Solar Tracker Market Business Overview and Strategic Planning by 2032
Positioning photovoltaic (PV) panels such that they remain perpendicular to the Sun's beams is the most popular use for solar trackers. With the development in technology and the rapid shift towards the use of machine learning and artificial intelligence, the global solar tracker is expected to observe a significant growth during the forecast period. For example, Nextracker acquired BrightBox Technologies, a maker of machine learning software, and went on to create and implement its TrueCapture smart tracker control system. They released TrueCapture to the market after more than a year of covert R&D work and trial projects with a small number of clients.
Solar Tracker Market size was valued at USD 6.88 Billion in 2023 and is poised to grow from USD 7.81 Billion in 2024 to USD 18.99 Billion by 2032, growing at a CAGR of 13.5% during the forecast period (2025-2032).
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Due to the Covid-19 pandemic, there was a steep rise in the shipment prices across the globe that resulted in the businesses facing losses during the period. Therefore, leading players are exploring different methods of shipment in order to cut down costs. For example, FTC Solar, a producer of US Solar Trackers systems, is looking into breakbulk shipping options to reduce the expenses associated with shipping and logistics and enable the company to resume making a profit. In the second quarter of 2021, shipping and logistics expenses totaled about more than $10 million, which resulted in a deficit.
Market Segmentation:
Global Solar Tracker Market is segmented by Product Type, Technology, Application, Sales Channel, and region.
Based on Product Type, the market is segmented into Single axis (Horizontal, Vertical), Dual axis.
Based on Technology, the market is segmented into Solar Photovoltaic (PV), Concentrated Solar Power (CSP), Concentrated Photovoltaic (CPV).
Based on Application, the market is segmented into Residential, Commercial & Industrial, and Utility.
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Solar Tracker Market Key Players:
Nextracker Inc
Array Technologies Inc
PVHardware
Soltec
GameChange Solar
Arctech
FTC Solar
Valmont Industries, Inc.
All Earth Renewables
Xiamen Grace Solar New Energy Technology Co., Ltd.
Sun Action Trackers
Trinasolar
ADES Tempero Group
Aivatechology
ArcelorMittal
Gonvarri Solar Steel
Mecasolar
Asun Trackers Pvt. Ltd.
Shandong Zhaori New Energy Tech. Co., Ltd.
Essential regions of the Solar Tracker market are:
• Solar Tracker North America Market includes (Canada, Mexico, USA)
• Solar Tracker Europe Market includes (Germany, France, Great Britain, Italy, Spain, Russia)
• Solar Tracker Asia-Pacific Market includes (China, Japan, India, South Korea, Australia)
• Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa)
• Solar Tracker South America Market includes (Brazil, Argentina)
Solar Tracker Market Recent Developments:
In May 2022, as part of a new arrangement between the firms, Nextracker will provide 1.5 GW of its solar trackers to US independent power producer (IPP) Silicon Ranch. The trackers will be installed at the IPP's solar projects by the end of 2024 as part of the agreement, which includes an option to increase if Silicon Ranch's portfolio expands. Silicon Ranch will be able to lessen logistics risks while decreasing its carbon footprint by placing a premium on sourcing Americanmade trackers using US steel, the firms said.
In May 2022, in comparison to traditional tracking algorithms, Trina Solar's SuperTrack contains a Smart Tracking algorithm that boosts energy output by up to 3 to 8 percent. SuperTrack intelligent tracking combines Smart Backtracking (SBA) and Smart Tracking (STA) algorithms to improve energy output, especially in difficult, uneven terrains and during times of gloomy weather and very diffuse irradiance.
What's more, it likewise covers the request and give of the promoting research concentrate in the assessed figure time frame. Explained investigation of the market players with their profile, deals examination and serious scene is given in the report. Besides, organization, joint effort
and consolidations in the business are referenced for the accommodation of the investigation of the global Solar Tracker industry.
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Objectives of the Study:
• To forecast the market size, in terms of value, for various segments with respect to five main regions, namely, North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA)
• To provide detailed information regarding the major factors influencing the growth of the Market (drivers, restraints, opportunities, and challenges)
• To strategically analyze the micro markets with respect to the individual growth trends, future prospects, and contribution to the total market
• To provide a detailed overview of the value chain and analyze market trends with the Porter's five forces analysis
• To analyze the opportunities in the market for various stakeholders by identifying the highgrowth Segments
• To identify the key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing the competitive landscape for the market leaders
• To analyze competitive development such as joint ventures, mergers and acquisitions, new product launches and development, and research and development in the market
Looking ahead, the Solar Tracker Market is poised for continued growth, driven by evolving consumer preferences and ongoing innovations. The trend towards sustainability is expected to
strengthen, with more consumers seeking products that align with their values. Additionally, the integration of advanced technologies and digital platforms will likely further enhance market accessibility and consumer engagement. The global Solar Tracker Market is a dynamic and evolving landscape, shaped by a confluence of trends and factors.
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