Press release
Global Solar Tracker Market Outlook 2025-2034: Trends, Innovations, And Future Outlook
Solar Tracker
What Is the Solar Tracker Market Size and Projected Growth Rate?
The size of the solar tracker market has seen a swift expansion in the last few years. The market that was valued at $10.54 billion in 2024 is anticipated to surge to $12.17 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 15.4%. The significant growth witnessed in the past years is driven by factors such as enhanced energy output, decreased costs, heightened environmental consciousness, incentivized schemes, and the goal of energy self-reliance.
The market size of the solar tracker is anticipated to experience swift expansion in the coming years, reaching $21.7 billion by 2029, with a compound annual growth rate (CAGR) of 15.6%. The predicted growth during this period can be credited to cutting-edge tracking technologies, worldwide solar installations, energy storage integration, improvement in efficiency, and emerging solar markets. Key trends anticipated during the forecast period comprise of technological progression and heightened efficiency, increased utilization of dual-axis trackers, digitalization, data-informed optimization, the use of artificial intelligence (AI) and machine learning (ML), along with smart inverters.
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What Are the Major Segments in the Solar Tracker Market?
The solar tracker market covered in this report is segmented -
1) By Axis Type: Single Axis, Dual Axis
2) By Technology: Solar Photovoltaic (PV), Concentrated Solar Power (CSP), Concentrated Photovoltaic (CPV)
3) By Application: Residential, Commercial & Industrial, Utility
Subsegments:
1) By Single Axis: Horizontal Single Axis Trackers, Vertical Single Axis Trackers, Inclined Single Axis Trackers
2) By Dual Axis: Horizontal Dual Axis Trackers, Vertical Dual Axis Trackers, Polar Dual Axis Trackers
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What Are The Driving Solar Tracker Market Evolution?
The significant increase in the demand for renewable energy sources is likely to accelerate the expansion of the solar tracker market in the power generation sector. Renewable energy originates from endlessly renewable natural resources, such as sunlight, precipitation, geothermal heat, and ocean waves. Solar trackers utilize these renewable energy sources to generate power. For example, in 2023, a report by the U.S. Energy Information Administration (EIA), an American agency, stated that the U.S. generated 240 billion kWh of utility-scale electricity from hydropower, making up 5.7% of the total energy mix. As a result, the escalating demand for renewable energy sources propels the growth of the ocean energy market.
Which Firms Dominate The Solar Tracker Market Segments?
Major companies operating in the solar tracker market include NEXTracker Inc., Soltec Power Holdings SA, Arctech Solar Holding Co. Ltd., Array Technologies Inc., Exosun SA, Gonvarri Solar Steel SL, Powerway Renewable Energy Co. Ltd., Meca Solar Mobility SL, SunPower Corporation, Haosolar Co. Ltd., Scorpius Trackers Private Limited, AllEarth Renewables Inc., DEGER energie GmbH & Co. KG, Convert Italia SpA, GameChange Solar, PV Hardware Solutions S.L.U., FTC Solar Inc., Mahindra Susten Pvt. Ltd., Abengoa Solar S.A., Grupo Clavijo Elt SL, Titan Tracker SL, Sun Action Trackers LLC, SunLink Corporation, Mechatron Solar Inc., Northern States Metals, DCE Solar, Valmont Industries Inc., NCLAVE Renewable S.L., Amberroot Systems, Ephysx Technologies Pvt.Ltd., Greenera Energy Pvt. Ltd.
What Trends Are Expected to Dominate the Solar Tracker Market in the Next 5 Years?
The creation of novel products is a leading trend gaining traction in the solar tracker for power generation industry. Top corporations in this market are putting emphasis on the development of innovative products in order to consolidate their market foothold. For example, in April 202 SFOne, Nextracker, an Indian corporation that produces top-tier solar tracking systems, introduced the NX HorizonTM low-carbon solar tracker. By utilizing Electric Arc Furnace (EAF) technology, which repurposes recycled steel, the NX Horizon significantly diminishes greenhouse gas emissions compared to traditional methods that depend on iron ore and coal. This strategy not only lessens the environmental footprint, but also bolsters the U.S. steel sector by tapping into domestic sc*rap steel resources.
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Which Is The Largest Region In The Solar Tracker Market?
North America was the largest region in the solar tracker for power generation market in 2024. The regions covered in the solar tracker for power generation market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Solar Tracker Market?
2. What is the CAGR expected in the Solar Tracker Market?
3. What Are the Key Innovations Transforming the Solar Tracker Industry?
4. Which Region Is Leading the Solar Tracker Market?
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