The global solar tracker market was valued at USD 4.41 billion in 2022, and it is projected to grow at a robust compound annual growth rate (CAGR) of 26.2% from 2023 to 2030. This growth is largely driven by increasing global concerns about energy conservation and the ongoing transition from non-renewable to renewable energy sources. As more attention is given to sustainability, the demand for solar energy, and by extension, solar trackers, is expected to rise significantly throughout the forecast period.

A solar tracker is a mechanical system that adjusts the position of solar panels, using various electrical components such as actuators, motors, and sensors, to ensure that the solar panels are properly oriented to capture the maximum amount of sunlight. This optimal positioning enhances the efficiency of solar energy generation by allowing the panels to concentrate the sunlight and increase energy absorption. The captured sunlight is then converted into electricity, which is utilized by various end-user segments, including residential, commercial, and industrial sectors.

The growing adoption of solar power as a viable and sustainable source of commercial energy has gained significant traction, particularly due to the declining cost of solar photovoltaic (PV) panels. This reduction in the cost of solar technology is expected to play a crucial role in further expanding the solar tracker market, as it makes solar energy systems more economically viable and attractive for large-scale energy generation.

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In addition to cost factors, technological advancements are also expected to drive growth in the solar tracker market. Companies such as NEXTracker, Array Technologies, AllEarth Renewables, and Solaria are actively working on developing innovative tracking systems that improve efficiency, reliability, and performance. These innovations in solar tracker technology are expected to play a key role in shaping the future of the market over the next several years.

The solar tracker market is highly competitive and price-sensitive. As a result, manufacturers need to operate with high efficiency and adopt strategic approaches to maintain a competitive edge. This may include streamlining operations, reducing production costs, and enhancing product offerings through technological innovation to meet the evolving needs of the global market.

Regional Insights

North America holds the largest share of the global solar tracker market, and this dominance is expected to continue throughout the forecast period, extending through 2030. The primary driver behind this market leadership is the increasing emphasis on renewable energy, combined with international climate agreements such as the Paris Agreement on Climate Change, which recommends and encourages the use of renewable energy sources in national energy supplies. This commitment to reducing carbon emissions and transitioning to cleaner energy sources is prompting significant investments in renewable technologies, including solar power, across the region.

United States

In the United States, the government has been taking proactive steps to promote the adoption of solar power through a variety of initiatives. One notable example is the SunShot Initiative, launched by the U.S. Department of Energy (DOE) in 2011. The goal of the initiative was to reduce the cost of solar energy to make it more competitive with traditional energy sources, specifically targeting a reduction of solar energy costs to below 1 USD per watt by 2020. This initiative has successfully funded over 350 projects, including partnerships with private companies, universities, and national laboratories, all aimed at advancing solar technology and lowering installation costs. These efforts have played a crucial role in increasing the accessibility and affordability of solar energy, thereby driving the demand for solar trackers in the region.

Middle East and Africa (MEA)

Meanwhile, the Middle East and Africa (MEA) region is expected to experience the highest growth in the solar tracker market during the forecast period. This growth can be attributed to the region's high solar energy potential, with abundant sunlight and favorable climatic conditions making solar power an increasingly attractive energy source. Additionally, there has been a significant increase in investments in solar energy projects, particularly in countries such as the United Arab Emirates (UAE) and Saudi Arabia. These nations are heavily investing in renewable energy infrastructure as part of their efforts to diversify their energy mix and reduce reliance on fossil fuels.

Saudi Arabia

Among these countries, Saudi Arabia is expected to hold the largest share of the market in 2021, driven by substantial investments from both domestic and international stakeholders. The country has become a key player in the solar energy sector, with investments being made by U.S. solar companies and other global entities. Saudi Arabia's favorable climatic conditions—characterized by abundant sunlight—make it an ideal location for solar energy projects, further fueling the growth of the solar tracker market in the region.

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Key Companies & Market Share Insights

Companies are focusing on developing advanced technology-based products owing to the growing industrial demands for advanced technology for tracking purpose. The manufacturing companies are adopting various organic and in-organic growth strategies for expanding their geographical reach and product portfolio. The strategy framework of major solar tracker manufacturer is centered around bagging orders for large purchases as it gives the manufacturer an opportunity to achieve economies of scale. The research and development of solar trackers is a major differentiating factor for manufacturers in this market. Some of the prominent players in the global solar tracker market are:

• Abengoa Solar S.A.
• AllEarth Renewables
• Array Technologies Inc.
• DEGERenergie GmbH & Co. KG
• Nclave
• Powerway Renewable Energy Co. Ltd.
• Soltec Tracker
• SunPower Corporation
• Titan Tracker
• Trina Solar Limited

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