Solar Tracker Market Size, Trends and Insights By Type (Single-Axis Solar Tracker, Dual-Axis Solar Tracker), By Application (Utility-Scale, Commercial, Residential), By Tracking Technology (Photovoltaic, Concentrated Solar Power), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032


Report Code: CMI36415

Published Date: December 2023

Pages: 320+

Category: Energy And Power

Report Snapshot

CAGR: 8.2%
6.50B
2022
7.21B
2023
15.89B
2032

Source: CMI

Study Period: 2023-2032
Fastest Growing Market: Asia-Pacific
Largest Market: Europe

Major Players

  • First Solar Inc.
  • Abengoa Solar
  • Array Technologies Inc.
  • NEXTracker Inc.
  • Arctech Solar Holding Co. Ltd.
  • Others

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Reports Description

Global Solar Tracker Market is anticipated to experience substantial growth from 2023 to 2032, fueled by the increasing adoption of solar energy solutions across diverse applications.

The market is projected to achieve a Compound Annual Growth Rate (CAGR) of approximately 8.2% during this period. In 2023, the market is estimated to be valued at USD 7.21 Billion, and it is expected to reach USD 15.89 Billion by 2032.

Solar trackers play a crucial role in maximizing solar panel efficiency by optimizing their orientation towards the sun.

Factors Influencing the Solar Tracker Market Growth:

Efficiency Optimization:

  • Single-Axis Solar Trackers: Single-axis solar trackers enhance efficiency by allowing solar panels to follow the sun’s east-west movement, optimizing energy capture throughout the day.
  • Dual-Axis Solar Trackers: Dual-axis solar trackers further optimize efficiency by also adjusting the tilt angle, ensuring optimal alignment with the sun’s changing position in the sky.

Application Diversity:

  • Utility-Scale Projects: Large-scale solar installations benefit from the efficiency gains provided by solar trackers, contributing to cost-effective and sustainable utility-scale power generation.
  • Commercial Installations: Commercial entities are increasingly adopting solar trackers to optimize energy production, reduce electricity costs, and demonstrate environmental responsibility.
  • Residential Solar Farms: The residential sector is witnessing the emergence of solar tracker technology for small-scale solar farms, providing homeowners with enhanced energy yield.

Tracking Technology Advancements:

  • Photovoltaic (PV) Trackers: PV trackers are widely used in solar installations, adjusting the orientation of solar panels to maximize exposure to sunlight, especially in regions with variable sunlight angles.
  • Concentrated Solar Power (CSP) Trackers: CSP trackers are designed to optimize the positioning of mirrors or lenses in concentrated solar power systems, improving energy concentration and heat generation.

Environmental Considerations:

  • Carbon Footprint Reduction: Solar trackers contribute to reducing the carbon footprint of solar energy systems by maximizing energy production from each solar panel.
  • Sustainable Energy Practices: The adoption of solar trackers aligns with the global shift towards sustainable energy practices, supporting the transition to clean and renewable energy sources.

Cost Competitiveness:

  • Competitive Solar LCOE: The use of solar trackers contributes to lowering the Levelized Cost of Electricity (LCOE) for solar energy projects, enhancing their competitiveness against conventional power sources.
  • Financial Viability: As solar tracker costs decrease and efficiency gains become more pronounced, solar energy projects become more financially viable, driving increased adoption.

Technological Innovations:

  • Smart Tracker Systems: Integration of smart technologies, such as sensors and control systems, enhances the tracking accuracy of solar panels, maximizing energy capture.
  • Advanced Materials: Ongoing advancements in materials used for solar tracker construction focus on durability, weather resistance, and overall system reliability.

Government Incentives and Policies:

  • Renewable Energy Incentives: Government incentives and policies promoting the adoption of renewable energy solutions, including solar trackers, stimulate market growth.
  • Net Metering and Feed-in Tariffs: Supportive regulatory frameworks, such as net metering and feed-in tariffs, encourage the integration of solar trackers in solar power projects.

Globalization and Market Expansion:

  • International Solar Projects: The globalization of solar energy projects and collaborations between countries drive the demand for efficient solar tracking solutions.
  • Market Expansion Strategies: Solar tracker manufacturers pursue market expansion strategies, such as partnerships and acquisitions, to strengthen their global presence.

Focus on Sustainable Energy Transition:

  • Decentralized Power Generation: Solar trackers contribute to the decentralization of power generation, allowing for distributed solar farms and reducing reliance on centralized power grids.
  • Energy Storage Integration: The integration of solar trackers with energy storage systems enhances the reliability and stability of solar power, supporting the transition to 24/7 renewable energy.

Government Support and Regulations:

  • Climate Change Mitigation: Governments worldwide support the deployment of solar trackers as part of climate change mitigation strategies, aiming to reduce reliance on fossil fuels.
  • Renewable Energy Targets: National and regional targets for increasing the share of renewable energy in the energy mix drive investments in solar tracker technologies.

Proven Performance and Case Studies:

  • Project Success Stories: Demonstrated success in solar projects, showcasing increased energy yields and financial returns with the use of solar trackers, driving industry confidence.
  • Operational Efficiency: Case studies highlighting the operational efficiency gains, increased energy production, and improved project economics contribute to positive market perception.

Global Solar Tracker Market – Mergers and Acquisitions:

First Solar’s Acquisition of Tracker Products, LLC:

  • Details: First Solar, a leading solar technology company, acquired Tracker Products, LLC, a manufacturer of solar tracking systems.
  • Impact: The acquisition enhances First Solar’s product portfolio, enabling the integration of advanced solar tracking technology into its comprehensive solar solutions.

Array Technologies, Inc.’s Merger with Scorpius Trackers:

  • Details: Array Technologies, Inc., a prominent solar tracker manufacturer, merged with Scorpius Trackers, a company specializing in advanced tracking solutions.
  • Impact: The merger strengthens Array Technologies’ position in the solar tracker market, combining expertise to offer innovative tracking solutions.

Strategic Partnership Between NEXTracker and Stellar Energy:

  • Details: NEXTracker, a leading provider of solar tracking solutions, formed a strategic partnership with Stellar Energy, an integrated energy solutions provider.
  • Impact: The partnership leverages NEXTracker’s tracking technology with Stellar Energy’s project development capabilities, fostering the deployment of solar tracker systems in various projects.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

Solar Tracker Market Industrial Electrification Market Steam Turbine MRO Market
CAGR 8.2% (Approx) CAGR 10.6% (Approx) CAGR 5.6% (Approx)
USD 15.89 Billion by 2032 USD 129 Billion by 2032 USD 38.2 Billion by 2032

Challenges Impacting the Solar Tracker Market:

Land Use and Environmental Impact:

  • Challenge: Large-scale solar projects with solar trackers may require extensive land use, leading to concerns about environmental impact and land conservation.
  • Impact: Balancing the need for increased energy production with environmental considerations may pose challenges in securing suitable land for solar tracker installations.

Market Competition and Price Pressures:

  • Challenge: Intense competition among solar tracker manufacturers and price pressures may impact profit margins, necessitating continuous innovation and cost-effective solutions.
  • Impact: Manufacturers must balance cost considerations with the development of advanced features to remain competitive in the market.

Integration with Grid Infrastructure:

  • Challenge: The seamless integration of solar tracker systems with existing grid infrastructure may pose technical challenges, requiring compatibility and grid stability considerations.
  • Impact: Addressing integration challenges is crucial for the widespread adoption of solar tracker technologies, ensuring their seamless contribution to the energy grid.

Customization for Varied Environments:

  • Challenge: Solar tracker systems need to be customized to suit diverse environmental conditions, such as extreme temperatures, high winds, and varying sunlight angles.
  • Impact: Customization complexity may impact deployment timelines and increase costs, requiring flexible solutions to adapt to different geographical locations.

Regulatory Hurdles:

  • Challenge: Regulatory approval processes for solar tracker installations may vary across regions, posing challenges in navigating diverse regulatory frameworks.
  • Impact: Streamlining regulatory approvals is essential for the efficient deployment of solar tracker projects, contributing to market growth.

Public Awareness and Education:

  • Challenge: Limited public awareness and education about the benefits of solar tracker technology may hinder widespread adoption, especially in the residential sector.
  • Impact: Outreach and educational efforts are needed to inform consumers and businesses about the advantages of solar trackers, driving increased adoption.

Global Supply Chain Disruptions:

  • Challenge: Global events, such as supply chain disruptions or material shortages, can impact the timely availability of solar tracker components and affect project schedules.
  • Impact: Delays in the supply chain may lead to challenges in meeting market demand and fulfilling customer orders, necessitating strategic supply chain management.

Technology Standardization:

  • Challenge: The absence of standardized protocols for solar tracker technologies may lead to interoperability issues and complicate the integration of diverse systems.
  • Impact: Standardization challenges may hinder seamless collaboration among different solar tracker technologies, requiring industry-wide cooperation.

Report Scope

Feature of the Report Details
Market Size in 2023 USD 7.21 Billion
Projected Market Size in 2032 USD 15.89 Billion
Market Size in 2022 USD 6.50 Billion
CAGR Growth Rate 8.2% CAGR
Base Year 2022
Forecast Period 2023-2032
Key Segment By Type, Application, Tracking Technology and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

Segmentation Analysis of the Solar Tracker Market:

By Type:

  • Single-Axis Solar Trackers: Ideal for utility-scale projects, optimizing energy capture by tracking the sun’s east-west movement.
  • Dual-Axis Solar Trackers: Suitable for applications requiring higher efficiency, adjusting both azimuth and tilt to follow the sun’s path throughout the day.

Global Solar Tracker Market 2023–2032 (By Billion)

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By Application:

  • Utility-Scale Projects: Solar trackers are widely adopted in utility-scale projects to maximize energy production and enhance overall project economics.
  • Commercial Installations: Commercial entities deploy solar trackers to optimize energy capture, reduce electricity costs, and demonstrate environmental responsibility.
  • Residential Solar Farms: Solar tracker technology is emerging in residential solar farms, providing homeowners with efficient small-scale renewable energy solutions.

By Tracking Technology:

  • Photovoltaic (PV) Trackers: PV trackers are commonly used in solar installations, optimizing the orientation of solar panels to maximize sunlight exposure.
  • Concentrated Solar Power (CSP) Trackers: CSP trackers optimize mirrors or lenses in concentrated solar power systems, improving energy concentration and heat generation.

Global Solar Tracker Market 2023–2032 (By Type)

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Regional Analysis of the Solar Tracker Market:

North America:

  • Market Overview: North America leads in adopting solar tracker solutions, driven by a growing focus on renewable energy and supportive government policies.
  • Factors Driving Growth: Increasing investments in solar projects, favorable regulatory environments, and the need for sustainable energy contribute to market growth.

Europe:

  • Market Overview: Europe emphasizes the integration of solar trackers in various solar projects, driven by environmental goals and the transition to clean energy sources.
  • Factors Driving Growth: Government incentives, collaborative initiatives for renewable energy projects, and advancements in solar technology foster market growth.

Asia-Pacific:

  • Market Overview: The Asia-Pacific region experiences significant growth in the solar tracker market, fueled by the expansion of solar installations and increasing energy demand.
  • Factors Driving Growth: Rising awareness of renewable energy, government support for solar projects, and the integration of solar trackers in utility-scale installations drive market growth.

Latin America:

  • Market Overview: Latin America shows growing interest in solar tracker adoption, with a focus on optimizing energy production in solar projects.
  • Factors Driving Growth: Initiatives to diversify the energy mix, attract investments in solar projects, and reduce reliance on conventional power sources contribute to market growth.

Middle East and Africa:

  • Market Overview: The Middle East and Africa witness a gradual adoption of solar tracker technologies, driven by investments in renewable energy projects.
  • Factors Driving Growth: Increasing awareness of the benefits of solar energy, government initiatives for sustainable development, and collaborations with global solar technology providers contribute to market growth.

Key Observations:

  • Technological Advancements: Ongoing technological advancements in solar tracker systems, including smart tracking features and material innovations, contribute to market evolution.
  • Application-Specific Solutions: Solar trackers offer solutions tailored to specific applications, such as utility-scale projects, commercial installations, and emerging residential solar farms.
  • Global Collaboration Trends: Collaboration and partnerships between solar tracker manufacturers, project developers, and government entities are crucial in driving innovation and market expansion.
  • Technological Convergence: The convergence of technologies such as smart tracking systems, advanced materials, and energy storage integration contributes to the development of advanced solar tracker solutions.
  • Regional Dynamics: Each region contributes uniquely to the growth of the solar tracker market, influenced by factors such as regulatory environments, market maturity, and investment climates.
  • Emerging Market Opportunities: Regions with a growing emphasis on renewable energy, supportive government policies, and proactive adoption of solar tracker technologies present significant opportunities for manufacturers.
  • Market Challenges: Challenges such as land use concerns, market competition, integration issues with grid infrastructure, customization complexity, regulatory hurdles, public awareness, and global supply chain disruptions may impact the widespread adoption of solar tracker technologies, requiring strategic approaches for effective mitigation.

Global Solar Tracker Market 2023–2032 (By Tracking Technology)

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List of the prominent players in the Solar Tracker Market:

  • First Solar Inc.
  • Abengoa Solar
  • Array Technologies Inc.
  • NEXTracker Inc.
  • Arctech Solar Holding Co. Ltd.
  • Solar Steel
  • Convert Italia S.p.A.
  • Stellar Energy
  • SunPower Corporation
  • DEGERenergie GmbH
  • Soltec
  • Powerway Renewable Energy Co. Ltd.
  • Exosun
  • Scorpius Trackers
  • Tracker Products LLC
  • Others

The Solar Tracker Market is segmented as follows:

By Type

  • Single-Axis Solar Tracker
  • Dual-Axis Solar Tracker

By Application

  • Utility-Scale
  • Commercial
  • Residential

By Tracking Technology

  • Photovoltaic
  • Concentrated Solar Power

Regional Coverage:

North America

  • U.S.
  • Canada
  • Mexico
  • Rest of North America

Europe

  • Germany
  • France
  • U.K.
  • Russia
  • Italy
  • Spain
  • Netherlands
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Taiwan
  • Rest of Asia Pacific

The Middle East & Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market Research Methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Solar Tracker Market, (2023 – 2032) (USD Billion)
    • 2.2 Global Solar Tracker Market: snapshot
  • Chapter 3. Global Solar Tracker Market – Industry Analysis
    • 3.1 Solar Tracker Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Technological Advancements
      • 3.2.2 Innovative Tracking Systems
      • 3.2.3 Regulatory Compliance
      • 3.2.4 Optimized Energy Production
      • 3.2.5 Grid Integration
      • 3.2.6 Dual-Axis Tracking Systems
      • 3.2.7 Remote Monitoring and Control
      • 3.2.8 Utility-Scale Solar Projects
      • 3.2.9 Enhanced Durability
      • 3.2.10 Environmental Impact
      • 3.2.11 Incentive Programs
      • 3.2.12 Solar Farm Efficiency
      • 3.2.13 International Collaborations
      • 3.2.14 Storage Integration.
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market Attractiveness Analysis By Type
      • 3.7.2 Market Attractiveness Analysis By Application
      • 3.7.3 Market Attractiveness Analysis By Tracking Technology
  • Chapter 4. Global Solar Tracker Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Solar Tracker Market: Company Market Share, 2022
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, collaboration, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Solar Tracker Market – Type Analysis
    • 5.1 Global Solar Tracker Market Overview: By Type
      • 5.1.1 Global Solar Tracker Market Share, By Type, 2022 and 2032
    • 5.2 Single-Axis Solar Tracker
      • 5.2.1 Global Solar Tracker Market by Single-Axis Solar Tracker, 2023 – 2032 (USD Billion)
    • 5.3 Dual-Axis Solar Tracker
      • 5.3.1 Global Solar Tracker Market by Dual-Axis Solar Tracker, 2023 – 2032 (USD Billion)
  • Chapter 6. Global Solar Tracker Market – Application Analysis
    • 6.1 Global Solar Tracker Market Overview: By Application
      • 6.1.1 Global Solar Tracker Market Share, By Application, 2022 and 2032
    • 6.2 Utility-Scale
      • 6.2.1 Global Solar Tracker Market by Utility-Scale, 2023 – 2032 (USD Billion)
    • 6.3 Commercial
      • 6.3.1 Global Solar Tracker Market by Commercial, 2023 – 2032 (USD Billion)
    • 6.4 Residential
      • 6.4.1 Global Solar Tracker Market by Residential, 2023 – 2032 (USD Billion)
  • Chapter 7. Global Solar Tracker Market – Tracking Technology Analysis
    • 7.1 Global Solar Tracker Market Overview: By Tracking Technology
      • 7.1.1 Global Solar Tracker Market Share, By Tracking Technology, 2022 and 2032
    • 7.2 Photovoltaic
      • 7.2.1 Global Solar Tracker Market by Photovoltaic, 2023 – 2032 (USD Billion)
    • 7.3 Concentrated Solar Power
      • 7.3.1 Global Solar Tracker Market by Concentrated Solar Power, 2023 – 2032 (USD Billion)
  • Chapter 8. Solar Tracker Market – Regional Analysis
    • 8.1 Global Solar Tracker Market Regional Overview
    • 8.2 Global Solar Tracker Market Share, by Region, 2022 & 2032 (USD Billion)
    • 8.3. North America
      • 8.3.1 North America Solar Tracker Market, 2023 – 2032 (USD Billion)
        • 8.3.1.1 North America Solar Tracker Market, by Country, 2023 – 2032 (USD Billion)
    • 8.4 North America Solar Tracker Market, by Type, 2023 – 2032
      • 8.4.1 North America Solar Tracker Market, by Type, 2023 – 2032 (USD Billion)
    • 8.5 North America Solar Tracker Market, by Application, 2023 – 2032
      • 8.5.1 North America Solar Tracker Market, by Application, 2023 – 2032 (USD Billion)
    • 8.6 North America Solar Tracker Market, by Tracking Technology, 2023 – 2032
      • 8.6.1 North America Solar Tracker Market, by Tracking Technology, 2023 – 2032 (USD Billion)
    • 8.7. Europe
      • 8.7.1 Europe Solar Tracker Market, 2023 – 2032 (USD Billion)
        • 8.7.1.1 Europe Solar Tracker Market, by Country, 2023 – 2032 (USD Billion)
    • 8.8 Europe Solar Tracker Market, by Type, 2023 – 2032
      • 8.8.1 Europe Solar Tracker Market, by Type, 2023 – 2032 (USD Billion)
    • 8.9 Europe Solar Tracker Market, by Application, 2023 – 2032
      • 8.9.1 Europe Solar Tracker Market, by Application, 2023 – 2032 (USD Billion)
    • 8.10 Europe Solar Tracker Market, by Tracking Technology, 2023 – 2032
      • 8.10.1 Europe Solar Tracker Market, by Tracking Technology, 2023 – 2032 (USD Billion)
    • 8.11. Asia Pacific
      • 8.11.1 Asia Pacific Solar Tracker Market, 2023 – 2032 (USD Billion)
        • 8.11.1.1 Asia Pacific Solar Tracker Market, by Country, 2023 – 2032 (USD Billion)
    • 8.12 Asia Pacific Solar Tracker Market, by Type, 2023 – 2032
      • 8.12.1 Asia Pacific Solar Tracker Market, by Type, 2023 – 2032 (USD Billion)
    • 8.13 Asia Pacific Solar Tracker Market, by Application, 2023 – 2032
      • 8.13.1 Asia Pacific Solar Tracker Market, by Application, 2023 – 2032 (USD Billion)
    • 8.14 Asia Pacific Solar Tracker Market, by Tracking Technology, 2023 – 2032
      • 8.14.1 Asia Pacific Solar Tracker Market, by Tracking Technology, 2023 – 2032 (USD Billion)
    • 8.15. Latin America
      • 8.15.1 Latin America Solar Tracker Market, 2023 – 2032 (USD Billion)
        • 8.15.1.1 Latin America Solar Tracker Market, by Country, 2023 – 2032 (USD Billion)
    • 8.16 Latin America Solar Tracker Market, by Type, 2023 – 2032
      • 8.16.1 Latin America Solar Tracker Market, by Type, 2023 – 2032 (USD Billion)
    • 8.17 Latin America Solar Tracker Market, by Application, 2023 – 2032
      • 8.17.1 Latin America Solar Tracker Market, by Application, 2023 – 2032 (USD Billion)
    • 8.18 Latin America Solar Tracker Market, by Tracking Technology, 2023 – 2032
      • 8.18.1 Latin America Solar Tracker Market, by Tracking Technology, 2023 – 2032 (USD Billion)
    • 8.19. The Middle East and Africa
      • 8.19.1 The Middle-East and Africa Solar Tracker Market, 2023 – 2032 (USD Billion)
        • 8.19.1.1 The Middle-East and Africa Solar Tracker Market, by Country, 2023 – 2032 (USD Billion)
    • 8.20 The Middle-East and Africa Solar Tracker Market, by Type, 2023 – 2032
      • 8.20.1 The Middle-East and Africa Solar Tracker Market, by Type, 2023 – 2032 (USD Billion)
    • 8.21 The Middle-East and Africa Solar Tracker Market, by Application, 2023 – 2032
      • 8.21.1 The Middle-East and Africa Solar Tracker Market, by Application, 2023 – 2032 (USD Billion)
    • 8.22 The Middle-East and Africa Solar Tracker Market, by Tracking Technology, 2023 – 2032
      • 8.22.1 The Middle-East and Africa Solar Tracker Market, by Tracking Technology, 2023 – 2032 (USD Billion)
  • Chapter 9. Company Profiles
    • 9.1 First Solar Inc.
      • 9.1.1 Overview
      • 9.1.2 Financials
      • 9.1.3 Product Portfolio
      • 9.1.4 Business Strategy
      • 9.1.5 Recent Developments
    • 9.2 Abengoa Solar
      • 9.2.1 Overview
      • 9.2.2 Financials
      • 9.2.3 Product Portfolio
      • 9.2.4 Business Strategy
      • 9.2.5 Recent Developments
    • 9.3 Array Technologies Inc.
      • 9.3.1 Overview
      • 9.3.2 Financials
      • 9.3.3 Product Portfolio
      • 9.3.4 Business Strategy
      • 9.3.5 Recent Developments
    • 9.4 NEXTracker Inc.
      • 9.4.1 Overview
      • 9.4.2 Financials
      • 9.4.3 Product Portfolio
      • 9.4.4 Business Strategy
      • 9.4.5 Recent Developments
    • 9.5 Arctech Solar Holding Co. Ltd.
      • 9.5.1 Overview
      • 9.5.2 Financials
      • 9.5.3 Product Portfolio
      • 9.5.4 Business Strategy
      • 9.5.5 Recent Developments
    • 9.6 Solar Steel
      • 9.6.1 Overview
      • 9.6.2 Financials
      • 9.6.3 Product Portfolio
      • 9.6.4 Business Strategy
      • 9.6.5 Recent Developments
    • 9.7 Convert Italia S.p.A.
      • 9.7.1 Overview
      • 9.7.2 Financials
      • 9.7.3 Product Portfolio
      • 9.7.4 Business Strategy
      • 9.7.5 Recent Developments
    • 9.8 Stellar Energy
      • 9.8.1 Overview
      • 9.8.2 Financials
      • 9.8.3 Product Portfolio
      • 9.8.4 Business Strategy
      • 9.8.5 Recent Developments
    • 9.9 SunPower Corporation
      • 9.9.1 Overview
      • 9.9.2 Financials
      • 9.9.3 Product Portfolio
      • 9.9.4 Business Strategy
      • 9.9.5 Recent Developments
    • 9.10 DEGERenergie GmbH
      • 9.10.1 Overview
      • 9.10.2 Financials
      • 9.10.3 Product Portfolio
      • 9.10.4 Business Strategy
      • 9.10.5 Recent Developments
    • 9.11 Soltec
      • 9.11.1 Overview
      • 9.11.2 Financials
      • 9.11.3 Product Portfolio
      • 9.11.4 Business Strategy
      • 9.11.5 Recent Developments
    • 9.12 Powerway Renewable Energy Co. Ltd.
      • 9.12.1 Overview
      • 9.12.2 Financials
      • 9.12.3 Product Portfolio
      • 9.12.4 Business Strategy
      • 9.12.5 Recent Developments
    • 9.13 Exosun
      • 9.13.1 Overview
      • 9.13.2 Financials
      • 9.13.3 Product Portfolio
      • 9.13.4 Business Strategy
      • 9.13.5 Recent Developments
    • 9.14 Scorpius Trackers
      • 9.14.1 Overview
      • 9.14.2 Financials
      • 9.14.3 Product Portfolio
      • 9.14.4 Business Strategy
      • 9.14.5 Recent Developments
    • 9.15 Tracker Products LLC
      • 9.15.1 Overview
      • 9.15.2 Financials
      • 9.15.3 Product Portfolio
      • 9.15.4 Business Strategy
      • 9.15.5 Recent Developments
    • 9.16 Others.
      • 9.16.1 Overview
      • 9.16.2 Financials
      • 9.16.3 Product Portfolio
      • 9.16.4 Business Strategy
      • 9.16.5 Recent Developments

List Of Figures

Figures No 1 to 23

List Of Tables

Tables No 1 to 77

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2030

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2030
  • Market revenue estimates and forecasts up to 2030, by technology
  • Market revenue estimates and forecasts up to 2030, by application
  • Market revenue estimates and forecasts up to 2030, by type
  • Market revenue estimates and forecasts up to 2030, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Prominent Player

  • First Solar Inc.
  • Abengoa Solar
  • Array Technologies Inc.
  • NEXTracker Inc.
  • Arctech Solar Holding Co. Ltd.
  • Solar Steel
  • Convert Italia S.p.A.
  • Stellar Energy
  • SunPower Corporation
  • DEGERenergie GmbH
  • Soltec
  • Powerway Renewable Energy Co. Ltd.
  • Exosun
  • Scorpius Trackers
  • Tracker Products LLC
  • Others

FAQs

The key factors driving the Market are Technological Advancements, Innovative Tracking Systems, Regulatory Compliance, Optimized Energy Production, Grid Integration, Dual-Axis Tracking Systems, Remote Monitoring and Control, Utility-Scale Solar Projects, Enhanced Durability, Environmental Impact, Incentive Programs, Solar Farm Efficiency, International Collaborations And Storage Integration.

The “Single-Axis Solar Tracker” category dominated the market in 2022.

The key players in the market are First Solar Inc., Abengoa Solar, Array Technologies Inc., NEXTracker Inc., Arctech Solar Holding Co. Ltd., Solar Steel, Convert Italia S.p.A., Stellar Energy, SunPower Corporation, DEGERenergie GmbH, Soltec, Powerway Renewable Energy Co. Ltd., Exosun, Scorpius Trackers, Tracker Products LLC, Others.

“North America” had the largest share in the Solar Tracker Market.

The global market is projected to grow at a CAGR of 8.2% during the forecast period, 2023-2032.

The Solar Tracker Market size was valued at USD 7.21 Billion in 2023.

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