaic (CPV)

By Application Outlook (Sales, USD Million, 2017-2030)
Utility
Non-utility

By Region Outlook (Sales, USD Million, 2017-2030)

North America

US
Canada
Mexico

Europe

Germany
Italy
France
UK
Spain
Poland
Russia
The Netherlands
Norway
Czech Republic
Rest of Europe

Asia Pacific

China
Japan
India
South Korea
Indonesia
Malaysia
Thailand
Singapore
Australia & New Zealand
Rest of Asia Pacific

South America

Brazil
Argentina
Colombia
Rest of South America

The Middle East & Africa

Saudi Arabia
UAE
South Africa
Northern Africa
Rest of MEA

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Dual axis segment accounts for the highest cagr during the forecast period by product type
Based on the product type, the solar tracker market is segmented into single and dual axes. The dual axis segment accounted for the largest market share in 2021. Due to its capacity to track the sun horizontally and vertically, dual axis trackers enable optimal absorption of the sun's beams. Higher land needs, sophisticated technology, and high motor and control system maintenance requirements result in high O&M costs for dual-axis trackers. This aspect is a key impediment to the widespread adoption of dual-axis trackers.

Utility segment is projected to account for the largest market share, by application
Based on the application, the global solar tracker market is divided into utility and non-utility. The utility segment has dominated the market with the highest share in 2021 due to Increasing power costs and a growing need for renewable energy sources, which are likely to boost the usage of solar trackers in utility applications. This pattern is expected to persist throughout the predicted period. The single-axis tracking system is the most often utilized solar tracker in the utility industry since solar utility systems are ground-mounted,and single-axis trackers may be used to track the sun throughout the day. Trackers are being utilized extensively in utility applications due to rising government subsidies and feed-in tariff schemes, notably in North America and Europe.

North America accounts for the highest market share during the forecast period by Region
Based on the regions, the global Solar Tracker Market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. North America is expected to grow with the highest market share in 2021. The Paris Agreement on Climate Change encouraged the use of renewable energy in the country's energy supply, and the growing emphasis on renewable energy is principally responsible for the growth. Through several measures, the American government is likewise aiming to promote the use of solar power in the economy, thereby augmenting the regional growth.

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Key Market Players in the Global Solar Tracker Market
The global solar tracker market is highly competitive, with key industry players adopting strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most market companies focus on expanding operations across regions, augmenting their capabilities, and building strong partner relations.

Major players in the global solar tracker market are:

Abengoa Solar S.A.
AllEarth Renewables
Array Technologies Inc.
DEGERenergie GmbH & Co. KG
Nclave
Powerway Renewable Energy Co. Ltd.
Soltec Tracker
SunPower Corporation
Titan Tracker
Trina Solar Limited

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