Global Solar Tracker Market to Grow at 17.9% During 2024-2032, Bolstered by Rapid Deployment of Solar Panels

August 18, 2021 | Energy & Mining

According to the latest report by IMARC Group, titled “Solar Tracker Market Report by Type (Active Solar Tracker, Passive Solar Tracker), Tracking Type (Single Axis Tracking, Dual Axis Tracking), Technology (Solar Photovoltaic (PV), Concentrated Solar Power (CSP), Concentrated Photovoltaic (CPV)), Application (Utility Sector, Residential Sector, Commercial Sector), and Region 2024-2032,” the global solar tracker market is expected to grow at a CAGR of 17.9% during 2024-2032. A solar tracker refers to a device that orients solar panels toward the sun. These systems use computers and sensors with complex algorithms for altering the position of a solar panel. This ensures that photovoltaic (PV) panels are positioned perpendicularly to the sunlight, which reduces light reflection and maximizes energy absorption. Solar trackers offer various benefits, such as extra power generation, minimal space requirements, lower electricity bills, and reduced maintenance costs.

Global Solar Tracker Market Trends:

The increasing deployment of solar panels and the shifting focus toward renewable energy production are majorly driving the global solar tracker market growth. This is further supported by the launch of green energy initiatives by governments of various nations, thus facilitating the number of new solar energy projects and the establishment of associated infrastructural facilities. Additionally, the rising population has led to an increase in global power consumption, which is acting as another growth-inducing factor. Moreover, the increasing utilization of solar power as the main energy source across the residential, commercial, and industrial sectors are contributing to the market growth. Apart from this, rapid technological advancements, such as the large-scale integration of solar and concentrated photovoltaics with cloud computing and the Internet of Things (IoT)-based solutions, are creating a positive outlook for the market.

Market Summary:

  • Based on the type, the market has been bifurcated into active and passive solar trackers.
  • On the basis of the tracking type, the market has been divided into single axis tracking (horizontal, vertical, titled, and polar aligned single axis trackers) and dual axis tracking (tip-tilt and azimuth-altitude dual axis trackers).
  • Based on the technology, the market has been segmented into solar photovoltaic (PV), concentrated solar power (CSP), and concentrated photovoltaic (CPV).
  • On the basis of the application, the market has been segregated into the utility, residential, and commercial sectors.
  • Region-wise, the market has been segmented into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
  • The competitive landscape of the industry has also been examined, with some of the key players being Arctech Solar Holding Co. Ltd., Array Technologies Inc., Convert Italia SpA (Valmont Industries Inc.), DEGER energie GmbH & Co KG, First Solar Inc., Nextracker Inc. (Flex Ltd.), Powerway Renewable Energy Co. (SinoTech Power Group), Soltec Energias Renovables S.L. and Sunpower Corporation (Total S.A.).

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Type, Tracking Type, Technology, Application, Region
Region Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Arctech Solar Holding Co. Ltd., Array Technologies Inc., Convert Italia SpA (Valmont Industries Inc.), DEGER energie GmbH & Co KG, First Solar Inc., Nextracker Inc. (Flex Ltd.), Powerway Renewable Energy Co. (SinoTech Power Group), Soltec Energias Renovables S.L. and Sunpower Corporation (Total S.A.)
Customization Scope 10% Free Customization
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Post-Sale Analyst Support 10-12 Weeks
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Global Solar Tracker Market to Grow at 17.9% During 2024-2032, Bolstered by Rapid Deployment of Solar Panels
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