Solar Tracker Market Size, By Product (Single Axis {Horizontal, Vertical}, Dual Axis), By Technology (PV, CSP), By Application (Residential, Commercial & Industrial, Utility), COVID-19 Impact Analysis, Regional Outlook Application Potential, Competitive M

Solar Tracker Market Size, By Product (Single Axis {Horizontal, Vertical}, Dual Axis), By Technology (PV, CSP), By Application (Residential, Commercial & Industrial, Utility), COVID-19 Impact Analysis, Regional Outlook Application Potential, Competitive Market Share & Forecast, 2022 - 2028

The global solar tracker market is anticipated to grow at a significant rate through 2028 owing to the growing demand for electricity across the globe. In addition, increasing private funding as well as rising number of government initiatives to promote the adoption of solar energy are slated to further bolster market growth over the forecast timeline.

Solar energy harvesting has gained massive popularity on account of surging awareness regarding the benefits of solar energy. Using a solar panel with a solar tracker to determine an ideal value of this power is one of the ways for harvesting solar energy. There are a variety of single-axis and double-axis ways that are utilized for tracking sunlight motion.

Notably, utility-scale solar PV is considered an economical choice for introducing new electricity generation in most nations globally, especially with the escalating prices of coal and natural gas. Moreover, policy initiatives in developing nations like China and India are promoting the adoption of residential and commercial PV projects, which has fostered product outlook.

Recently, industry players have been investing in product development to expand their offerings and extend their consumer reach, thereby enhancing market dynamics. For instance, in March 2022, Nextracker, a major firm in the solar equipment space, introduced NX Horizon-XTR, its novel terrain-following and single-axis tracker. It has been developed to improve solar power deployment on sites with uneven, sloped, and challenging terrains.

The solar tracker market has been bifurcated in terms of product, technology, application, and region. With respect to the product, the industry has been further categorized into single axis and dual axis. The single-axis sub-segment is set to witness substantial growth through 2028. Higher efficiency and simple mechanism associated with these trackers are key characteristics that are expected to improve segmental uptake.

Based on technology, the solar tracker market has been classified into PV and CSP. In 2021, the global deployment of solar PV trackers exceeded USD 6.0 billion and is estimated to grow at a steady CAGR over the review timeline.

On the basis of application, the marker has been divided into residential, commercial, and utility. The residential sub-segment is poised to reach a sizable revenue by the end of 2028. Rising electricity demand would bolster product deployment in residential applications, which is likely to support segmental growth through the anticipated timeframe.

From the regional standpoint, the Africa solar tracker market is speculated to grow at a rate of about 14.7% by 2028. Meanwhile, the Middle East solar tracker industry is primed to observe strong growth over the forecast period augmented by private investments and FDI across the region.