North America Solar Tracker Market - Growth, Trends, and Forecasts (2023 - 2028)

North America Solar Tracker Market - Growth, Trends, and Forecasts (2023 - 2028)

The North America solar tracker market is expected to grow with a CAGR of around 21.93% during the forecast period.

The COVID-19 pandemic did not have any major impact on the solar tracker market as the region witnessed a huge growth in the solar power installations in the year 2020. Presently the market has now reached pre-pandemic levels.

• Over the long term, the solar tracker market in the North American region is expected to thrive due to the government's initiatives to expand the renewable energy share in the power generation portfolio, and decline in solar PV prices.
• On the other hand, the intense competition from natural gas and other renewable energy sources are expected to hinder the market growth in the near future.
• Nevertheless, as solar trackers increase the solar power generating capacity of solar panels, they are recommended for utility-scale solar power projects. Thus, the growing focus of the region towards utility-scale solar projects place ample opportunities for the market.
• United States is expected to dominate the market due to the government initiatives to expand the solar energy portfolio.

• Single-Axis trackers are the devices in which only one angle is used as the axis of rotation. These trackers can increase the power production capacity by 30%. They provide simple, efficient, and low-cost option to improve the functioning of solar energy systems.
• In United States, the utility-scale net solar power generation has witnessed a consistent growth, reaching around 115.25 million MWh of value in 2021. Most of the ground-mounted solar PV installations employed single-axis trackers due to the economical and accessibility benefits of the type. The trend is expected to continue in the near future too, due to the upcoming utility-scale solar projects in the region.
• In United States, the utility-scale solar installed capacity was recorded as 65GW in June 2022, out of which Texas was the front runner, with around 6.1GW of solar capacity under-construction, followed by California. The projects are inevitably going to affect the solar tracker market in the country.
• Moreover, the new product launches by the industry players in the country, with advanced technical features, are expected to drive the solar tracker market in the region. For example, in September 2022, the US-based solar tracker systems manufacturer FTC Solar launched a new 1P solar tracking system, the Pioneer. The company has used fast-module hang technology and less fasteners for making the product, which reduces person-hours per MW.
• Such developments are expected to propel the single-axis solar tracker market in the region in the coming years.

• United States is on the track of solar progress since long, with the combined effort of the government agencies and the private investors. The share of solar energy in the renewable power generation mix was around 165.4TWh (26%), the second ranking, after wind energy. The source is expected to have a fast-paced growth in the unfolding scene too, due to the government efforts to expand the solar energy portfolio.
• The rising concerns for the high dependency on natural gas for energy generation, a fossil-based resource, and the upcoming utility-scale solar projects in the country, will act as the catalyst for the solar tracker market.
• As per the Energy Information Administration and solar industry experts, solar is likely to lead in the new renewable capacity added in the year 2022-2023. The utility-scale solar projects will account for 49% of new capacity in 2022-2023, with 16 GW of value in 2023. The falling technology cost is expected to be the sole reason behind the prediction.
• The other major factor responsible for the growth of the solar projects is the extension of ITC (Investment Tax Credit) for solar projects. For utility-scale solar projects, the allowance is for around 10% from the US Energy Department.
• Such developments will help the country to overshadow the other countries in the region in terms of market growth in the near future.

The North America Solar Tracker market is moderately fragmanted. Some of the key players (in no particular order) include Nextracker Inc., PV Hardware Solutions, Valmont Industries Inc., Deger Canada Inc., and Nexans SA.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support