Solar Tracker Installation Market Size Projected to Garner USD 589.2 Billion by 2032 growing at 10.8% CAGR - Exclusive Report by Acumen Research and Consulting

Author: Acumen Research and Consulting

The Global Solar Tracker Installation Market Size is predicted to reach USD 589.2 Billion by 2032 from USD 215.1 Billion in 2022, at a CAGR of 10.8% between 2023 and 2032, as per the Acumen Research and Consulting

In recent years, the installation of solar trackers has experienced a significant surge in the energy sector, driven by several factors. One key factor is the growing demand for renewable energy sources as governments, corporations, and consumers alike seek to reduce carbon emissions and transition towards more sustainable energy alternatives. Solar trackers offer a way to maximize the efficiency of solar panels by orienting them to track the sun's path throughout the day, optimizing the absorption of sunlight and thereby increasing energy output.

Moreover, advancements in technology have made solar trackers more efficient and cost-effective, further incentivizing their adoption. Improved tracking algorithms, sensors, and control systems have enhanced the accuracy and reliability of solar tracking systems, making them increasingly attractive for large-scale solar installations. Additionally, economies of scale and growing competition in the solar energy market have driven down the costs of solar trackers, making them a more viable option for both utility-scale and distributed solar projects. Furthermore, as the energy sector continues to undergo a transition towards decentralized power generation and grid modernization, solar trackers play a crucial role in supporting grid stability and reliability.

Solar Tracker Installation Market Analysis

Solar Tracker Installation Market Statistics

  • Global solar tracker installation market value was worth USD 215.1 Billion in 2022, with a 10.8% CAGR from 2023 to 2032
  • North America solar tracker installation market share occupied around 35% in 2022
  • Europe region is expected to expand at the highest CAGR between 2023 and 2032
  • By type, the horizontal segment captured the largest market share in 2022
  • Growing focus on energy efficiency and higher yields, propel the solar tracker installation market revenue

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Solar Tracker Installation Market Trends

The solar tracker installation market has experienced robust growth in recent years, driven by several factors contributing to increased adoption worldwide. One significant driver is the declining costs associated with solar trackers, making them more economically viable for various solar projects. Technological advancements, economies of scale, and increased competition among manufacturers have led to reductions in the cost of solar tracker components and systems. As a result, developers and investors are increasingly inclined to integrate solar trackers into their solar installations to maximize energy production and optimize returns on investment.

Moreover, government policies and incentives aimed at promoting renewable energy deployment have played a pivotal role in fostering the solar tracker installation market growth. Many countries have implemented supportive policies such as feed-in tariffs, tax incentives, and renewable energy mandates, which have incentivized the adoption of solar trackers and other renewable energy technologies. Additionally, concerns over climate change and the need to reduce greenhouse gas emissions have driven governments to set ambitious renewable energy targets, further driving demand for solar tracker installations as part of efforts to expand solar capacity. Furthermore, the growing recognition of the environmental and economic benefits associated with solar trackers has spurred their adoption across various sectors, including utility-scale solar farms, commercial installations, and residential projects.

Solar Tracker Installation Market Segmentation

Acumen Research and Consulting has segmented the global solar tracker installation market by type, end use, and region.

  • By type, the industry is categorized into vertical, and horizontal (single axis, and dual axis).
  • By end use, the market is classified into residential, commercial, and industrial.
  • By region, the market is divided into Asia-Pacific, North America, Europe, Latin America, and the MEA.

Solar Tracker Installation Market Regional Overview

According to the solar tracker installation industry analysis, Europe has emerged as a growing region in the solar tracker installation market due to several key factors driving the adoption of solar energy across the continent. One significant factor is the European Union's ambitious renewable energy targets and policies aimed at reducing greenhouse gas emissions and transitioning towards a more sustainable energy mix. The EU's Renewable Energy Directive sets binding targets for member states to achieve a certain percentage of energy consumption from renewable sources, driving increased investments in solar power generation infrastructure, including solar tracker installations. Additionally, declining costs of solar technology, including solar trackers, have made solar energy more competitive in Europe's energy market. Technological advancements, economies of scale, and increased competition among solar tracker manufacturers have contributed to cost reductions, making solar trackers an attractive option for maximizing energy production in the region's diverse climatic conditions. As a result, developers and investors are increasingly turning to solar trackers to optimize the performance of solar installations and enhance their economic viability.

Solar Tracker Installation Market Players

Some of the prominent solar tracker installation market companies are Arctech Solar, Siemens AG, TATA power solar systems LTD., Abengoa SE, NEXTracker, Trina Solar Co. LTD., Scorpius Trackers, Brightsource Energy, Inc., PVHardware, and First Solar, Inc.

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Mr. Frank Wilson

Acumen Research and Consulting

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