The global solar tracker market size will reach USD 64.6 billion by 2030 and expanding growth at a CAGR of 15.6% from 2022 to 2030, According to Precedence Research.

The solar tracker technology has reached a share of over 30% of the utility market, from basically nil only a handful of years ago. The stake is only expected to increase over the coming years. Leading solar tracker firms like Nextracker, Trina, Arctech besides others are poised to reap the gains from the strong revival in the market. Rise in global demand for energy, growth in environmental awareness, and depletion of fossil fuels drive the growth of the global solar tracker market.

According to Precedence Research, the global solar tracker market size is expected to be worth around US$ 64.6 billion by 2030 and will clock the growth at a CAGR of 15.6% from 2022 to 2030. This is against the global solar tracker market size in 2021 which was estimated at US$ 19.94 billion in the year.
Prime determinants of growth

Rise in global demand for energy, growth in environmental awareness, and depletion of fossil fuels drive the growth of the global solar tracker market. However, huge initial investment for installation, complex design requirements, high maintenance costs, and minimal power restrict the market growth. Moreover, increase in government initiatives in nations such as the U.S., India, and China to shift to solar energy present new opportunities in the coming years.

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Rising Awareness among People

The rising awareness among people regarding clean energy usage is the major factor driving the growth of the solar tracker market. The solar trackers are easier and more efficient to use than any other source of energy and power. With the use of these trackers, we can help in reducing the environmental pollution.

High Investments

Developing new renewable sources require large investments to build infrastructure. These investments increase the cost of providing renewable electricity, mainly during the early years. Initially, the developers need to find publicly suitable sites with good resources and with access to the transmission lines. Finding a potential solar site takes several years of monitoring to determine whether they are suitable.

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Global tracker deployment

According to pv magazine's latest annual tracker survey, published last July, and which analyzed data from 2016, the U.S. leads the global markets in terms of cumulative installed tracker capacity, at 8.39 GW, followed by India at 1.25 GW and Brazil, with 1.02 GW.

Overall, 12.83 GW of solar trackers were installed across the globe, at the time of the survey, while another 6.53 GW were either under construction or had been contracted. Click to enlarge the image below for a detailed geographical breakdown.

Coupled With Solar Trackers

It is widely accepted now that pairing two technologies will definitely result in bifacial modules generating more energy than their front side power rating. Bifacial cells made up 50% of the world market share of solar cells in 2021. As per International Technology Roadmap for Photovoltaics (ITRPV), the percentage is expected to increase to 85% by 2023. In fact, the solar tracker manufacturers also stated that the majority of recent solar projects using their tracking systems include bifacial panels.

Bifacial solar PV technology can get boost from solar tracking technology, capturing much more sunlight than a normal solar array ever could. As per one report ‘Global Techno-Economic Performance of Bifacial and Tracking Photovoltaic Systems', tilting toward the light, for optimal sunlight collection from both sides, can be the most cost-effective solar option to date. The combination system enhances the energy production, producing around 35 per cent more energy, on average, than mobile single panel photovoltaic systems. Overall, the arrangement helps to reduce cost of electricity by an average of 16 per cent, as per the report.

Efficiency of Solar Panels Saves Money

In environmental terms, increased efficiency generally means a solar panel will pay back the embodied energy (energy used to extract the raw materials and manufacture the solar panel) in less time. However, as panel efficiency has increased beyond 20%, payback time has reduced to less than less than 2 years in many locations.

Solar panel efficiency generally gives a good indication of performance, especially as many high-efficiency panels use higher grade N-type silicon cells with improved temperature coefficient and lower power degradation over time. Some manufacturers such as LG, Panasonic and SunPower even offer warranties with 90% or higher retained power output after 25 years of use.

Bifacial Solar Panels are one such type of high energy solar panels with power output ratings regularly over 500W now. They go perfectly with solar trackers, increasing efficiency significantly.

Feasibility of Solar Trackers

While the solar trackers do increase the efficiency of a solar panel, but installation of solar tracker requires high cost of investments. Further, the cost of labour and space gets added to the cost of implementation of a solar tracker. Moreover, since the solar panels are now cheaper than ever, it would cost less to install more solar panels than it would to include a tracking system. This brings us to the question: is installing solar tracker really feasible in long run?

Well, the answer is simple: it depends on the efficiency. For instance, a standard size 60-cell (1m x 1.65m) polycrystalline panel with 18-20% efficiency typically with a power rating of 300-330 Watts, is less efficient than say, a monocrystalline one that can produce up to 370W/440 W. Thus, we can say that cost of using tracker will be same for both panels of same size. Yet, the energy production will be different. Furthermore, when we say a 30 per cent of energy production is increased by the help of solar tracker, power production will be much higher in high efficiency cells panel. Thus, solar tracker for highly efficient solar panels is not just feasible but advisable as well.

The single axis tracker segment to maintain its leadership status throughout the forecast period

Based on type, the single axis tracker segment held the highest market share in 2021, accounting for nearly four-fifths of the global solar tracker market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 6.3% from 2022 to 2031. Single axis trackers are less expensive and easier to construct than dual-axis trackers, which drives the segment. The report also identifies the double axis trackers segment.

The photovoltaic segment to maintain its leadership status throughout the forecast period

Based on technology, the photovoltaic segment held the highest market share in 2021, accounting for more than four-fifths of the global solar tracker market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 6.3% from 2022 to 2031. Photovoltaic technology tracker is simple to manufacture, has cost-effective installation and low maintenance costs, owing to which it is widely preferred across the globe. The report also identifies the PV tracker segment.

The utility segment to maintain its lead position during the forecast period

Based on application, the utility segment accounted for the largest share in 2021, contributing to nearly four-fifths of the global solar tracker market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 6.3% from 2022 to 2031, owing to the fact that solar trackers help increase electricity production by around one-third, and by 40% in some regions depending upon sunlight, compared with modules at a fixed angle. The report also analyzes segments including residential and commercial.

Asia-Pacific to maintain its dominance by 2031

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global solar tracker market, and is likely to dominate the market during the forecast period. Moreover, the same region is expected to witness the fastest CAGR of 6.5% from 2022 to 2031. This is attributed to rapid industrialization and urbanization which is expected to greatly raise the energy demand and improve the outlook for the industry. Governments in the Asia-Pacific region is adopting stringent regulations and laws to reduce greenhouse gas emissions which is further boosting the market growth. Other regions discussed in the report include North America, Europe, and LAMEA.

Key Players

NEXTracker

Array Technologies

Soltec

Convert Italia

Arctech Solar

SunPower

Sun Action Trackers

STi Norland

Scorpius Trackers

Exosun

Market Segmentation

By Product

Single Axis

Dual Axis

By Technology

Solar Photovoltaic (PV)

Concentrated Solar Power (CSP)

Concentrated Photovoltaic (CPV)

By Type

Active Solar Tracker

Passive Solar Tracker

By Application

Utility

Residential

Commercial & Industrial

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