Solar Trackers Market to Reach USD 39.7 Billion by 2035, Growing at 14.0% CAGR - Driven by Rising Renewable Energy Investments and Policy Incentives | TMR

The global Solar Trackers Market is poised for unprecedented growth, projected to expand from USD 9.4 billion in 2024 to USD 39.7 billion by 2035, registering an impressive compound annual growth rate (CAGR) of 14.0% during the forecast period (2025-2035). The rapid expansion of renewable energy capacities, especially in utility-scale solar power projects, and strong government policy support worldwide are driving this surge.

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Rising Efficiency and Cost Optimization Driving Market Expansion
Solar trackers are pivotal to maximizing solar panel performance by orienting them toward the sun's trajectory throughout the day. This dynamic positioning boosts power generation efficiency by 15-35% compared to fixed-tilt systems, significantly enhancing the return on investment (ROI) for solar developers.

A major driver for the global market is the growing demand for optimized solar energy yield and reduced levelized cost of electricity (LCOE). The integration of bifacial solar modules with single-axis tracking systems has become a standard across the U.S., India, and Latin America, as it further improves power output and reduces the land footprint per megawatt.

National governments are reinforcing this trend with favorable policies and incentives. For instance, the U.S. Inflation Reduction Act (IRA) has introduced tax credits and domestic content provisions that have made solar tracker manufacturing more attractive within North America. This has spurred industry leaders such as Nextracker and Array Technologies to localize production and strengthen domestic supply chains.

Regional Insights: North America Leads, Asia-Pacific Rapidly Expanding
North America currently dominates the global solar trackers market, accounting for an estimated 36.5% share in 2024, largely supported by extensive U.S. federal initiatives under the IRA and ongoing large-scale solar installations. The presence of leading manufacturers such as Nextracker and Array Technologies has further consolidated the region's competitive advantage.

Asia-Pacific stands as the second-largest and fastest-growing market, driven by aggressive renewable energy targets in China and India. Both countries are integrating trackers into utility-scale solar projects to enhance grid stability and efficiency. Local firms like Arctech Solar are expanding production capacity and supply chain localization to cater to surging demand in the region.

Market Segmentation Highlights
By Product Type:

Single-Axis Solar Trackers (SATs) dominate due to their cost efficiency and higher energy yield potential. SATs provide a 15-25% power gain over fixed-tilt systems at lower costs than dual-axis units, making them the preferred choice for large-scale projects.

Dual-Axis Trackers are expected to grow steadily in concentrated solar applications where precise solar alignment is critical.

By Technology:

Solar Photovoltaic (PV) systems represent the majority of installations, while CPV and CSP technologies are gaining traction in high-solar-irradiance regions.

By Drive System:

Active trackers dominate due to their automation and precision advantages, while passive systems cater to small-scale or off-grid applications.

By Installation Type:

Ground-mounted trackers continue to lead in utility-scale deployments, while roof-mounted installations are witnessing adoption in commercial and industrial facilities.

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Key Market Players and Strategic Developments
The solar trackers market is moderately consolidated, with leading players including Nextracker, Array Technologies, Arctech Solar, PV Hardware, Soltec Power Holdings, Trina Solar, GameChange Solar, and Valmont Industries, Inc. These companies are focusing on technological integration, localized manufacturing, and expansion through strategic acquisitions.

Recent notable developments include:

Nextracker (2025): Announced the acquisition of Bentek's Electrical Balance of System (eBOS) business, expanding its portfolio beyond mechanical tracking into cabling and integrated eBOS assemblies, thereby streamlining procurement for EPCs and developers.

Array Technologies (2025): Acquired APA Solar, a company specializing in engineered foundation and mounting systems, strengthening its foundation technology offering and enhancing cost competitiveness through integrated BOS solutions.

These strategic moves underscore a broader industry trend toward vertical integration, risk reduction, and cost optimization, aligning with evolving needs of global solar developers.

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Analysts' Perspective
Industry analysts highlight that the solar tracker market is transitioning from a cost-sensitive to a performance-driven phase. As the global energy mix tilts further toward renewables, the ability to maximize generation per square meter will be critical. Solar trackers, especially when paired with bifacial and high-efficiency PV modules, are emerging as the key differentiators in achieving competitive LCOE.

Analysts also note that policy frameworks like the IRA, India's Production Linked Incentive (PLI) scheme, and China's renewable capacity mandates are reshaping the manufacturing and deployment landscape. The ongoing localization of supply chains, coupled with technological innovation in hydraulic and motorized tracking systems, is expected to strengthen the long-term sustainability of the industry.

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