Global Solar Tracker Market 2023

Global Solar Tracker Market 2023

A solar tracker is a device that orients solar panels or photovoltaic modules to follow the movement of the sun throughout the day. By tracking the sun's position, solar trackers maximize the amount of sunlight that solar panels receive, resulting in increased energy production compared to fixed solar installations. The global solar tracker market is anticipated to increase by USD 2.6 billion till 2029 at an average annual growth of 7.7 percent as per the latest market estimates.

Solar trackers significantly enhance energy production compared to fixed solar installations. By continuously adjusting the angle and orientation of solar panels to face the sun, trackers optimize the capture of solar radiation throughout the day. This increased energy production makes solar trackers an attractive option for maximizing the output of solar power systems.

The report covers market size and growth, segmentation, regional breakdowns, competitive landscape, trends and strategies for global solar tracker market. It presents a quantitative analysis of the market to enable stakeholders to capitalize on the prevailing market opportunities. The report also identifies top segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Market Segmentation
Tracking type: dual axis tracking, single axis tracking
Technology: concentrated photovoltaic (CPV), concentrated solar power (CSP), solar photovoltaic (PV)
Application: utility, non-utility
Region: Asia-Pacific, Europe, North America, Middle East and Africa (MEA), South America

This industry report offers market estimates and forecasts of the global market, followed by a detailed analysis of the tracking type, technology, application, and region. The global market for solar tracker can be segmented by tracking type: dual axis tracking, single axis tracking. Among these, the single axis tracking segment was accounted for the highest revenue generator in 2022. Solar tracker market is further segmented by technology: concentrated photovoltaic (CPV), concentrated solar power (CSP), solar photovoltaic (PV). The PV segment is estimated to account for the largest share of the global solar tracker market. Based on application, the solar tracker market is segmented into: utility, non-utility. The utility segment held the largest share of the global solar tracker market in 2022 and is anticipated to hold its share during the forecast period. On the basis of region, the solar tracker market also can be divided into: Asia-Pacific, Europe, North America, Middle East and Africa (MEA), South America. In 2022, North America made up the largest share of revenue generated by the solar tracker market.

Major Companies and Competitive Landscape
The market research report covers the analysis of key stake holders of the global solar tracker market. Some of the leading players profiled in the report include Arctech Solar Holding Co., Ltd., Array Technologies Inc., DEGER Energie GmbH & Co. KG, First Solar, Inc., Ideematec Deutschland GmbH, Mecanizados Solares S.L., Nextracker Inc., Powerway Renewable Energy Co., Ltd. (SinoTech Power Group), PV Hardware Solutions S.L.U., Soltec Power Holdings S.A., Sunpower Corporation (TotalEnergies SE), Valmont Industries Inc., among others. In this report, key players and their strategies are thoroughly analyzed to understand the competitive outlook of the market.

Scope of the Report
To analyze and forecast the market size of the global solar tracker market.
To classify and forecast the global solar tracker market based on tracking type, technology, application, region.
To identify drivers and challenges for the global solar tracker market.
To examine competitive developments such as mergers & acquisitions, agreements, collaborations and partnerships, etc., in the global solar tracker market.
To identify and analyze the profile of leading players operating in the global solar tracker market.

Why Choose This Report
Gain a reliable outlook of the global solar tracker market forecasts from 2023 to 2029 across scenarios.
Identify growth segments for investment.
Stay ahead of competitors through company profiles and market data.
The market estimate for ease of analysis across scenarios in Excel format.
Strategy consulting and research support for three months.
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Recent Developments
▹ TotalEnergies, a French energy company, has recently acquired SunPower's commercial and industrial business for $250 million. This acquisition allows TotalEnergies to expand its distributed generation business in the United States and develop over 100 MW of additional capacity per year. It also aligns with TotalEnergies' strategy to target 4 gigawatts of solar capacity by 2025 in the U.S.
▹ JM Health has rebranded as Veranova following its acquisition by Altaris Capital Partners, LLC from Johnson Matthey PLC. Veranova is now an independent company specializing in contract development and manufacturing of specialty Active Pharmaceutical Ingredients (APIs). They offer a full range of API and drug development services, from process design to commercial manufacturing.
▹ Nextracker, the solar tracker manufacturer, is set to split from its parent company Flex. Flex has agreed to sell $500 million in equity in Nextracker to TPG Rise Climate, a subsidiary of TPG Rise, a global investment firm. This strategic investment from TPG Rise Climate will further enhance Nextracker's leadership in the market. Flex and Nextracker have also entered into a separation agreement to separate the operations of the two businesses. This move signifies a strategic decision to allow Nextracker to operate independently and focus on its growth and market opportunities.