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The solar photovoltaic (PV) tracker market size is estimated to grow at a CAGR of 18.1% between 2022 and 2027. The market size is forecast to increase by USD 9,704.31 million. The growth of the market depends on several factors, including the rise in investments in renewable energy, the increasing government support, and the declining cost of solar energy.
This solar PV tracker market report extensively covers market segmentation by product (single axis tracker and dual axis tracker), technology (solar PV and CSP), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The declining cost of solar energy is notably driving the market growth, although factors such as competition from alternative sources of energy may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The declining cost of solar energy is one of the major drivers impacting the solar PV tracker market growth. In the past, the high cost and intermittent nature of renewables were major hurdles to the adoption of solar energy. Energy storage technologies not only bridge the gap but also increase the penetration of renewable energy in hybrid systems. For instance, a typical solar PV normally converts approximately 15% of the power. However, with the addition of a battery system, the power generated from solar PVs can go beyond 50%. Renewable penetration means the number of renewables that can be added to the system output.
For instance, a renewable penetration of 20% means that for 1 MW of installed generator capacity, 200 kW of renewable power can be added. The solar power industry has witnessed a price decline of more than 40% over the past decade. The declining prices of solar PV systems will drive the demand for solar PV trackers during the forecast period.
The emergence of smart cities is one of the major trends influencing the solar PV tracker market growth. Apart from providing opportunities for living, cities have become the lifeline of economic growth. They have become a major hub of resource consumption as well as service providers. The growth and innovations in the information and communications technology (ICT) industry have spurred the creation of the new concept of smart cities to attract businesses to expand the economy. The Gulf Cooperation Council (GCC) and Asian countries have the most progressive plans for smart cities.
GCC countries, such as Dubai, Abu Dhabi, Qatar, and Saudi Arabia, are planning to expand their tourism sector and have mature plans for smart cities. Developed Asian countries such as Taiwan, Japan, South Korea, and Singapore have already started making their cities green and intelligent, whereas developing countries such as India have accelerated the implementation of their smart city plans. Such factors will increase the market growth during the forecast period.
Competition from alternative sources of energy is one of the major challenges impeding the solar PV tracker market growth. The global average price of crude oil was USD 76.41/bbl in October 2018 and fell to USD 61.72/bbl in December 2019. This drastic fall in global crude oil prices has resulted in an increased preference for natural gas as fuel for power plants. Shale gas exploration in the US is on the rise and has reached a record high. Middle Eastern countries, which possess huge crude oil and natural gas reserves, have not reduced their output as they fear losing market share. These two factors have resulted in a continuous fall in oil and gas prices.
Therefore, the decline in global oil prices is expected to negatively impact the demand for solar PV systems during the forecast period. Moreover, the lower cost of electricity generation for other alternative renewable sources, such as wind and the prevailing low crude oil prices, will continue to pose major threats to the growth of the global solar PV tracker market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Solar PV Tracker Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Abengoa SA: The company offers solar PV tracker such as single axis tracker. Also, the company offers solutions for the electricity generation sector with open cycle technologies, combined cycles, cogeneration, wind farms, solar thermal and photovoltaic plants, and biomass plants.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the single axis tracker segment will be significant during the forecast period. Single-axis trackers have one axis of rotation that is usually aligned in the North-South direction. They can be aligned either horizontally, vertically, or tilted. They are cheaper than dual-axis trackers.
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The single axis tracker segment was valued at USD 3,739.06 million in 2017 and continued to grow by 2021. One of the main advantages of these trackers is that they can allow the sun's movement across the sky, which increases the amount of energy generated by the solar panels. This improves the overall efficiency and cost-effectiveness of solar power generation. In addition, single-axis trackers are becoming more affordable and easier to install, which is driving their popularity. Furthermore, the global shift towards renewable energy sources is increasing the demand for solar power generation.
Governments and businesses are setting ambitious targets to reduce their carbon footprint, and solar power generation is seen as a key tool in achieving those goals. Single-axis trackers are ideal for large-scale solar projects in areas with high solar insolation, such as deserts, and are becoming increasingly popular in countries with large solar potential, such as the US, India, and China. Thus, the above-mentioned factors are expected to have a positive impact on the growth of the global solar PV tracker market through the single-axis tracker segment during the forecast period.
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North America is estimated to contribute 32% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The solar PV tracker market in the Americas is predicted to grow steadily during the forecast period owing to the increase in investments in additional solar capacity and solar installations. The US, Canada, and Brazil, among other countries, contribute significantly to the growth of the solar PV tracker market in the region. According to the IEA, Mexico installed 2.4 GW of utility-scale solar PV capacity in 2019 and was the second-largest market in the region. The decline in module prices and supportive government policies, such as the cancellation of the 15% customs duty applied on the imports of solar PV modules, led to the rapid growth of solar PV in the country. Such factors will increase the market growth during the forecast period.
In 2020, the outbreak of COVID-19 adversely affected the economies of various countries in North America, especially the US. However, with the removal of lockdowns during the second half of 2021 due to the initiation of vaccination drives, solar power installations increased in North America, primarily across the power unitality sector. In 2020, solar energy contributed 40% to 45% of the total electricity capacity added to the grid in the US. Moreover, renewable energy production in the region is growing rapidly. The growing use of renewable energy in the region is expected to drive the growth of the solar PV tracker market in North America during the forecast period.
The solar pv tracker market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global solar PV tracker market as a part of the global renewable electricity market within the global independent power and renewable electricity market. The parent, global renewable electricity market covers companies engaged in the generation and distribution of electricity using renewable sources. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Solar PV Tracker Market Scope |
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Report Coverage |
Details |
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Page number |
168 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 18.1% |
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Market growth 2023-2027 |
USD 9,704.31 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
16.34 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 32% |
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Key countries |
US, China, India, Germany, and Spain |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Abengoa SA, All Earth Renewables, ArcelorMittal, Arctech Solar Holding Co Ltd, Array Technologies Inc., First Solar Inc., Flex Ltd., GameChange Solar, Grupo Gransolar SL, Hanwha Corp., Haosolar Co. Ltd., IDEEMATEC Germany GmbH, Mahindra and Mahindra Ltd., NOV Inc., Scorpius Trackers Pvt. Ltd., Soltec Energias Renovables SL, Sun Action Trackers, SunPower Corp., Trina Solar Co. Ltd., and Valmont Industries Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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