The Solar Tracker Market size was USD 6.8 Billion in 2022 and is anticipated to reach USD 21.6 Billion in 2032, growing at a rate of 12.0% from 2023 to 2032.
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A solar tracker is a device that orients a payload toward the Sun. Solar trackers are used to tracking the movement of the Sun in the sky and adjust the orientation of solar panels, reflectors, or lenses to maximize the amount of sunlight that hits them. Solar trackers are used in a variety of applications, including solar power plants, solar thermal plants, and solar telescopes.
Solar trackers can be classified into two main types: active and passive. Active solar trackers use motors or other mechanisms to adjust the orientation of the payload. Passive solar trackers use the Sun’s heat to deform a material, which in turn adjusts the orientation of the payload.
Key Trends
There are several key trends in solar tracker technology. First, solar trackers are becoming more sophisticated, with more accurate tracking algorithms and better sensors. This enables them to more accurately follow the sun’s movements and produce more electricity. Second, solar trackers are becoming more durable, with better materials and construction methods. This makes them more resistant to wind, rain, and snow, and able to withstand more extreme temperatures. Third, solar trackers are becoming more affordable, as the cost of solar panels and other components continues to decline. This makes them a more attractive option for homeowners and businesses alike.
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Key Drivers
The key drivers of the solar tracker market are the increasing demand for electricity, the declining cost of solar photovoltaic (PV) modules, and the increasing awareness of the benefits of solar PV systems.
The solar tracker market is driven by the increasing demand for electricity. This increase in demand for electricity is primarily due to the growing population and the increasing use of electricity in emerging economies.
The declining cost of solar PV modules is another key driver of the solar tracker market. The declining cost of solar PV modules is making solar PV systems more economically viable, and this is expected to drive the growth of the solar tracker market.
The increasing awareness of the benefits of solar PV systems is another driver of the solar tracker market. Solar PV systems offer a number of benefits, including the generation of clean and renewable energy, the reduction of greenhouse gas emissions, and the creation of jobs. The increasing awareness of these benefits is expected to drive the growth of the solar tracker market.
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Restraints & Challenges
The key restraints and challenges in the Solar Tracker market include the high initial investment cost and the lack of skilled labor.
The high initial investment cost is a major barrier to the adoption of solar tracker systems. Solar tracker systems are typically more expensive than fixed-mount systems.
The lack of skilled labor is another challenge facing the solar tracker market. There is a lack of trained personnel who can install and maintain solar tracker systems. This is a major challenge for the growth of the solar tracker market.
Market Segments
The Solar Tracker market report is segmented on the basis of technology, type, application, and region. On the basis of technology, the market is bifurcated into concentrated solar tracker and photovoltaic. By type, it is divided into single axis tracker and double axis tracker. On the basis of application, it is classified into residential, commercial, and industrial/utility. Region-wise, it is studied across North America, Europe, Asia-Pacific, and the Rest of the World.
Key Players
The Solar Tracker Market report includes players such as NEXTracker, Inc., Array Technologies, PVHardware, Arctech Solar, Soltec Trackers, Nclave renewable, Convert Italia, STI Norland, Gonvarri Steel Services, and GameChange Solar.
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Market Segments
By Technology
- Concentrated Solar Tracker
- Photovoltaic
By Type
- Single Axis Tracker
- Double Axis Tracker
By Application
- Residential
- Commercial
- Industrial/Utility
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