Utility Solar Tracker Market Size - By Product (Single Axis, Dual Axis), Regional Outlook, Competitive Market Share & Global Forecast, 2024 - 2032

Utility Solar Tracker Market Size - By Product (Single Axis, Dual Axis), Regional Outlook, Competitive Market Share & Global Forecast, 2024 - 2032

The utility solar tracker market is anticipated to witness more than more than 4.5% CAGR from 2024 to 2032 owing to the increasing awareness about the environmental impact of traditional energy sources that has led to a surge in demand for renewable alternatives like solar power.

Governments worldwide are implementing favorable policies and incentives to encourage the adoption of solar energy. Advancements in solar tracking technology have improved the efficiency and output of solar installations, making them more attractive to utilities and investors alike.

As per the IEA, solar PV generation increased by nearly 26% in 2022 compared to 2021. This generation growth rate is at par with the Net Zero Emissions by 2050 Scenario, which entails achieving annual capacity expansions nearly threefold greater than those observed in 2022, a trajectory that must be sustained until 2030.

The overall utility solar tracker industry is classified based on product and region.

The dual-axis trackers segment is expected to witness substantial growth through 2032 as they offer superior efficiency compared to their single-axis counterparts by continuously adjusting the tilt and orientation of solar panels to maximize sunlight exposure throughout the day. This increased efficiency translates to higher energy yields, making dual-axis trackers an ideal choice for utility-scale solar projects where maximizing energy output is paramount. Moreover, advancements in dual-axis tracking technology have made these systems more reliable and cost-effective, further driving their adoption.

Europe utility solar trackers market size will expand significantly through 2032, driven by ambitious renewable energy targets and supportive government policies. Countries like Germany, Spain, and the United Kingdom are leading the transition towards renewable energy, with solar power playing a crucial role in their energy mix. Government incentives, such as feed-in tariffs and renewable energy certificates, have incentivized investments in solar projects, spurring the demand for utility solar trackers in the region.

Asia Pacific utility solar tracker industry is witnessing significant growth during 2024 and 2032. The rapid urbanization and industrialization across the region, coupled with increasing energy consumption, have led to a surge in demand for clean and sustainable energy sources. Solar trackers offer enhanced efficiency by orienting solar panels to maximize exposure to sunlight throughout the day, thereby increasing energy generation and improving overall system performance. Additionally, supportive government policies and initiatives aimed at promoting renewable energy deployment, such as feed-in tariffs and tax incentives, are driving the adoption of utility-scale solar projects equipped with tracking systems.