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Top Market Shifts Transforming the Solar Tracker For Power Generation Market Landscape: Key Insights
Solar Tracker For Power Generation
What Is the Expected CAGR for the Solar Tracker For Power Generation Market Through 2025?
In the past few years, the market size for solar trackers for power generation has significantly expanded. The projected growth from $7.29 billion in 2024 to $7.81 billion in 2025, equivalent to a compound annual growth rate (CAGR) of 7.2%, indicates its vibrant evolution. Factors contributing to this growth in the historic period include improved solar efficiency, declining solar costs, incentives for renewable energy, energy self-sufficiency, and heightened environmental consciousness.
What's the Projected Size of the Global Solar Tracker For Power Generation Market by 2029?
The market for solar trackers used in power generation is projected to witness robust growth in the coming years, expanding to a size of $11.06 billion in 2029, with a compound annual growth rate (CAGR) of 9.1%. This anticipated growth during the forecast period is driven by factors such as the advent of advanced tracking technologies, the worldwide installation of solar modules, the integration of energy storage systems, improvements in efficiency, and the advent of new solar markets. The upcoming trends during the forecast period encompass single-axis against dual-axis tracking, intelligent and autonomous tracking systems, floating solar trackers, real-time surveillance and data analysis, plus climate-responsive tracking.
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Top Growth Drivers in the Solar Tracker For Power Generation Industry: What's Accelerating the Market?
The expected surge in solar panel installations worldwide is anticipated to drive the solar tracker market's expansion. This surge is being fuelled by government commitments towards renewable energy initiatives as well as the rising trend among households to invest in eco-friendly power sources, thereby greatly increasing the rate of global solar panel installations. As solar trackers are extensively utilized in new installations to improve energy yield and efficiency, their market is expected to directly benefit from the rise in solar panel installations. For example, SolarPower Europe, a Belgium-based organization representing the European solar PV industry, reported that in 2023, solar panels with a capacity of 447 gigawatts (GW) were set up across Europe, almost twice the 239 GW installed the previous year. Consequently, the predicted rise in solar panel installations during the forecasted period is expected to enhance the demand for solar trackers.
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Which Fast-Growing Trends Are Poised to Disrupt the Solar Tracker For Power Generation Market?
Innovation in product development is becoming a crucial trend in the solar tracker industry. Top businesses in this industry are keen on creating new products tailored to meet technical requirements of the sector, thereby bolstering their global market standing. Take the case of Soltec, an electrical service firm from Spain, which in July 2024, introduced its 4×4 system for the SFOne solar tracker. The system is crafted to adapt to a variety of terrains and sites. It permits solar trackers to function on persistent slopes of up to 15% in both North-South and East-West directions, and accommodates non-stable slopes of up to 20%. The 4×4 feature reduces the need for extensive land preparation, making it ideal for challenging landscapes. It also comes with adaptable software to streamline both the layout and installation phases, ultimately improving project efficiency.
What Are the Main 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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Which Top Companies are Driving Growth 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 Regions Will Dominate the Solar Tracker For Power Generation Market Through 2029?
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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