Solar Tracker Market by Technology (Concentrated Photovoltaic, Concentrated Solar Power, Solar Photovoltaic), Type (Dual Axis, Single Axis), System Type, Application - Global Forecast 2024-2030
Solar Tracker Market by Technology (Concentrated Photovoltaic, Concentrated Solar Power, Solar Photovoltaic), Type (Dual Axis, Single Axis), System Type, Application - Global Forecast 2024-2030
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.
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.
Market Insights
Market Dynamics
The market dynamics represent an ever-changing landscape of the Solar Tracker Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
Market Drivers
Government Initiatives Supporting Renewable Energy Utilization
Growing Solar Power Installations in Residential Buildings
Market Restraints
High Operation & Maintenance Expenditure for Dual-Axis Solar Trackers
Market Opportunities
Recent Advancements in Solar Tracking Systems
Increasing Investments in Solar Project Automation and Upgradation
Market Challenges
Complexities Associated With Installations of Solar Trackers
Market Segmentation Analysis
Technology: Adoption of concentrated solar power to offer continuous power supply
Application: Need for large-scale, cost-effective, and reliable solar trackers in utility sectors
Market Disruption Analysis
Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis
FPNV Positioning Matrix
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Solar Tracker Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment 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, namely 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 assessment of the current state of vendors in the Solar Tracker Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. 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 these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments
GameChange Solar Opens 2.5GW Brazilian Solar Tracker Facility
US-based solar tracker manufacturer GameChange Solar announced the inauguration of a state-of-the-art 2.5GW solar tracker production facility in Bahia, Brazil. This facility is designed to cater to the Brazilian market and aims to serve other Latin American countries with its innovative Genius Tracker units. Recognizing the potential for growth, the plant's capacity can be scaled up to meet rising demand.
Gensol Acquires Majority Stake In Solar Tracker Firm Scorpius
Gensol Engineering took a significant step forward by acquiring a 54.38% stake in Scorpius Trackers, as disclosed to the Bombay Stock Exchange. This strategic acquisition empowers Gensol to enhance its offerings with the addition of Scorpius's advanced single-axis solar tracking solutions. Scorpius Trackers specializes in the design, development, marketing, and maintenance of these systems, which are essential for optimizing solar energy generation.
CSU Researcher Awarded USD 2.3 Million from Dept. of Energy for Solar Tracker Resilience
A researcher at the Civil and Environmental Engineering Department at Colorado State University was awarded a substantial grant of USD 2.3 million by the U.S. Department of Energy's Solar Energy Technologies Office. This grant is destined for a pioneering three-year project, in collaboration with the National Renewable Energy Laboratory and the University at Buffalo, aimed at enhancing the resilience of solar trackers against high winds and wind-driven natural disasters.
Strategy Analysis & Recommendation
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Solar Tracker Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
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 Energías 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
Please Note: PDF & Excel + Online Access - 1 Year
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