The global solar tracker market is experiencing rapid expansion, driven by the increasing adoption of renewable energy, technological advancements, and supportive government policies. Solar trackers—systems that adjust the angle of solar panels to follow the sun’s path—enhance energy efficiency by 10-40% compared to fixed-tilt systems, making them indispensable for utility-scale and commercial solar projects 12.
According to industry reports, The Global Solar Tracker Market Size is expected to reach USD 254.07 Billion by 2033, at a CAGR of 22.02% during the forecast period 2023 to 2033.
This blog explores the key trends, growth drivers, and future opportunities shaping the solar tracker industry.
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1. Market Size and Growth Projections
The solar tracker market is expanding rapidly, with varying estimates based on segments and regions:
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Global Market:
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7.88billion(2023)∗∗→∗∗7.88billion(2023)∗∗→∗∗25.24 billion (2032) at 14.3% CAGR 1.
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50.1billion(2024)∗∗→∗∗50.1billion(2024)∗∗→∗∗111.4 billion (2034) at 8.5% CAGR 2.
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U.S. Market:
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Expected to reach $9.58 billion by 2032, driven by federal incentives like the Inflation Reduction Act (IRA) 1.
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Dual-Axis Trackers:
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Predicted to grow at 10.5% CAGR, reaching $42 billion in utility applications by 2034 9.
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2. Key Growth Drivers
A. Rising Demand for Renewable Energy
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Solar power is the fastest-growing renewable energy source, with 95% of new global power capacity expected from renewables by 2026 1.
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Governments worldwide are setting ambitious targets, such as:
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UAE’s Clean Energy Strategy 2050 (50% renewables).
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Saudi Arabia’s Vision 2030 (50% clean energy) 1.
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B. Technological Advancements
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AI & IoT Integration: AI-driven trackers optimize panel angles using weather forecasts, boosting efficiency by up to 7% 13.
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Bifacial Panels + Trackers: Increase energy output by 30% and reduce electricity costs by 16% 2.
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Hybrid Trackers: Combine single and dual-axis tracking for maximized efficiency 7.
C. Government Policies & Incentives
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U.S. Inflation Reduction Act (IRA): Offers tax credits for domestic solar tracker production 2.
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Feed-in Tariffs (Europe): Encourage solar adoption in Germany, Spain, and Italy 11.
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Subsidies in Emerging Markets: Brazil, India, and China are accelerating solar tracker deployment 4.
D. Declining Costs & Improved ROI
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Solar tracker prices have dropped 40% since 2020, making them more accessible 3.
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Single-axis trackers (dominant 62% market share) offer 25-35% higher efficiency than fixed systems at lower costs 7.
3. Emerging Trends
A. Agrivoltaics: Solar + Agriculture
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Solar panels installed above crops reduce water evaporation and increase yields by 20% in arid regions 3.
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Companies like Polar Racking provide specialized agrivoltaic mounting systems 3.
B. Floating Solar Farms
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Solar trackers on water bodies improve efficiency due to natural cooling effects 3.
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Expected to grow significantly in Asia and Europe by 2030 11.
C. Energy Storage Integration
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Pairing solar trackers with lithium-ion batteries enhances grid independence 3.
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Nextracker’s NX Horizon integrates storage solutions for utility projects 6.
D. Perovskite Solar Cells
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Higher efficiency (>30%) and lower production costs than silicon cells 3.
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Expected to commercialize by 2025, revolutionizing solar tracking systems 3.
4. Regional Insights
North America (Largest Market, 35% Share)
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U.S. leads due to IRA incentives and large-scale solar farms 110.
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Canada is expanding solar capacity, adding 2 GW in 2024 3.
Asia-Pacific (Fastest Growth, 5.65% CAGR)
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China (40% global production) and India are key manufacturing hubs 1.
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Saudi Arabia’s NEOM City will be fully powered by solar and wind 1.
Europe (Strong Policy Support)
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Germany, Spain, and Italy drive demand with 32% renewable energy targets by 2030 11.
Middle East & Africa (High Solar Potential)
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UAE and South Africa are investing heavily in utility-scale solar projects 11.
5. Competitive Landscape
Top players focus on innovation, mergers, and global expansion:
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Nextracker (Market Leader): Launched NX Horizon-XTR for uneven terrains 7.
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Array Technologies: Acquired STI Norland to expand in Europe and Latin America 5.
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Arctech Solar: Supplies AI-powered trackers for projects in the Middle East 1.
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GameChange Solar: Installed 10 GW of Genius Trackers in the Gulf of Mexico 7.
6. Challenges & Restraints
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High Initial Costs: Steel accounts for 65% of tracker expenses, raising project costs 1.
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Land & Labor Shortages: Complex installations require skilled workers 7.
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Dual-Axis Maintenance: Higher O&M costs limit adoption despite efficiency gains 11.
7. Future Outlook (2025-2034)
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Utility-scale projects will dominate (85% market share) 4.
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AI & machine learning will optimize tracker performance in real time 6.
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Recycling programs for end-of-life solar panels will gain traction 3.
Conclusion
The solar tracker market is poised for exponential growth, fueled by renewable energy demand, tech innovations, and government support. Companies investing in AI-driven tracking, hybrid systems, and sustainable materials will lead the industry.
For deeper insights, explore the full report: Solar Tracker Market Report.
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