Press release
Solar Tracker Market on Track for Strong Growth, Estimated to Grow at 15.6% CAGR Through 2029
Solar Tracker
What Is the Expected CAGR for the Solar Tracker Market Through 2025?
In recent times, there has been a quick enlargement in the size of the solar tracker market. It is projected to escalate from a value of $10.54 billion in 2024 to $12.17 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 15.4%. Factors such as enhanced energy output, decreased costs, environmental consciousness, incentive initiatives, and energy autonomy have contributed significantly to the growth observed in the historic period.
What's the Projected Size of the Global Solar Tracker Market by 2029?
The market size of solar trackers is anticipated to witness considerable expansion in the ensuing years, reaching a valuation of $21.7 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 15.6%. The augmented growth in the projected period is associated with enhancements in tracking technologies, increased solar fixtures worldwide, assimilation of energy storage, uplifted efficiency, and burgeoning solar markets. The outlook period is expected to be marked by technological evolution and amplified effectiveness, increasing acceptance of dual axis trackers, digitization, data-driven optimization, and cutting-edge developments in artificial intelligence (AI) and machine learning (ML), along with smart inverters.
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Top Growth Drivers in the Solar Tracker Industry: What's Accelerating the Market?
The burgeoning demand for energy derived from renewable sources is projected to spur the expansion of the solar trackers for the power generation market. Renewable energy, which is produced from perpetually replenishable natural sources such as sunlight, rain, geothermal warmth, and ocean waves, is what solar trackers use for power generation. For instance, a report issued by the U.S. Energy Information Administration (EIA) in 2023 shows that 240 billion kWh of electricity was generated from hydropower by U.S. utility-scale sources, representing 5.7% of the overall energy mix. Consequently, the escalating demand for energy sources of renewable nature is steering the growth of the ocean energy market.
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What Trends Will Shape the Solar Tracker Market Through 2029 and Beyond?
The trend of creating innovative products is becoming increasingly popular in the solar tracker for power generation market. Major businesses in the market for solar trackers for power generation are honing their focus on the production of cutting-edge goods to maintain their market prominence. For instance, in April 202, SFOne, Nextracker, a company from India that creates sophisticated solar tracking systems, introduced the NX HorizonTM low-carbon solar tracker. The NX Horizon uses Electric Arc Furnace (EAF) technology which repurposes recycled steel, drastically reducing greenhouse gas emissions in comparison to traditional iron ore and coal-based processes. This strategy not only reduces the environmental impact, but also supports the U.S. steel industry by utilizing domestic sources of sc*rap steel.
What Are the Main 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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Which Top Companies are Driving Growth in the Solar Tracker Market?
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.
Which Regions Will Dominate the Solar Tracker Market Through 2029?
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.
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