Press release
Solar Tracker Market Insights: USD 15.85 Bn in 2023 to USD 54.20 Bn by 2030
Solar Tracker Market
The Solar Tracker Market, valued at USD 15.85 billion in 2023, is projected to skyrocket to USD 54.20 billion by 2030, at an impressive CAGR of 19.2% during the forecast period. This surge is driven by rising demand for renewable energy, advancements in photovoltaic technologies, and supportive government policies. The market landscape is highly competitive, with key players like NEXTracker Inc., Array Technologies, Inc., and Soltec Power Holdings driving innovation and capacity expansion.
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►Competitive Landscape and Key Players
The solar tracker industry is witnessing intense competition with leading companies focusing on strategic partnerships, product innovation, and geographical expansion to maintain market dominance. NEXTracker Inc. continues to lead in tracker shipments globally, while Array Technologies, Inc. is focusing on expanding its footprint in international markets. Soltec Power Holdings has strengthened its presence through new project wins in Latin America and Europe.
►Solar Tracker Growth in the United States
The United States solar tracker market is witnessing significant momentum, fueled by large-scale utility projects and federal tax incentives under the Inflation Reduction Act. Companies like NEXTracker Inc. and Array Technologies, Inc. are capitalizing on these opportunities, securing multi-megawatt contracts across key states such as California and Texas.
Consolidation and Updation in the United States
Recent years have seen notable M&A activities in the U.S. market. Array Technologies, Inc. completed its acquisition of STI Norland to strengthen its product portfolio, while NEXTracker Inc. expanded its manufacturing capacity with new facilities in Arizona to meet rising demand.
►Solar Tracker Opportunities in Asia Pacific
Asia Pacific dominates the global solar tracker market, driven by robust government targets and large-scale solar investments in China, India, and Australia. The region accounted for the largest revenue share in 2023, and the trend is expected to continue as countries aim to reduce carbon emissions.
Region-specific Trends and Consolidation in Asia Pacific
Key developments include Soltec Power Holdings entering strategic partnerships in India and Arctech Solar expanding projects in Southeast Asia. China's strong domestic production and installation rates further support regional market growth.
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►Solar Tracker Trends in Europe
Europe's solar tracker market is experiencing steady growth, backed by ambitious renewable targets under the European Green Deal and rising investments in solar parks across Spain, Italy, and France.
Consolidation and Key Updates in Europe
Mergers and partnerships have shaped the European market, with Soltec Power Holdings collaborating with Enel Green Power for several solar farms in Southern Europe. Additionally, policy-driven incentives continue to attract new market entrants and investors.
►Solar Tracker Opportunity in Middle East and Africa
The Middle East and Africa are emerging as high-potential markets due to abundant solar radiation and ongoing mega-projects like Saudi Arabia's NEOM and the UAE's Mohammed bin Rashid Al Maktoum Solar Park.
Recent Developments and M&A in Middle East and Africa
NEXTracker Inc. announced its participation in utility-scale projects in Saudi Arabia, while Arctech Solar expanded its footprint by securing projects in Egypt and South Africa.
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► Market Segmentation: In-Depth Analysis:
• by Type
Single Axis
Dual Axis
Compared to single-axis trackers, dual-axis trackers are substantially more expensive. Dual-axis trackers have larger land needs and higher O&M expenses since they require more sophisticated technology, as well as high-maintenance motors and control systems. Dual-axis trackers' mainstream adoption is severely hampered by these issues. Compared to a fixed tilt installation, a dual-axis tracker can increase your PV plant's total cost by up to 50%. Due to their yield gains of 30-40%, dual-axis trackers are not desirable for the majority of installations because their cost is higher than their yields.
• by Application
Residential
Commercial
Utility
Over the course of the forecast period, the Utility segment of the Solar Tracker Market is anticipated to develop at the greatest CAGR. The use of solar trackers in utility applications is anticipated to grow as a result of rising electricity prices and the growing need for renewable energy sources. Over the course of the projected period, this tendency is anticipated to continue. Utility solar systems are installed on the ground, thus single-axis trackers can be used to monitor the sun all day long. Because of growing government subsidies and feed-in tariff programs, trackers are being used widely in utility applications, particularly in North America and Europe.
• by Technology
Solar Photovoltaic (PV)
Concentrated Solar Power (CSP)
Concentrated Photovoltaic (CPV)
For deeper market insights, peruse the summary of the research report:https://www.maximizemarketresearch.com/market-report/global-solar-tracker-market/22498/
► Learn about the top players driving innovation in the Market :
1. Array Technologies, Inc. (U.S.)
2. NEXTracker (U.S.)
3. Array Technologies (U.S.)
4. Trina Solar (China)
5. SunPower Corporation (U.S.)
6. ArcelorMittal Projects (Luxemburg)
7. Soltec (Spain)
8. Convert Italia (Italy)
9. PV Hardware (Spain)
10. Arctech Solar (U.S.)
11. Solar Steel (Spain)
12. Ideematec (Germany)
13. Scorpius Trackers (India)
14. Sun Action Trackers (U.S.)
15. DEGERENERGIE GMBH & CO. KG (Germany)
16. GameChange Solar (New York)
17. STI Norland (Spain)
18. MECASOLAR (Spain)
19. Mechatron (India)
20. OPTIMUM TRACKER (France)
21. Powerway Renewable Energy Co. Ltd. (China)
22. Schletter (Germany)
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