Press release
Solar Tracker Market To Grow Substantially At A CAGR Of 8.2% From 2025 To 2034
Solar Tracker Market
The market is projected to achieve a Compound Annual Growth Rate (CAGR) of approximately 8.2% during this period. In 2023, the market is estimated to be valued at USD 7.21 Billion, and it is expected to reach USD 15.89 Billion by 2032.
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➤ Market Size
• The global solar tracker market was valued at USD 6.50 Billion in 2022.
• It increased to USD 7.21 Billion in 2023, reflecting strong demand for efficient solar-energy systems.
• By 2032, the market is projected to reach USD 15.89 Billion, registering a CAGR of around 8.2% from 2024 to 2032.
• The report includes detailed analysis by tracker type, application, tracking technology, region, revenue forecasts, and the competitive landscape.
➤ Market Overview
• Solar trackers improve solar-energy generation by adjusting the orientation of panels toward the sun.
• Rising global renewable-energy investments and government incentives are accelerating adoption across multiple sectors.
• Increasing demand for clean and sustainable electricity, combined with technological advancements, supports market expansion.
• The integration of smart-tracking systems and remote-monitoring capabilities enhances efficiency and reliability.
➤ Key Market Growth Drivers
• Improved energy output:
• Single-axis trackers follow the sun's movement from east to west, increasing daily solar gain.
• Dual-axis trackers adjust both azimuth and tilt, offering higher precision and maximizing overall energy yield.
• Growing adoption across applications:
• Utility-scale solar farms use trackers to boost performance.
• Commercial and residential sectors are increasingly adopting tracking systems due to falling costs.
• Technology integration:
• Use with PV and CSP systems expands applicability across different solar technologies.
• Sustainability focus:
• Trackers help reduce carbon footprint by increasing energy harvested per panel.
• Regulatory support:
• Government incentives, renewable targets, and clean-energy policies encourage tracker-based solar installations.
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➤ Analysis of Key Players - Key Player Strategies
• Major players include First Solar, Abengoa Solar, Array Technologies, NEXTracker, Arctech Solar, Soltec, Stellar Energy, Convert Italia, Solar Steel, and many others.
• Key strategies:
• Mergers and acquisitions to expand operational capacity and product portfolios.
• Partnerships to integrate tracking technology with large-scale energy solutions.
• Diversification of offerings across single-axis, dual-axis, PV, CSP, and hybrid tracking systems.
• Development of innovative, durable, and smart-tracking solutions with remote monitoring.
• Focus on enhanced reliability, performance optimization, and cost reduction.
➤ Market Challenges & Opportunities
➤ Challenges
• High land-use requirements, particularly for utility-scale tracker installations.
• Margin pressure due to price-sensitive markets and rising competition.
• Technical complexities in integrating trackers with older grid infrastructure.
• Need for environmental customization, increasing design and installation complexity.
• Regulatory hurdles, permitting delays, and lack of global standardization.
• Potential supply-chain disruptions affecting component availability.
➤ Opportunities
• Expanding renewable-energy demand in emerging markets provides strong growth avenues.
• Integration with energy-storage systems, smart grids, and digital controls enhances long-term value.
• Increased interest in commercial and residential tracker installations beyond utility-scale projects.
• Declining tracker costs and rising energy-yield efficiency improve overall project economics.
• Cross-border partnerships and global solar-project pipelines broaden market reach.
➤ Recent Developments (as provided in report)
• First Solar acquired Tracker Products LLC to expand its tracker product offerings.
• Array Technologies merged with Scorpius Trackers to strengthen technological capabilities.
• NEXTracker established a strategic partnership with Stellar Energy for integrated solar-energy solutions.
➤ Investment Landscape and ROI Outlook
• Forecasted growth from USD 7.21 Billion in 2023 to USD 15.89 Billion by 2032 highlights strong investor confidence.
• Higher energy yield per installation improves ROI for utility-scale solar developers.
• Decreasing tracker prices, combined with rising efficiency, enhance return on investment.
• Technological maturity and global project expansion provide long-term financial attractiveness.
• Industry consolidation through mergers and partnerships supports scalability and reduces investment risks.
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➤ Market Segmentations (with Region)
➤ By Type
• Single-Axis Solar Trackers
• Dual-Axis Solar Trackers
➤ By Application
• Utility-Scale
• Commercial
• Residential
➤ By Tracking Technology
• Photovoltaic (PV) Trackers
• Concentrated Solar Power (CSP) Trackers
➤ By Region
• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• Latin America
➤ Why Buy This Report?
• Offers comprehensive global market coverage including demand, revenue, and forecasts.
• Enables strategic benchmarking through competitive landscape and company profiles.
• Highlights growth drivers, challenges, and emerging opportunities for stakeholders.
• Provides detailed updates on mergers, acquisitions, and partnerships shaping the market.
• Supports investors with ROI projections, market dynamics, and regional investment hotspots.
➤ FAQs
➤ 1. What is the growth rate of the solar tracker market?
• The market is expected to grow at a CAGR of 8.2% from 2024 to 2032.
➤ 2. Which tracker types are included in the study?
• Single-axis and dual-axis solar trackers.
➤ 3. What are the major applications of solar trackers?
• Utility-scale solar farms, commercial installations, and residential setups.
➤ 4. Which regions are covered in the market assessment?
• North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
➤ 5. Which key companies operate in this market?
• Leading manufacturers include First Solar, Array Technologies, NEXTracker, Arctech Solar, Abengoa Solar, Soltec, and others.
➤ More Related Reports by Custom Market Insights-
Global Hydrogen Compressor Market 2025 - 2034
https://www.custommarketinsights.com/report/hydrogen-compressor-market/
US Solar Encapsulation Market 2025 - 2034
https://www.custommarketinsights.com/report/us-solar-encapsulation-market/
➤ Conclusion
The solar tracker market is positioned for strong expansion, driven by increasing global demand for efficient renewable-energy solutions. With a projected rise to USD 15.89 Billion by 2032 at an 8.2% CAGR, solar trackers are becoming essential in boosting the output of solar installations across utility, commercial, and residential sectors. Technological advancements, declining costs, and supportive government initiatives continue to strengthen market potential. Strategic consolidation, partnerships, and innovation from key players further enhance competitiveness. Despite challenges such as land requirements and supply-chain concerns, the overall outlook remains highly favorable, offering significant opportunities for investors and developers.
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Custom Market Insights is a market research and advisory company delivering business insights and market research reports to large, small, and medium-scale enterprises. We assist clients with strategies and business policies and regularly work towards achieving sustainable growth in their respective domains.
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