Solar Tracker Market Size to Grow $22.87 billion by 2029 at a CAGR of 17.3% During Forecast Period

The solar tracker market is projected to grow from USD 10.32 billion in 2024 to USD 22.87 billion by 2029, at a CAGR of 17.3%. This growth is driven by increased demand for renewable energy and energy conservation. Solar trackers use electric components such as motors and sensors to maximize sunlight exposure and convert solar energy into electricity.
According to a research report "Solar Tracker Market [https://www.marketsandmarkets.com/Market-Reports/solar-tracker-market-195024219.html?utm_source=ABNewswire&utm_medium=paidpr] by Axis Type (Single-axis, Dual-axis), Type (Grid-connected, Off-grid), Application (Utility, Non-utility), Region (Asia Pacific, North America, Europe, Latin America, Middle East & Africa) - Global Forecast to 2029", the global Solar Tracker Market is projected to reach USD 22.87 billion by 2029 from an estimated USD 10.32 billion in 2024, at a CAGR of 17.3%. The solar tracker market is witnessing significant growth driven by the global transition to sustainable energy and the need to boost solar power generation efficiency. The rapid scaling of solar energy infrastructure, particularly in grid-tied utility-scale projects, drives the demand for advanced solar tracking systems. These trackers enhance energy capture by optimizing panel orientation relative to solar incidence angles. Contributing factors to this trend include increasing land-use efficiency mandates, declining costs of solar components, and a heightened emphasis on minimizing the levelized cost of electricity (LCOE). Furthermore, the integration of emerging digital technologies and rising electrification demands in developing regions further propels market dynamics in this sector.

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Based on axis type, dual-axis segment is expected to record higher CAGR during forecast period

Dual-axis solar trackers are expected to record a higher CAGR during the forecast period. The growth of dual-axis solar trackers can be attributed to their capacity for precise solar tracking in both vertical and horizontal planes, which effectively maximizes solar irradiance capture and enhances energy yield throughout the day. These systems are particularly advantageous in regions characterized by high solar insolation and spatial constraints, contributing to improved overall operational efficiency. Their deployment in concentrated solar power (CSP) applications and large-scale utility projects is increasing. Moreover, the growing emphasis on optimizing energy output and minimizing the levelized cost of electricity is driving their global adoption in the renewable energy sector.

Based on application, non-utility segment is expected to record higher CAGR during forecast period

Based on application, the non-utility segment is expected to register a higher CAGR in the solar tracker market during the forecast period. This growth is driven by the increasing adoption of solar energy solutions by commercial, industrial, and residential users seeking energy independence and cost savings. Businesses are integrating solar trackers to maximize rooftop or ground-mounted system efficiency. Government incentives, sustainability mandates, and rising electricity prices encourage non-utility sectors to invest in solar tracking technologies. Additionally, the growing environmental awareness and the shift toward decentralized energy systems support the rapid expansion of this segment.

Asia Pacific is expected to be fastest-growing region in solar tracker market

Asia Pacific is projected to be the fastest-growing region in the solar tracker market, driven by the increasing adoption of solar photovoltaics, improved commercial viability and Increased investor awareness. The last decade saw a surge in solar growth, drastically increasing the global solar PV market. Initially driven by European installations, since 2012, the market has been led by the Asia-Pacific region, which accounted for 34.1% of annual additions in 2023. While Europe neglected solar PV for most of the second decade of this century, the Asia Pacific region emerged as the new undisputed leader in global solar PV deployment, driven by three of its major economies - China, India, and Japan. China largely dominates the solar tracker. Significant discrepancies between countries are also identified. While Australia was the first country to reach the 1 kW per capita mark in 2021, several nations worldwide are still lagging.

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Some major players in the solar tracker market are Nextracker Inc. (US), Array Technologies Inc. (Mexico), PVHardware (Spain), Soltec (US), Trinasolar (China), ADES TEMPERO GROUP (Spain), Gamechange Solar (US), Aivatechnology (US), and ArcelorMittal (Luxembourg). The major strategies these players adopt include acquisitions, sales contracts, product launches, agreements, alliances, partnerships, and expansions.

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