Rising Solar Farm Installations and Technological Innovations Drive Solar Tracker Market

According to a new report published by Allied Market Research, titled, "Solar Tracker Market," The solar tracker market is estimated to reach $16.0 billion by 2031, growing at a CAGR of 6.1% from 2022 to 2031. Solar tracker is often used to optimize the energy output from solar panels. Solar panels are always pointed directly at the sun, owing to its mechanism solar panel tracks daily rotation of sun from east to west. It enhances solar irradiation received by solar-energy collector and helps in increasing output of electricity that is generated.

Solar tracker possesses various properties such as it offers minimal wind resistance and provides electrical and thermal stability. Hence, owing to such functionalities, it is extensively used for residential, commercial, agriculture, and other purposes such as in on-grid for roofs of houses, traffic signals, street lights, cottages, and small power plants.

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The market is primarily driven by expanding global demand for energy, growing environmental awareness, and depletion of fossil fuels. Demand for solar trackers is expected to increase during the forecast period as a result of growing government initiatives in nations such as the U.S., India, and China to shift to solar energy. In addition, it is anticipated that solar tracker companies would benefit from new growth prospects brought on by ongoing product innovations in solar technology as well as growing usage of IoT and artificial intelligence.

Increase in steel costs further raises cost of these tracking systems, which are employed in majority of utility-scale projects. This is one of the main reasons impeding growth of the solar tracker market. Steel often accounts for more than 65% of the entire cost of solar tracking systems, making them more expensive. Moreover, installation of a solar tracking system is more expensive overall than placing regular solar panels, which hinders its use in residential areas where energy demand is less. This factor is estimated to hamper the solar tracker market growth.

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Solar Tracker Market: Key Growth Dynamics
The Solar Tracker Market is witnessing significant expansion, driven by several factors:

✔️ Rising Solar Energy Adoption - Increasing global shift towards renewable energy is fueling demand for solar trackers to enhance energy output.

✔️ Higher Efficiency & Energy Yield - Compared to fixed-tilt systems, solar trackers improve energy generation by 15-25%, making them a preferred choice for utility-scale projects.

✔️ Government Incentives & Policies - Favorable policies, tax credits, and subsidies for solar power installations are accelerating market growth.

✔️ Technological Advancements - Innovations in AI-based tracking, dual-axis trackers, and IoT integration are improving efficiency and operational control.

✔️ Declining Solar Panel Costs - The falling prices of photovoltaic (PV) panels are making solar trackers more economically viable.

✔️ Rising Investments in Utility-Scale Projects - Large-scale solar farms are increasingly deploying trackers to maximize energy output and optimize land use.

✔️ Growing Demand for Sustainable Energy - As businesses and governments aim for net-zero targets, solar tracker adoption is surging to enhance energy efficiency.

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Development of solar trackers for unusual settings, such as capped landfills, has been identified as the main trend in the global market for solar trackers. Solar trackers are typically fixed on posts that are hammered into the ground or on posts with ballast. In addition, factors such as growing manufacturing industry, availability of feedstock at reduced prices, and arrival of local players has led manufacturers to offer solar trackers at low prices. This factor is expected to create remunerative opportunities for expansion of the solar tracker market in the future.

Key players operating in the global solar tracker market analysis include Array Technologies, Inc., Convert Italia, Nextracker Inc., SunPower Corporation, Trina Solar, DEGERENERGIE GMBH & CO. KG, GameChange Solar, STI Norland, Ideematec, PV Hardware, MECASOLAR, Mechatron, OPTIMUM TRACKER, Powerway Renewable Energy Co. Ltd., and Schletter.

Key findings of the study
• By type, the solar axis segment is estimated to display highest growth rate, in terms of revenue, registering a CAGR of 6.3% from 2022 to 2031
• By technology, the photovoltaic segment is anticipated to register highest CAGR of 6.3% during the forecast period.
• By application, the utility segment is anticipated to register highest CAGR of 6.3% during the forecast period.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

This release was published on openPR.