Solar Tracker Installation Market size is evaluated at USD 8.2 billion in 2024 and is set to cross USD 45.5 billion by the end of 2037, registering more than 14.1% CAGR during the forecast period i.e., between 2025-2037. In 2025, the industry size of solar tracker installation is assessed at USD 9.2 billion.
The solar tracker installation market is expanding due to the increasing environmental concerns regarding greenhouse gas emissions and the need for energy security. According to the Center for Climate and Energy Solutions, energy and heat (31%), agriculture (11%), transportation (15%), forestry (6%), and manufacturing (12%), are the main contributors to greenhouse gas emissions. About 72% of all emissions are related to energy generation. Solar tracker systems are becoming increasingly popular in both residential and commercial solar installations. Additionally, supportive government policies, subsidies, and technological advancements further contribute to the solar tracker installation market expansion.
Growth Drivers
Challenges
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
14.1% |
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Base Year Market Size (2024) |
USD 8.2 billion |
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Forecast Year Market Size (2037) |
USD 45.5 billion |
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Regional Scope |
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Type (Single-axis, Dual-axis)
Single-axis segment is expected to capture over 62% solar tracker installation market share by 2037. The segment is expanding due to the cost-effectiveness and simpler installation of single-axis trackers. Moreover, single-axis solar trackers are sustainable both financially and ecologically, enhancing a solar farm's capacity to generate more renewable energy, cutting carbon emissions, and increasing the project's return on investment.
Furthermore, single-axis trackers often survive longer than dual-axis trackers since they have fewer moving parts. Their ease of use also greatly simplifies initial construction and maintenance, which is crucial for big solar installations. Also, major key players are striving to expand the use of solar power across challenging locations. For instance, in March 2022, NextrackerTM launched NX Horizon-XTRTM, a single-axis; terrain-following tracker intended to increase the addressable market for solar power in locations with difficult, uneven, and sloping terrain.
Technology (Solar Photovoltaic (PV), Concentrated Solar Power (CSP), Concentrated Photovoltaic (CPV))
By 2037, solar photovoltaic (PV) segment is projected to account for around 50.1% solar tracker installation market share. The segment growth can be attributed to the increasing advancements in solar PV technology, such as improved solar cell efficiency, the availability of new and abundant materials, improvements in production methods, and adaptable designs. With this advancement, solar photovoltaics are entering a new era of accessibility and efficiency. Furthermore, the use of solar PV in utility and non-utility applications will increase due to the growing cost of power caused by the supply-demand gap. Moreover, design restrictions while using solar trackers on PV modules are less strict than mirrors, lenses, and Fresnel collectors on CSP and CPV technology trackers.
Our in-depth analysis of the solar tracker installation market includes the following segments:
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Technology |
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Type |
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Application |
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North America Market Statistics
North America solar tracker installation market is poised to capture revenue share of over 35% by 2037. The market is flourishing in the region due to the abundance of solar resources in areas such as the southwestern United States and parts of Canada. Also, the increasing focus on the use of renewable energy is another factor propelling the market growth.
The U.S. has witnessed increasing use of solar trackers due to rising awareness regarding energy conservation and the growing use of concentrated solar power (CSP). For instance, compared to 2003, the EPA's energy intensity was 41.7% lower in 2022. Through a combination of enhanced space usage, commissioning, and capital investments to upgrade infrastructure and equipment, EPA was able to accomplish these savings.
In Canada, the cost-effectiveness of solar technology has made it more affordable and accessible than traditional electricity sources. As a result, utility-scale, commercial, and residential solar projects are becoming increasingly financially viable. According to the Government of Canada, solar PV and wind energy are the electricity sources with the fastest growth rates. The total installed capacity of wind power has climbed from 1,846 MW in 2007 to 15,132 MW in 2022, while the cumulative installed capacity of solar PV has grown from 26 megawatts (MW) in 2007 to 6,452 MW in 2022.
APAC Market Analysis
Asia Pacific will witness huge growth for the solar tracker installation market during the forecast period. The market growth can be credited to the increased production of solar trackers in the region. Also, the heightened demand for electricity due to increasing per-capita income and expanding transportation needs is accelerating the market growth in the region.
In China, the surging focus on greener energy and supportive policies are contributing to the solar tracker installation market growth. China accounted for 43% of the global additions to renewable power capacity in 2021 due to the local government’s longtime commitment to renewable power, as well as China’s vast population.
The demand for solar trackers is growing in India due to the presence of key manufacturers and distributors including Amberroot Systems, Ephysx Technologies, Greeners Energy India, Nordic (India) Solutions, and others. For instance, in November 2022, a master supply agreement (MSA) was signed by Nextracker, and Amara Raja Power Systems Limited to supply Nextracker's award-winning solar trackers for NTPC Limited's Nokh Solar Project, which is soon to become one of India's largest solar parks.
To boost the proportion of renewable energy sources in the nation's energy mix, South Korea has actively encouraged their use in recent years. This, together with the rising temperatures brought on by climate change, has made this a favorable time for the nation's solar energy sector.
Companies in the solar tracker installation market are focusing on producing advanced technology-based products in response to rising industrial demand for advanced tracking technologies. Manufacturing organizations are implementing a variety of organic and inorganic growth methods to broaden their global reach and product portfolios.
Author Credits: Dhruv Bhatia
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