Solar Tracker Market by Technology, Type, System Type, Application

List of Tables

[183 Pages Report] The Solar Tracker Market size was estimated at USD 3.69 billion in 2023 and expected to reach USD 4.18 billion in 2024, at a CAGR 14.47% to reach USD 9.53 billion by 2030.

Solar trackers are innovative devices designed to orient photovoltaic panels or concentrated solar collectors towards the sun, optimizing the direct incident solar radiation throughout the day. The primary factors driving the expansion of their use include the increasing demand for renewable energy sources, advancements in solar power technologies, and supportive government policies and incentives aimed at reducing greenhouse gas emissions. Their deployment significantly enhances the efficiency and energy output of solar installations, making solar power more competitive and accessible. However, solar trackers face disadvantages such as higher initial setup costs, increased maintenance requirements compared to stationary installations, and a larger physical footprint. These challenges can be addressed through continuous technological advancements that reduce costs and improve reliability, as well as the development of lightweight and durable materials. Innovations focusing on intelligent tracking systems, integration with smart grids, and hybrid systems that combine solar with other renewable energies are poised to further boost the appeal and effectiveness of solar trackers in the global move towards sustainable energy solutions.

KEY MARKET STATISTICS
Base Year [2023]	USD 3.69 billion
Estimated Year [2024]	USD 4.18 billion
Forecast Year [2030]	USD 9.53 billion
CAGR (%)	14.47%

Technology: Adoption of concentrated solar power to offer continuous power supply

Concentrated photovoltaic (CPV) technology uses curved mirrors to emphasize sunlight onto small, highly efficient photovoltaic cells. CPV systems are designed to maximize the conversion of sunlight into electricity, making them particularly suitable for areas with high solar irradiance. CPV is best used in regions with direct sunlight where land area might be limited, as these systems require more sophisticated tracking and cooling technologies but occupy less space compared to conventional PV systems. Concentrated solar power (CSP) systems generate electricity by using mirrors or lenses to concentrate a larger area of solar thermal energy onto a tiny area. Electricity is developed when the concentrated light is turned to heat, which drives a steam turbine that is connected to a power generator. CSP is preferred in large-scale utility applications, especially in areas with high direct solar irradiation. Solar photovoltaic (SPV) technology converts sunlight directly into electricity using photovoltaic cells. These systems can be installed in small-scale residential and large-scale utility projects. SPV is widely preferred for its versatility, lower initial cost, and ease of installation. It is suitable for both off-grid and grid-connected applications and can be adapted to various scales and geographical locations.

Application: Need for large-scale, cost-effective, and reliable solar trackers in utility sectors

The commercial & industrial (C&I) segment of solar trackers caters to businesses and industrial facilities seeking to reduce electricity costs and decrease carbon footprints. This sector prioritizes high-efficiency, durable solar tracking solutions that can scale according to the energy demands of businesses. Companies in manufacturing, agriculture, and hospitality are increasingly adopting solar trackers to power operations. The residential segment includes homeowners and residential developers interested in adopting solar energy but with specific constraints such as limited space and budget. Single-axis trackers, being less expensive and requiring less space compared to their dual-axis counterparts, are predominantly preferred in this sector. The utility segment refers to large-scale solar installations managed by public and private utilities, and these projects prioritize cost-efficiency, reliability, and long-term performance.

Regional Insights

In the Americas, particularly the United States, there is a robust market for solar trackers, driven by a strong push towards renewable energy adoption, large-scale utility projects, and supportive government policies. American companies are working on technological advancements in solar tracker systems, leading in both innovation and production capabilities. The scenario in APAC, most notably in countries such as China and India, is marked by rapid growth in the solar tracker market, fueled by increasing solar energy investments and the presence of large manufacturing bases. The region benefits from lower production costs, making it a significant player in the global supply chain for solar trackers. The EMEA region presents a diverse picture, with Europe leading in the adoption of advanced solar tracking technologies, driven by stringent renewable energy targets and high environmental consciousness among consumers and governments alike. The Middle East is witnessing a surge in solar tracker deployment owing to vast solar resources and increasing awareness of the economic benefits of renewable energy. African countries are gradually entering the solar tracker market, primarily through international investments and renewable energy projects aimed at reducing energy poverty.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Solar Tracker Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Solar Tracker Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Solar Tracker Market, highlighting leading vendors and their innovative profiles. These include All Earth Renewables, ArcelorMittal S.A., Arctech Solar Holding Co., Ltd., Arise Energy Pty Ltd., Array Technologies, Inc., Degerenergie Gmbh & Co. Kg, Energia Ercam S.L., GameChange Solar, GM Industries, Inc., Gonvarri Solar Steel, Ideematec Deutschland GmbH, Lat-Lon, LLC, Mecanizados Solares, S.L., Mechatron, Nexans S.A., Nextracker Inc., Optimum Tracker, Powerway Renewable Energy Co., Ltd, Schletter Solar GmbH, Solar FlexRack, LLC, Solar MEMS Technologies, S.L., Soltec Energias Renovables S.L.U., Stracker Incorporated, SunPower Corporation, Trackers FEINA S.L., Trina Solar Co., Ltd., Valmont Industries, Inc., and Versolsolar Hangzhou Co., Ltd..

Market Segmentation & Coverage

This research report categorizes the Solar Tracker Market to forecast the revenues and analyze trends in each of the following sub-markets:

Technology
- Concentrated Photovoltaic
- Concentrated Solar Power
- Solar Photovoltaic

Type
- Dual Axis
- Single Axis

System Type
- Active
- Manual
- Passive

Application
- Commercial & Industrial
- Residential
- Utility

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Solar Tracker Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Solar Tracker Market?

3. What are the technology trends and regulatory frameworks in the Solar Tracker Market?

4. What is the market share of the leading vendors in the Solar Tracker Market?

5. Which modes and strategic moves are suitable for entering the Solar Tracker Market?

Product Code: MRR-0D217D5AD799

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Government Initiatives Supporting Renewable Energy Utilization
  - 5.1.1.2. Growing Solar Power Installations in Residential Buildings
- 5.1.2. Restraints
  - 5.1.2.1. High Operation & Maintenance Expenditure for Dual-Axis Solar Trackers
- 5.1.3. Opportunities
  - 5.1.3.1. Recent Advancements in Solar Tracking Systems
  - 5.1.3.2. Increasing Investments in Solar Project Automation and Upgradation
- 5.1.4. Challenges
  - 5.1.4.1. Complexities Associated With Installations of Solar Trackers
5.2. Market Segmentation Analysis
- 5.2.1. Technology: Adoption of concentrated solar power to offer continuous power supply
- 5.2.2. Application: Need for large-scale, cost-effective, and reliable solar trackers in utility sectors
5.3. Market Trend Analysis
5.4. Cumulative Impact of High Inflation
5.5. Porter's Five Forces Analysis
- 5.5.1. Threat of New Entrants
- 5.5.2. Threat of Substitutes
- 5.5.3. Bargaining Power of Customers
- 5.5.4. Bargaining Power of Suppliers
- 5.5.5. Industry Rivalry
5.6. Value Chain & Critical Path Analysis
5.7. Regulatory Framework Analysis

6. Solar Tracker Market, by Technology

6.1. Introduction
6.2. Concentrated Photovoltaic
6.3. Concentrated Solar Power
6.4. Solar Photovoltaic

7. Solar Tracker Market, by Type

7.1. Introduction
7.2. Dual Axis
7.3. Single Axis

8. Solar Tracker Market, by System Type

8.1. Introduction
8.2. Active
8.3. Manual
8.4. Passive

9. Solar Tracker Market, by Application

9.1. Introduction
9.2. Commercial & Industrial
9.3. Residential
9.4. Utility

10. Americas Solar Tracker Market

10.1. Introduction
10.2. Argentina
10.3. Brazil
10.4. Canada
10.5. Mexico
10.6. United States

11. Asia-Pacific Solar Tracker Market

11.1. Introduction
11.2. Australia
11.3. China
11.4. India
11.5. Indonesia
11.6. Japan
11.7. Malaysia
11.8. Philippines
11.9. Singapore
11.10. South Korea
11.11. Taiwan
11.12. Thailand
11.13. Vietnam

12. Europe, Middle East & Africa Solar Tracker Market

12.1. Introduction
12.2. Denmark
12.3. Egypt
12.4. Finland
12.5. France
12.6. Germany
12.7. Israel
12.8. Italy
12.9. Netherlands
12.10. Nigeria
12.11. Norway
12.12. Poland
12.13. Qatar
12.14. Russia
12.15. Saudi Arabia
12.16. South Africa
12.17. Spain
12.18. Sweden
12.19. Switzerland
12.20. Turkey
12.21. United Arab Emirates
12.22. United Kingdom

13. Competitive Landscape

13.1. Market Share Analysis, 2023
13.2. FPNV Positioning Matrix, 2023
13.3. Competitive Scenario Analysis
- 13.3.1. GameChange Solar Opens 2.5GW Brazilian Solar Tracker Facility
- 13.3.2. Gensol Acquires Majority Stake In Solar Tracker Firm Scorpius
- 13.3.3. CSU Researcher Awarded USD 2.3 Million from Dept. of Energy for Solar Tracker Resilience

14. Competitive Portfolio

14.1. Key Company Profiles
14.2. Key Product Portfolio