Global Solar Tracker Market Size, Share, Trends by 2032

Market Research Store has published a report on the global solar tracker market, estimating its value at USD 9.18 Billion in 2024, with projections indicating it will reach USD 18.74 Billion by the end of 2032. The market is expected to expand at a compound annual growth rate (CAGR) of around 9.33% over the forecast period. The report examines the factors driving market growth, the obstacles that could hinder this expansion, and the opportunities that may emerge in the solar tracker industry. Additionally, it offers a detailed analysis of how these elements will affect demand dynamics and market performance throughout the forecast period.

To Get more Insights, Request a Free Sample

Solar Tracker Market: Overview

The growth of the solar tracker market is fueled by rising global demand across various industries and applications. The report highlights lucrative opportunities, analyzing cost structures, key segments, emerging trends, regional dynamics, and advancements by leading players to provide comprehensive market insights. The solar tracker market report offers a detailed industry analysis from 2024 to 2032, combining quantitative and qualitative insights. It examines key factors such as pricing, market penetration, GDP impact, industry dynamics, major players, consumer behavior, and socio-economic conditions. Structured into multiple sections, the report provides a comprehensive perspective on the market from all angles.

Key sections of the solar tracker market report include market segments, outlook, competitive landscape, and company profiles. Market Segments offer in-depth details based on Technology, Type, Application, and other relevant classifications to support strategic marketing initiatives. Market Outlook thoroughly analyzes market trends, growth drivers, restraints, opportunities, challenges, Porter’s Five Forces framework, macroeconomic factors, value chain analysis, and pricing trends shaping the market now and in the future. The Competitive Landscape and Company Profiles section highlights major players, their strategies, and market positioning to guide investment and business decisions. The report also identifies innovation trends, new business opportunities, and investment prospects for the forecast period.

Key Highlights:

• As per the analysis shared by our research analyst, the global solar tracker market is estimated to grow annually at a CAGR of around 9.33% over the forecast period (2025-2032).
• In terms of revenue, the global solar tracker market size was valued at around USD 9.18 Billion in 2024 and is projected to reach USD 18.74 Billion by 2032.
• The market is projected to grow at a significant rate due to Increasing adoption of renewable energy projects, growing demand for improved solar panel efficiency, and rising government incentives for clean energy are driving the Solar Tracker market.
• Based on the Technology, the Solar Photovoltaic (PV segment is growing at a high rate and will continue to dominate the global market as per industry projections.
• On the basis of Type, the Single Axi segment is anticipated to command the largest market share.
• In terms of Application, the Utilit segment is projected to lead the global market.
• Based on region, North America is projected to dominate the global market during the forecast period.

Solar Tracker Market: Report Scope

This report thoroughly analyzes the solar tracker market, exploring its historical trends, current state, and future projections. The market estimates presented result from a robust research methodology, incorporating primary research, secondary sources, and expert opinions. These estimates are influenced by the prevailing market dynamics as well as key economic, social, and political factors. Furthermore, the report considers the impact of regulations, government expenditures, and advancements in research and development on the market. Both positive and negative shifts are evaluated to ensure a comprehensive and accurate market outlook.

Solar Tracker Market: Dynamics

key growth drivers :

The solar tracker market is primarily driven by the global push towards clean and green energy solutions. With a heightened emphasis on decarbonization goals and the falling cost of solar PV panels, more governments are implementing supportive policies like subsidies and tax credits. This has led to a significant increase in large-scale solar panel installations, particularly in the utility sector. Solar trackers, which can increase energy yield by 20-30% compared to fixed-tilt systems, are becoming an essential component of these projects to maximize energy generation and improve the overall return on investment.

restraints :

Despite the clear benefits, the solar tracker market faces several restraints, most notably the high initial capital investment required. The systems, especially the more complex dual-axis trackers, are significantly more expensive than fixed-tilt installations due to their mechanical components and the need for specialized labor and a flat terrain for optimal performance. Additionally, a key factor hindering growth is the volatility in the price of steel, which can account for a substantial portion of the system's total cost, and the perception that alternative methods like DC/AC overloading can provide a more cost-effective solution for increasing power output.

opportunities :

The market presents significant opportunities for growth, particularly through technological innovation and the integration of new systems. The increasing focus on smart grid technologies and the integration of Artificial Intelligence (AI) and the Internet of Things (IoT) in solar trackers offer a chance to optimize energy production in real-time, improving efficiency and reliability. There is also a growing opportunity in the adoption of bifacial solar modules, which can capture sunlight on both sides and, when paired with single-axis trackers, can further reduce the levelized cost of electricity. These advancements make solar projects more attractive to investors and help countries meet ambitious renewable energy targets.

challenges :

The solar tracker market is not without its challenges. The mechanical complexity of these systems, especially dual-axis trackers, leads to higher maintenance and operational costs compared to fixed installations. Moving parts like motors, gears, and sensors are prone to wear and tear and require regular inspection, lubrication, and potential replacement. Furthermore, solar trackers are more susceptible to weather-related damage, and their efficiency gains may not be justified in regions with frequent cloud cover or less direct sunlight. The need for a large, flat land area for installation also poses a challenge, particularly in densely populated urban areas.

Solar Tracker Market: Segmentation Insights

The global solar tracker market is segmented based on Technology, Type, Application, and Region. All the segments of the solar tracker market have been analyzed based on present & future trends and the market is estimated from 2024 to 2032.

Based on Technology, the global solar tracker market is divided into Solar Photovoltaic (PV, Concentrated Solar Power (CSP, Concentrated Photovoltaic (CPV).

On the basis of Type, the global solar tracker market is bifurcated into Single Axi, Dual Axi.

In terms of Application, the global solar tracker market is categorized into Utilit, Non-utilit.

Solar Tracker Market: Regional Insights

North America, specifically the United States, is the dominant region in the global solar tracker market, holding the largest market share. This leadership is driven by the scale of utility-scale solar projects, favorable government policies like the Inflation Reduction Act, and the high penetration of single-axis tracker technology to maximize energy yield. The region's sophisticated project developers and the presence of leading tracker manufacturers (e.g., Nextracker, Array Technologies) create a mature ecosystem.

While Asia-Pacific leads in overall solar capacity installation, its focus is often on lower-cost fixed-tilt systems. In contrast, North America's demand for maximizing return on investment from large-scale solar farms solidifies its position as the primary market for advanced solar tracking technology.

Solar Tracker Market: Competitive Landscape

The solar tracker market report offers a thorough analysis of both established and emerging players within the market. It includes a detailed list of key companies, categorized based on the types of products they offer and other relevant factors. The report also highlights the market entry year for each player, providing further context for the research analysis.

The "Global Solar Tracker Market" study offers valuable insights, focusing on the global market landscape, with an emphasis on major industry players such as;

• Abengoa Solar S.A.
• AllEarth Renewables
• Array Technologies Inc.
• DEGERenergie GmbH & Co. KG
• Nclave
• Powerway Renewable Energy Co. Ltd.
• Soltec Tracker
• SunPower Corporation
• Titan Tracker
• Trina Solar Limited

The Global Solar Tracker Market is Segmented as Follows:

By Technology

• Solar Photovoltaic (PV
• Concentrated Solar Power (CSP
• Concentrated Photovoltaic (CPV)

By Type

• Single Axi
• Dual Axi

By Application

• Utilit
• Non-utilit

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Frequently Asked Questions