Single Axis Solar PV Tracker Market Size

Single Axis Solar PV Tracker Market size was over USD 7.97 billion in 2024 and is poised to exceed USD 133.36 billion by 2037, witnessing over 24.2% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of single axis solar PV tracker is evaluated at USD 9.51 billion. Rise in the fossil fuel consumption worldwide is asserting the growth of the single axis solar PV tracker market.

The EIA’s forecasts are dependent on an assumption of a major expansion in renewables and electric vehicles by 2030 under recent government policies. Even though international energy demand is set to increase by 7% by 2030 under the Stated Policies Scenario, the requirement will convert towards renewables and nuclear. Oil demand extends in the 2030s but still stays almost 100 million barrels/day through 2050 without major policy conversions. Natural gas requirements will increase by 40% by 2050, while coal utilization will reduce.

Increasing production of solar energy requires the installation of an equivalent number of single-axis solar PV trackers for better efficiency. The production of solar PV accelerated by 26% in 2022, touching almost 1 300 TWh from 270 TWh. It is noted to be one of the biggest absolute production developments of all renewable technologies in 2022, this production expansion rate equals the level planned from 2023 to 2030 in the Net Zero Emissions by 2050 case.

The assessment released in 2023 by the Independent Climate Assume Tank - Ember, that 12% of the global power came from solar and wind in 2022, increased from 10% of international electricity production in 2021. Solar photovoltaic (PV) utilizes electronic devices, also named solar cells, to shift sunlight straight into electricity. It is one of the quickest-expanding renewable energy technologies and is playing a steadily essential role in the international energy transformation. The total installed capability of solar PV touched 710 GW internationally at the end of 2020. About 125 GW of the latest solar PV potential was added in 2020, the biggest potential addition of any renewable energy source.