Solar Tracker Installation Market Market Analysis

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: