Solar Tracker Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Solar Tracker Market
The global solar tracker market size was valued at USD 7.88 billion in 2023. The market size is projected to grow from USD 8.67 billion in 2024 to USD 25.24 billion by 2032, exhibiting a CAGR of 14.3% during the forecast period from 2024 to 2032.
COVID-19 added about a transient setback within the sun tracker market due to strict felony tips and measures in most important strength-generating international locations like China and India. However, the focal point on clean electricity for monetary restoration boosted the marketplace's boom, making renewables a priority and using non-stop growth at some stage in the pandemic.
The solar tracker market is experiencing increase due to growing investments in the sun enterprise pushed by international inexperienced electricity objectives. Governments international are putting formidable goals to transition to renewable electricity, together with Dubai's smooth strength approach and North America's renewable energy objectives, main to rapid adoption of sun power. This is supported with the aid of robust authorities policies and clean energy dreams, as highlighted by the International Energy Agency's Renewable 2021 market document.
One prominent trend in the solar tracker market is the integration of software technologies, offering significant growth opportunities. Companies like Arctech Solar and Sunpower are pioneering this trend by leveraging artificial intelligence (AI) in solar tracking solutions. These advancements optimize power generation by adapting to various conditions and customizing solar power systems for maximum efficiency, driving innovation in the sector.
Comprehensive Analysis of Solar TrackerMarket
Segmentation in the Solar Tracker market share is driving the market because it allows companies to target unique consumer groups with tailored services and answers. The solar tracker market is divided into two main types: Photovoltaic (PV) and Concentrated Solar Power (CSP). Each type further branches into movement classifications: Single Axis and Dual Axis. Finally, the market is segmented by application into Utility and Non-Utility categories.
North America, particularly the U.S., leads the solar tracker market due to extensive deployment for operational efficiency. This dominance boosts regional demand, positioning North America as the global market leader during the forecast period.
Key players in the solar tracker market drive innovation by enhancing product capabilities to meet customer demand, influencing market trends and competitiveness. In the solar tracker market, key players from various regions contribute to industry advancements and competition. Trina Solar (China), SunPower Corporation (U.S.), Sun Action Trackers (U.S.), Soltec (Spain), ArcelorMittal Projects (Luxembourg), NEXTracker (U.S.), Solar Steel (Spain), Array Technologies (U.S.), Arctech Solar (U.S.), Scorpius Trackers (India), PV Hardware (Spain), SunPower (U.S.), Convert Italia (Italy), and Ideematec (Germany) form the array of key players in the solar tracker market, each headquartered in different parts of the world.
Nextracker Inc. Plans to raise India's sun tracker production ability to ten gigawatts, reflecting the marketplace's strong industrial expansion. By leveraging production-related incentives and indigenous manufacturing, the plan suits with India's ambitious renewable power desires.
Segementation Table
Global Solar Tracker Market Scope
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 14.3% from 2024 to 2032
Unit Value (USD Billion) and Volume (MW)
Segmentation By Type
Photovoltaic (PV)
Concentrated Solar Power (CSP)
By Movement
Single Axis
Dual Axis
By Application
Utility
Non-utility
By Region
North America (By Type, By Movement, By Application, By Country)
- U.S. (By Application)
- Canada (By Application)
Europe (By Type, By Movement, By Application, By Country)
- U.K. (By Application)
- Germany (By Application)
- France (By Application)
- Italy (By Application)
- Spain (By Application)
- Rest of Europe (By Application)
Asia Pacific (By Type, By Movement, By Application, By Country)
- China (By Application)
- India (By Application)
- Japan (By Application)
- Australia (By Application)
- Rest of Asia Pacific (By Application)
Latin America (By Type, By Movement, By Application, By Country)
- Brazil (By Application)
- Mexico (By Application)
- Rest of Latin America (By Application)
Middle East & Africa By Type, By Movement, By Application, By Country)
- GCC (By Application)
- South Africa (By Application)
- Rest of the Middle East & Africa (By Application)
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions & Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Porters Five Forces Analysis
- 4.5. Impact of COVID-19 on Solar Tracker Market
- 5. Global Solar Tracker Market Analysis (USD Billion, MW) Analysis, Insights, and Forecast, 2019-2032
- 5.1. Key Findings
- 5.2. Market Analysis, Insights and Forecast – By Type
- 5.2.1. Photovoltaic
- 5.2.2. Concentrated Solar Power
- 5.3. Market Analysis, Insights and Forecast – By Movement
- 5.3.1. Single Axis
- 5.3.2. Dual Axis
- 5.4. Market Analysis, Insights and Forecast – By Application
- 5.4.1. Utility
- 5.4.2. Non-Utility
- 5.5. Market Analysis, Insights and Forecast – By Region
- 5.5.1. North America
- 5.5.2. Europe
- 5.5.3. Asia Pacific
- 5.5.4. Latin America
- 5.5.5. Middle East & Africa
- 6. North America Solar Tracker Market Analysis (USD Billion, MW) Analysis, Insights, and Forecast, 2019-2032
- 6.1. Key Findings
- 6.2. Market Analysis, Insights and Forecast – By Type
- 6.2.1. Photovoltaic
- 6.2.2. Concentrated Solar Power
- 6.3. Market Analysis, Insights and Forecast – By Movement
- 6.3.1. Single Axis
- 6.3.2. Dual Axis
- 6.4. Market Analysis, Insights and Forecast – By Application
- 6.4.1. Utility
- 6.4.2. Non-Utility
- 6.5. Market Analysis, Insights and Forecast – By Country
- 6.5.1. US Market Analysis, Insights and Forecast – By Application
- 6.5.1.1. Utility
- 6.5.1.2. Non-Utility
- 6.5.2. Canada Market Analysis, Insights and Forecast – By Application
- 6.5.2.1. Utility
- 6.5.2.2. Non-Utility
- 7. Europe Solar Tracker Market Analysis (USD Billion, MW) Analysis, Insights, and Forecast, 2019-2032
- 7.1. Key Findings
- 7.2. Market Analysis, Insights and Forecast – By Type
- 7.2.1. Photovoltaic
- 7.2.2. Concentrated Solar Power
- 7.3. Market Analysis, Insights and Forecast – By Movement
- 7.3.1. Single Axis
- 7.3.2. Dual Axis
- 7.4. Market Analysis, Insights and Forecast – By Application
- 7.4.1. Utility
- 7.4.2. Non-Utility
- 7.5. Market Analysis, Insights and Forecast – By Country
- 7.5.1. UK Market Analysis, Insights and Forecast – By Application
- 7.5.1.1. Utility
- 7.5.1.2. Non-Utility
- 7.5.2. Germany Market Analysis, Insights and Forecast – By Application
- 7.5.2.1. Utility
- 7.5.2.2. Non-Utility
- 7.5.2.3. Agriculture
- 7.5.3. France Market Analysis, Insights and Forecast – By Application
- 7.5.3.1. Utility
- 7.5.3.2. Non-Utility
- 7.5.4. Italy Market Analysis, Insights and Forecast – By Application
- 7.5.4.1. Utility
- 7.5.4.2. Non-Utility
- 7.5.5. Spain Market Analysis, Insights and Forecast – By Application
- 7.5.5.1. Utility
- 7.5.5.2. Non-Utility
- 7.5.6. Rest of Europe Market Analysis, Insights and Forecast – By Application
- 7.5.6.1. Utility
- 7.5.6.2. Non-Utility
- 8. Asia Pacific Solar Tracker Market Analysis (USD Billion, MW) Analysis, Insights, and Forecast, 2019-2032
- 8.1. Key Findings
- 8.2. Market Analysis, Insights and Forecast – By Type
- 8.2.1. Photovoltaic
- 8.2.2. Concentrated Solar Power
- 8.3. Market Analysis, Insights and Forecast – By Movement
- 8.3.1. Single Axis
- 8.3.2. Dual Axis
- 8.4. Market Analysis, Insights and Forecast – By Application
- 8.4.1. Utility
- 8.4.2. Non-Utility
- 8.5. Market Analysis, Insights and Forecast – By Country
- 8.5.1. China Market Analysis, Insights and Forecast – By Application
- 8.5.1.1. Utility
- 8.5.1.2. Non-Utility
- 8.5.2. India Market Analysis, Insights and Forecast – By Application
- 8.5.2.1. Utility
- 8.5.2.2. Non-Utility
- 8.5.3. Japan Market Analysis, Insights and Forecast – By Application
- 8.5.3.1. Utility
- 8.5.3.2. Non-Utility
- 8.5.4. Australia Market Analysis, Insights and Forecast – By Application
- 8.5.4.1. Utility
- 8.5.4.2. Non-Utility
- 8.5.5. Rest of Asia Pacific Market Analysis, Insights and Forecast – By Application
- 8.5.5.1. Utility
- 8.5.5.2. Non-Utility
- 9. Latin America Solar Tracker Market Analysis (USD Billion, MW) Analysis, Insights, and Forecast, 2019-2032
- 9.1. Key Findings
- 9.2. Market Analysis, Insights and Forecast – By Type
- 9.2.1. Photovoltaic
- 9.2.2. Concentrated Solar Power
- 9.3. Market Analysis, Insights and Forecast – By Movement
- 9.3.1. Single Axis
- 9.3.2. Dual Axis
- 9.4. Market Analysis, Insights and Forecast – By Application
- 9.4.1. Utility
- 9.4.2. Non-Utility
- 9.5. Market Analysis, Insights and Forecast – By Country
- 9.5.1. Brazil Market Analysis, Insights and Forecast – By Application
- 9.5.1.1. Utility
- 9.5.1.2. Non-Utility
- 9.5.2. Mexico Market Analysis, Insights and Forecast – By Application
- 9.5.2.1. Utility
- 9.5.2.2. Non-Utility
- 9.5.3. Rest of Latin America Market Analysis, Insights and Forecast – By Application
- 9.5.3.1. Utility
- 9.5.3.2. Non-Utility
- 10. Middle East & Africa Solar Tracker Market Analysis (USD Billion, MW) Analysis, Insights, and Forecast, 2019-2032
- 10.1. Key Findings
- 10.2. Market Analysis, Insights and Forecast – By Type
- 10.2.1. Photovoltaic
- 10.2.2. Concentrated Solar Power
- 10.3. Market Analysis, Insights and Forecast – By Movement
- 10.3.1. Single Axis
- 10.3.2. Dual Axis
- 10.4. Market Analysis, Insights and Forecast – By Application
- 10.4.1. Utility
- 10.4.2. Non-Utility
- 10.5. Market Analysis, Insights and Forecast – By Country
- 10.5.1. GC Market Analysis, Insights and Forecast – By Application
- 10.5.1.1. Utility
- 10.5.1.2. Non-Utility
- 10.5.2. South Africa Market Analysis, Insights and Forecast – By Application
- 10.5.2.1. Utility
- 10.5.2.2. Non-Utility
- 10.5.3. Rest of Middle East & Africa Market Analysis, Insights and Forecast – By Application
- 10.5.3.1. Utility
- 10.5.3.2. Non-Utility
- 11. Competitive Analysis
- 11.1. Company Market Share Analysis, 2023
- 11.2. Company Profile
- 11.2.1. Nextracker Inc.
- 11.2.1.1. Business Overview
- 11.2.1.2. Product & Services Offerings
- 11.2.1.3. Financials (Based on Availability)
- 11.2.1.4. Recent Developments
- 11.2.2. Array Technologies
- 11.2.2.1. Business Overview
- 11.2.2.2. Product & Services Offerings
- 11.2.2.3. Financials (Based on Availability)
- 11.2.2.4. Recent Developments
- 11.2.3. SunPower Corporation
- 11.2.3.1. Business Overview
- 11.2.3.2. Product & Services Offerings
- 11.2.3.3. Financials (Based on Availability)
- 11.2.3.4. Recent Developments
- 11.2.4. ArcelorMittal Projects
- 11.2.4.1. Business Overview
- 11.2.4.2. Product & Services Offerings
- 11.2.4.3. Financials (Based on Availability)
- 11.2.4.4. Recent Developments
- 11.2.5. Soltec
- 11.2.5.1. Business Overview
- 11.2.5.2. Product & Services Offerings
- 11.2.5.3. Financials (Based on Availability)
- 11.2.5.4. Recent Developments
- 11.2.6. Convert Italia
- 11.2.6.1. Business Overview
- 11.2.6.2. Product & Services Offerings
- 11.2.6.3. Financials (Based on Availability)
- 11.2.6.4. Recent Developments
- 11.2.7. PVHardware
- 11.2.7.1. Business Overview
- 11.2.7.2. Product & Services Offerings
- 11.2.7.3. Financials (Based on Availability)
- 11.2.7.4. Recent Developments
- 11.2.8. Arctech Solar
- 11.2.8.1. Business Overview
- 11.2.8.2. Product & Services Offerings
- 11.2.8.3. Financials (Based on Availability)
- 11.2.8.4. Recent Developments
- 11.2.9. Solar Steel
- 11.2.9.1. Business Overview
- 11.2.9.2. Product & Services Offerings
- 11.2.9.3. Financials (Based on Availability)
- 11.2.9.4. Recent Developments
- 11.2.10. Ideematec
- 11.2.10.1. Business Overview
- 11.2.10.2. Product & Services Offerings
- 11.2.10.3. Financials (Based on Availability)
- 11.2.10.4. Recent Developments
- 11.2.11. Scorpius Trackers Pvt Ltd
- 11.2.11.1. Business Overview
- 11.2.11.2. Product & Services Offerings
- 11.2.11.3. Financials (Based on Availability)
- 11.2.11.4. Recent Developments
- 11.2.12. Sun Action Trackers
- 11.2.12.1. Business Overview
- 11.2.12.2. Product & Services Offerings
- 11.2.12.3. Financials (Based on Availability)
- 11.2.12.4. Recent Developments
- 11.2.13. Trina Solar
- 11.2.13.1. Business Overview
- 11.2.13.2. Product & Services Offerings
- 11.2.13.3. Financials (Based on Availability)
- 11.2.13.4. Recent Developments
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