Positioning photovoltaic (PV) panels such that they remain perpendicular to the Sun’s beams is the most popular use for solar trackers. With the development in technology and the rapid shift towards the use of machine learning and artificial intelligence, the global solar tracker is expected to observe a significant growth during the forecast period. For example, Nextracker acquired BrightBox Technologies, a maker of machine learning software, and went on to create and implement its TrueCapture smart tracker control system. They released TrueCapture to the market after more than a year of covert R&D work and trial projects with a small number of clients.
Solar Tracker Market size was valued at USD 6.88 Billion in 2023 and is poised to grow from USD 7.81 Billion in 2024 to USD 18.99 Billion by 2032, growing at a CAGR of 13.5% during the forecast period (2025-2032).
Due to the Covid-19 pandemic, there was a steep rise in the shipment prices across the globe that resulted in the businesses facing losses during the period. Therefore, leading players are exploring different methods of shipment in order to cut down costs. For example, FTC Solar, a producer of US Solar Trackers systems, is looking into breakbulk shipping options to reduce the expenses associated with shipping and logistics and enable the company to resume making a profit. In the second quarter of 2021, shipping and logistics expenses totaled about more than $10 million, which resulted in a deficit.
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Solar Tracker Market Recent Developments:
In May 2022, as part of a new arrangement between the firms, Nextracker will provide 1.5 GW of its solar trackers to US independent power producer (IPP) Silicon Ranch. The trackers will be installed at the IPP’s solar projects by the end of 2024 as part of the agreement, which includes an option to increase if Silicon Ranch’s portfolio expands. Silicon Ranch will be able to lessen logistics risks while decreasing its carbon footprint by placing a premium on sourcing American-made trackers using US steel, the firms said.
In May 2022, in comparison to traditional tracking algorithms, Trina Solar’s SuperTrack contains a Smart Tracking algorithm that boosts energy output by up to 3 to 8 percent. SuperTrack intelligent tracking combines Smart Backtracking (SBA) and Smart Tracking (STA) algorithms to improve energy output, especially in difficult, uneven terrains and during times of gloomy weather and very diffuse irradiance.
Solar Tracker Market – Regional Analysis:
North America will maintain the top spot in the global market during the forecast period owing to the United States’ 2021 deployment of solar trackers, which will surge the demand for goods throughout the region and increase the operational efficiency of the installed panels. Furthermore, the presence of prominent market players in the region and constant mergers and acquisitions taking place among them will boost the global solar tracker market during the forecast period.
For example, the master supply agreement (MSA) between Silicon Ranch, one of the biggest independent power producers in the country, and Nextracker LLC, the leading supplier of intelligent, integrated solar tracker and software solutions, will see 1.5 gigawatts (GW) of Nextracker’s solar tracker technology delivered to Silicon Ranch projects through 2024, with options to increase as Silicon Ranch’s portfolio expands.
Detailed Segmentation and Classification of the report (Market Size and Forecast – 2032, Y-o-Y growth rate, and CAGR):
The Solar Tracker Market can be segmented based on several factors, including product type, application, end-user, and distribution channel.
Global Solar Tracker Market is segmented by Product Type, Technology, Application, Sales Channel, and region.
Based on Product Type, the market is segmented into Single axis (Horizontal, Vertical), Dual axis.
Based on Technology, the market is segmented into Solar Photovoltaic (PV), Concentrated Solar Power (CSP), Concentrated Photovoltaic (CPV).
Based on Application, the market is segmented into Residential, Commercial & Industrial, and Utility.
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Top Market Players in Solar Tracker Market are:
Nextracker Inc
Array Technologies Inc
PVHardware
Soltec
GameChange Solar
Arctech
FTC Solar
Valmont Industries, Inc.
All Earth Renewables
Xiamen Grace Solar New Energy Technology Co., Ltd.
Sun Action Trackers
Trinasolar
ADES Tempero Group
Aivatechology
ArcelorMittal
Gonvarri Solar Steel
Mecasolar
Asun Trackers Pvt. Ltd.
ATEC Robotics
Shandong Zhaori New Energy Tech. Co., Ltd.
Solar Tracker Key Market Trends:
One of the contemporary technologies that is combined with renewable energy offers a number of functional benefits and financial efficiency. By using these technologies, control strategies depending on current weather conditions and real-world terrain conditions may be tracked. For example, at Nextracker, users may collect and analyze data from more than 400,000 sensor-integrated, Internet-connected tracker systems across the world while having access to all the digital asset information at their fingertips. Remote problem detection and management enable them to respond even before their clients do.
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Forward-Looking Insights
The Solar Tracker Market is set to experience sustained growth, fueled by technological advancements, broader global market access, and rising industry demand. With the industry addressing emerging challenges and capitalizing on new opportunities, it is expected to drive innovation and play a pivotal role in advancing global health and economic progress.
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