The global solar tracker market size was valued at USD 4.41 billion in 2022, expanding at a compound annual growth rate (CAGR) of 26.2% from 2023 to 2030. 

Rising concerns over energy conservation and transition from non-renewable energy to renewable energy is expected to surge demand for solar energy and eventually solar trackers over the forecast period on a global level. Solar tracker utilizes various electrical components including actuators, motors, and sensors to orient the solar cell for concentrating the sunlight in order to maximize the energy captured. The captured solar radiations are further converted into electricity which is utilized by various end-user segments. Rising use of solar power as a potential source of commercial energy generation has gained popularity due to decreasing solar PV panel cost which is excepted to further augment solar tracker market growth.

Solar PV technology has been one of the fastest growing renewable sources of energy over the past few years in the U.S. Increasing government focus on renewable energy has resulted in the development of PV cells as a sustainable and continuous source of energy generation. Rising capacity expansions across the U.S. has led to decline the levelized cost of electricity (LCOE). This has made solar PV competitive with other conventional forms of energy in the country. Along with supporting policies by the U.S. government has been one of the significant drivers for high implementation of solar energy in the country.

Gather more insights about the market drivers, restrains and growth of the Solar Tracker Market

Detailed Segmentation:

Type insights

Dual axis tracker accounted for the largest market share of more than 50.83% in 2022 in terms of revenue and is projected to expand at the highest CAGR during the forecast. Dual axis trackers allow maximum absorption of the sun’s rays on account of their ability to follow the sun both horizontally and vertically. Dual axis trackers help in generating 8% to 10% more energy than single axis trackers.

Technology insights

Photovoltaic (PV) technology was the largest technology segment in 2022 and accounted for a revenue share of about 91.52% in 2022. Compatibility of PV cells with standard photovoltaic modules technologies is the major reason for largest market share of PV technology. The rising cost of electricity owing to supply-demand gap will further augment the use of solar PV in utility and non-utility applications.

Application insights

In terms of revenue, utility was the largest application sector while accounting for over 85.56% of the market share in 2022. Increasing electricity cost coupled with rising demand for renewable source for energy generation is expected to augment the use of solar trackers in utility applications. This trend is projected to continue during the forecast period.

Regional Insights

North America accounts for the major market share in the global market and this trend is expected to continue till 2030. The growth is primarily attributed to rising emphasis on renewable energy and the Paris Agreement on Climate Change that has recommended the usage of renewable energy in the nation’s energy supply.

The government in the U.S. is also targeting to increase the usage of solar power in the economy through various initiatives. In the year 2011, DOE (U.S. Department of Energy) launched the SunShot Initiative with an aim to make the solar industry cost-competitive with conventional energy sources by reducing charges to less than 1 USD/watt by 2020. The initiative has sponsored more than 350 projects which includes companies, private, universities, and national laboratories.

Browse through Grand View Research's Renewable Energy Industry Research Reports.

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Key Companies & Market Share Insights

Companies are focusing on developing advanced technology-based products owing to the growing industrial demands for advanced technology for tracking purpose. The manufacturing companies are adopting various organic and in-organic growth strategies for expanding their geographical reach and product portfolio. The strategy framework of major solar tracker manufacturer is centered around bagging orders for large purchases as it gives the manufacturer an opportunity to achieve economies of scale. The research and development of solar trackers is a major differentiating factor for manufacturers in this market. Some of the prominent players in the global solar tracker market are:

• Abengoa Solar S.A.

• AllEarth Renewables

• Array Technologies Inc.

• DEGERenergie GmbH & Co. KG

• Nclave

• Powerway Renewable Energy Co. Ltd.

• Soltec Tracker

• SunPower Corporation

• Titan Tracker

• Trina Solar Limited

Solar Tracker Market Segmentation

Grand View Research has segmented the global solar tracker market based on technology, type, application, and region: 

Solar Tracker Technology Outlook (Volume, Megawatt; Revenue, USD Million, 2018 - 2030)

• Solar Photovoltaic (PV)

• Concentrated Solar Power (CSP)

• Concentrated Photovoltaic (CPV)

Solar Tracker Type Outlook (Volume, Megawatt; Revenue, USD Million; 2018 - 2030)

• Single Axis

• Dual Axis

Solar Tracker Application Outlook (Volume, Megawatt; Revenue, USD Million; 2018 - 2030)

• Utility

• Non-utility

Solar Tracker Regional Outlook (Volume, Megawatt; Revenue, USD Million, 2018 - 2030)

• North America

o U.S.

o Canada

o Mexico

• Europe

o Germany

o Spain

o Italy

o France

• Asia Pacific

o China

o India

o Japan

• Central & South America

o Brazil

o Chile

• Middle East & Africa

o UAE

o Saudi Arabia

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