Single Axis Solar Tracker Market Size - By Product (Horizontal, Vertical), By Application (Residential, Commercial & Industrial, Utility) & Global Forecast, 2023 - 2032

Single Axis Solar Tracker Market Size - By Product (Horizontal, Vertical), By Application (Residential, Commercial & Industrial, Utility) & Global Forecast, 2023 - 2032

Global single axis solar tracker market size will expand significantly through 2032. Increasing focus on accentuating the use of sustainable energy sources is creating a strong impetus for industry growth. Many governments across the globe are investing significant amounts into renewable energy deployment to achieve their energy targets. In April 2023, the U.S. government declared an investment of around USD 82 million to expand domestic solar manufacturing in the country.
Furthermore, market leaders in this field are focusing on product innovations to outperform their competitors. For instance, in March 2022, Nextracker Inc., a leading solar tracker manufacturer, unveiled its new NX Horizon-XTR™, a single-axis tracker for the expansion of the addressable market of solar power on challenging terrain.
The overall single axis solar tracker market is divided based on product, application, and region.
The market size from the vertical segment will register decent growth between 2023 and 2032. Vertical single-axis solar trackers offer benefits such as increased energy production, extended solar generation period, and shading mitigation. They can be easily installed in both small and large-scale solar projects, accommodating various panel configurations and project sizes. Their adaptability allows for efficient use of available land or rooftop space, maximizing the energy output per unit area, which will supplement segment growth through 2032.
In terms of application, the single axis solar tracker market value from the residential segment will grow substantially through 2032. Increased adoption of smart energy solutions, such as home energy management systems and smart grids, has increased the demand for single axis solar trackers in residential spaces. Moreover, growing support by the government to homeowners in the form of incentives to deploy energy-efficient systems is further contributing to segment gains.
From the regional perspective, Europe single axis solar tracker market share will grow at a tremendous CAGR from 2023 to 2032. Increasing emphasis of the regional government on installing energy-efficient systems in the wake of the ongoing energy crisis will increase product uptake. In fact, countries such as France and Germany have committed to cutting-down greenhouse gas emissions, which will further support product adoption. Europe is also home to industry giants such as DEGERENERGIE GMBH & CO. KG, and others emphasizing product innovations, which will work in favor of market growth.