Press release
Solar Tracker For Power Generation Industry Outlook 2025-2029: Market Set to Cross $11.47 Billion Milestone
Solar Tracker For Power Generation Market Growth
How Large Will the Solar Tracker For Power Generation Market Size By 2025?
The market size of solar trackers for power generation has seen robust growth in the past few years. The market, which stood at $7.29 billion in 2024, is projected to grow to $7.94 billion in 2025, recording a compound annual growth rate (CAGR) of 9.0%. This growth in the previous period is due to factors such as improved solar efficiency, decreasing solar costs, incentives for renewable energy, energy independence, and rising environmental consciousness.
How Big Is the Solar Tracker For Power Generation Market Size Expected to Grow by 2029?
The market for solar trackers in power generation is anticipated to witness substantial growth in the forthcoming years. The market's size is projected to escalate to $11.47 billion by 2029, with a compound annual growth rate of 9.6%. Factors such as the advent of advanced tracking technologies, worldwide solar installations, amalgamation of energy storage, improving efficiencies, and rising solar markets notably contribute to the growth during the forecasted period. The significant trends to be witnessed during this period comprise of single-axis versus dual-axis tracking, smart and autonomous tracking, floating solar trackers, real-time monitoring with data analytics, and tracking adapted to the climate.
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Which Key Market Drivers Powering Solar Tracker For Power Generation Market Expansion and Growth?
The global escalation in the installation of solar panels is anticipated to fuel the expansion of the solar tracker market. The shift of government priorities towards renewable energy projects and the escalating investment by residential consumers in green energy sources have substantially accelerated the growth in solar panel installations worldwide. The swift increase in solar panel installations is foreseen to augment the need for solar trackers, which are extensively utilized to amplify energy output and efficiency in novel installations. For instance, as reported by SolarPower Europe, a Belgium-based organization that stands for the European solar PV sector, in 2023, the installation of solar panels reached 447 gigawatts (GW), almost twice the 239 GW installed in 2022. Hence, a rise in the number of solar panel installations is speculated to spur the demand for solar trackers throughout the prediction period.
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Which Fast-Growing Trends Are Poised to Disrupt the Solar Tracker For Power Generation Market?
The rising trend in the solar tracker market is the development of new products. The market's leading companies are concentrating their efforts on creating unique products that fulfill technical requirements specific to the industry and bolster their global market standing. For instance, Soltec, an electrical services company based in Spain, unveiled its 4×4 system for the SFOne solar tracker in July 2024. This system is versatile, able to adjust to different terrains and locations. The solar trackers can function on steady inclines of up to 15% in both North-South and East-West directions, and they can manage inconsistent inclines of up to 20%. The 4×4 feature reduces the need for extensive land preparation, making it perfect for challenging topographies. It also comes with flexible software that boosts the layout and installation process, thereby improving the overall efficiency of the project.
What Are the Emerging Segments in the Solar Tracker For Power Generation Market?
The solar tracker for power generation market covered in this report is segmented -
1) By Product: Single Axis, Dual Axis
2) By Technology: Solar Photovoltaic (PV), Concentrated Solar Power (CSP)
3) By Application: Residential Solar Tracker, Commercial and Industrial, Utility
Subsegments:
1) By Single Axis: Horizontal Single Axis Trackers, Vertical Single Axis Trackers, Tilted Single Axis Trackers
2) By Dual Axis: Horizontal Dual Axis Trackers, Vertical Dual Axis Trackers, Polar Dual Axis Trackers
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Who Are the Global Leaders in the Solar Tracker For Power Generation Market?
Major companies operating in the solar tracker for power generation market include NEXTracker Inc., Array Technologies Inc., PV Hardware Solutions S.L.U., Arctech Solar Holding Co. Ltd., Soltec Power Holdings SA, FTC Solar Inc., AllEarth Renewables Inc., Mechatron Solar Inc., Convert Italia SPA, SunPower Corporation, Trina Solar Co.Ltd., DEGERENERGIE GMBH & CO. KG, GameChange Solar Services India Pvt. Ltd., Soluciones Tecnicas Integrales Norland Sl, Ideematec Deutschland GmbH, MECASOLAR LLC, OPTIMUM TRACKER, Powerway Renewable Energy Co. Ltd., The Schletter Group, Xiamen Grace Solar Technology Co. Ltd., Jiangsu Aikang Industrial Group Co. Ltd., Dalian CDS Solar Energy Technology Co.Ltd., Clenergy Technology Co. Ltd., Amberroot Systems Pvt. Ltd., Ephysx Technologies Pvt. Ltd., Greenera Energy Pvt. Ltd., Hyquip Systems Ltd., Nordic Semiconductor, Canadian Solar Inc., Risen Energy Co. Ltd.
Which are the Top Profitable Regional Markets for the Solar Tracker For Power Generation Industry?
North America was the largest region in the solar tracker market in 2024. The regions covered in the solar tracker market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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