The solar tracker market allows mounted solar panels to face the sun continuously as it moves across the sky, thus maximizing energy generation. Trackers use single- or dual-axis systems to pivot solar panels east to west or in a northern or southern arc. This optimization can increase solar output by 25-50% compared to fixed-tilt mounting racks. The global solar tracker industry enables affordable and sustainable electricity by supporting the steady rise of solar installations worldwide.
The solar tracker market is estimated to be valued at USD 7.01 Bn in 2024 and is expected to reach USD 35.74 Bn by 2031. It is projected to grow at a compound annual growth rate (CAGR) of 26.2% from 2024 to 2031.
Key Takeaways
- Key players operating in the solar tracker market are NEXTracker Inc.,Array Technologies,Soltec Power Holdings SA,Convert Italia,Arctech Solar. These companies cater to the growing global demand for trackers with cutting-edge products.
- Increasing corporate investment in renewable procurement drives Solar Tracker Market Demand for large-scale tracker projects worldwide. Rising mandates for clean electricity in multiple nations further accelerates the installation of utility-scale solar+storage projects.
- Advancements in solar tracker technology enhance reliability, lower costs per kWh, and optimize tracking accuracy even in extreme weather. New dual-row and multi-row tracker designs increase power generation per unit area.
Market Trends
- Bifacial module compatibility- Trackers optimized for bifacial panels collect light and generate power from both sides, significantly boosting yields by 20-30%. Emerging multi-row tracker architectures enable dense integration of bifacial modules.- Mesh tracker architecture- The lightweight mesh design reduces use of materials in trackers while maintaining structural strength. Mesh trackers are easier to assemble, transport, and install compared to conventional rigid trackers.
Market Opportunities
- Increased deployment in emerging economies- Countries like India, Mexico, and Egypt are emphasizing solar energy development and offer lucrative opportunities for tracker adoption.- Agrivoltaic trackers- Integrating agriculture with solar trackers produces synergies like reduced water needs. Agrivoltaics opens new revenue streams for trackers in land-constrained regions.
Impact of COVID-19 on Solar Tracker Market Growth
The outbreak of COVID-19 has adversely impacted the global solar tracker market. Various government restrictions led to disruption in the supply chain and logistical challenges which affected market growth. During the initial phase of the pandemic, many countries witnessed complete lockdowns leading to halting of operations in the manufacturing sector. This adversely impacted the production of solar trackers globally. Such production delays led to shortage of components required for setting up solar projects. The demand from the commercial and industrial sectors also witnessed a significant decline during 2020 and early 2021 due to closure of establishments.However, with gradual lifting of lockdowns and resumption of economic activities, the market is expected to rebound from 2022 onwards. Various nations are increasingly focusing on promoting renewable energy to reduce carbon emissions. Governments across major countries have launched attractive investment schemes and initiatives to boost the growth of the solar industry. This will drive the deployment of advanced solar tracking systems. Moreover, declining costs of solar technologies is making solar energy more feasible for commercial setups. This will increase the adoption of solar trackers to maximize energy generation. The market is also witnessing collaboration between tracker manufacturers and project developers to fulfil upcoming project timelines.Europe accounts for the largest share in the global solar tracker market in terms of value. Countries such as Germany, Italy, France are the major contributors. This is attributed to strong government support through favorable policies and incentives. Furthermore, presence of leading tracker manufacturers are catering to rising domestic as well as export demand. Asia Pacific is identified as the fastest growing regional market with China and India being major markets. This can be ascribed to ongoing renewable capacity additions to meet rising energy requirements as well as carbon emission reduction targets.
Geographical Regions with Concentrated Market Value
The European region accounts for the largest share of the global solar tracker market in terms of value. Countries like Germany, Italy, and France have contributed significantly to the European market over the years. This is due to strong government support through favorable policies and incentives for promoting the usage of renewable sources. The Feed-in Tariffs (FiT) and tendering processes have encouraged large-scale investments in the utility-scale solar projects in Europe. Furthermore, the presence of leading tracker manufacturers like Array Technologies and Nextracker in European countries are catering to both domestic as well as international demand. As per estimates, the European market for solar trackers accounted for over 35% of the global market value in 2025.
Fastest Growing Regional Market
The Asia Pacific region has emerged as the fastest growing regional market for solar trackers globally. Countries like China and India have huge solar power generation targets to meet their respective needs for energy as well as to reduce greenhouse gas emissions intensity. Rapid capacity additions of both large-scale solar parks as well as distributed rooftop projects are driving the requirement of advanced solar tracking systems. Additionally, Asia Pacific also serves the export market due to availability of low-cost manufacturing facilities. Stringent emission norms and capacity targets have accelerated the installations of solar trackers across utility-scale as well as commercial & industrial projects. As per estimations, the Asia Pacific market is projected to expand at a CAGR of over 30% during the forecast timeframe of 2024-2031.
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