Solar Tracker Market 2030: Trends Transforming Non-Utility Applications

Global Solar Tracker Market Overview

The global solar tracker market was valued at USD 4.41 billion in 2022 and is projected to reach USD 29.31 billion by 2030, growing at a compound annual growth rate (CAGR) of 26.2% from 2023 to 2030. The increasing focus on energy conservation and the transition from non-renewable to renewable energy sources are key factors driving the demand for solar energy, and consequently, solar trackers, on a global scale.

A solar tracker is designed to optimize the alignment of solar cells with the sun, using various electrical components such as actuators, motors, and sensors. This process maximizes solar energy capture, which is then converted into electricity for use by different industries and applications. The growing adoption of solar power as a viable source of commercial energy has gained momentum, partially due to the declining cost of solar photovoltaic (PV) panels, which is expected to further boost the solar tracker market.

Solar PV technology has experienced rapid growth as one of the most promising renewable energy sources, particularly in the U.S. Increasing government support for renewable energy development has helped drive the expansion of PV cell technology, making it a sustainable and reliable source of energy generation. The growing capacity of solar PV systems has also contributed to the reduction in the levelized cost of electricity (LCOE), enabling solar energy to compete favorably with traditional energy sources. The U.S. government’s supportive policies are playing a significant role in the wide adoption of solar energy across the country.

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Key Market Trends & Insights

• North America led the market with the highest revenue in 2022, and this trend is expected to persist through 2030. This growth is largely attributed to the region's strong commitment to renewable energy and international climate goals, particularly the Paris Agreement on Climate Change, which encourages the use of renewable energy in national energy supplies.
• Dual axis trackers accounted for the largest market share of 50.83% in 2022 in terms of revenue and are expected to witness the highest CAGR during the forecast period. Dual axis trackers are highly effective in maximizing solar energy absorption due to their ability to follow the sun both horizontally and vertically, allowing for 8% to 10% more energy generation compared to single-axis trackers.
• Photovoltaic (PV) technology dominated the market with a revenue share of 91.52% in 2022. The compatibility of PV cells with standard photovoltaic modules is a major factor contributing to the dominance of this technology. As electricity prices continue to rise due to supply-demand imbalances, the adoption of PV technology in utility and non-utility applications is set to increase.
• Utility applications represented 85.56% of the total market share in 2022. As electricity costs rise and the demand for renewable energy solutions grows, the use of solar trackers in utility-scale applications is expected to continue growing during the forecast period.

Market Size & Forecast

• 2022 Market Size: USD 4.41 Billion
• 2030 Projected Market Size: USD 29.31 Billion
• CAGR (2023-2030): 26.2%
• Largest Market (2022): North America
• Fastest Growing Market: Middle East & Africa (MEA)

Key Companies & Market Share Insights

Companies are increasingly focusing on developing advanced technology-based solar trackers to meet growing industrial demands. Manufacturers are adopting both organic and inorganic strategies to expand their geographical reach and product portfolios. One key strategy for major solar tracker manufacturers is securing large orders, which allows them to achieve economies of scale. Continuous research and development (R&D) of solar tracker technology remains a key differentiating factor for companies competing in this market.

Key Players

• 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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Conclusion

The global solar tracker market is poised for significant growth over the next several years, driven by the increasing shift toward renewable energy sources and advancements in solar technology. The market’s expansion is supported by growing government incentives, decreasing costs of solar panels, and increasing demand for energy-efficient solutions. As the adoption of solar PV technology continues to rise, solar trackers will play a vital role in optimizing energy production. With North America maintaining its leadership position and the Middle East & Africa emerging as the fastest-growing market, the solar tracker industry is set to experience robust growth through 2030.