Solar PV Tracker Market Analysis North America,Europe,APAC,South America,Middle East and Africa - US,China,India,Germany,Spain - Size and Forecast 2023-2027

Solar Photovoltaic (PV) Tracker Market Forecast 2023-2027

The solar photovoltaic (PV) tracker market size is estimated to increase by USD 9.70 billion, at a CAGR of 18.1% between 2022 and 2027. The market's expansion hinges on various factors, notably the surge in investments towards renewable energy sources, bolstered by mounting governmental backing. Additionally, the decreasing costs associated with solar energy play a pivotal role. These dynamics drive heightened adoption rates and propel the market forward. Investments in renewable energy projects, particularly in solar, are on the rise due to their sustainable and eco-friendly attributes. Government initiatives further incentivize this trend, fostering a conducive environment for market growth. With solar energy becoming increasingly cost-effective, its accessibility and appeal continue to expand, shaping the trajectory of the market positively.

What will be the Size of the Market During the Forecast Period?

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The market is witnessing rapid expansion with the surge in investments in renewable energy and the mounting global emphasis on reducing reliance on fossil fuels. Key players like Nextracker, Mahindra Sustain, and PV Hardware are driving innovation in solar tracking technology to optimize energy yield. Factors such as steel prices and design complexity influence installation costs. Single-axis and dual-axis trackers enhance the efficiency of photovoltaic (PV) panels by aligning them with the sun's trajectory. Initiatives like the SunShot Initiative and the Paris Agreement underscore the industry's commitment to sustainable energy solutions. With advancements in solar tracking systems, including actuators, motors, and sensors, the market aims to maximize solar energy capacity and meet growing demand for clean energy.

Market Dynamics and Customer Landscape

The renewable energy sector is rapidly evolving with advancements like solar PV installations and innovative tracking systems such as single-axis and dual-axis trackers. Companies like Nextracker and Mahindra Sustain are spearheading the shift towards solar power, driven by rising concerns over fossil fuels and supported by organizations like the International Energy Agency (IEA). Factors like steel prices and maintenance costs influence the feasibility of solar panel projects. These panels, along with photovoltaic cells, harness solar radiation to generate electricity. Space telescopes and solar radiations aid in optimizing solar angles, while actuators, motors, and sensors enhance the efficiency of photovoltaic panels. As the world embraces renewable energy sources, the solar PV tracker market continues to expand, driving the transition towards sustainable power solutions. 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.

Key Driver

The declining cost of solar energy is one of the major drivers impacting the solar tracking 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 PV trackers during the forecast period.

Significant Trends

The emergence of smart cities is one of the major trends influencing the solar tracking market trends. 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.

Major Challenge

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 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 market during the forecast period.

Market Customer Landscape

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 Market Customer Landscape

Who are the Major Solar Photovoltaic (PV) Tracker Market Companies?

Companies 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 trackers such as single-axis trackers. 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 companies, including:

• 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

Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Overview

The renewable energy sector is experiencing a significant shift towards more efficient and sustainable solutions, with technologies like concentrated solar power (CSP) and advanced solar tracking systems leading the charge. Companies such as Nextracker and Mahindra Sustain are driving innovation in this field, supported by organizations like the International Energy Agency (IEA). Solar steel manufacturers like Gonvarri Solar Steel and PVHardware play a crucial role in providing robust infrastructure for solar projects, while countries like Poland and Spain are emerging as key players in the solar PV installations market. From single-axis to dual-axis trackers, these systems optimize solar angles to maximize solar efficiency and energy yield. As the world strives to meet renewable energy targets outlined in initiatives like the Paris Agreement on Climate Change and the SunShot Initiative, the solar industry continues to innovate and expand, driving the transition towards a cleaner, more sustainable future.

By Product

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 solar tracker segment was valued at USD 3.74 billion 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 market through the single-axis tracker segment during the forecast period.

Which are the Key Regions for the Market?

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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 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 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 and forecasting during the forecast period.

Market Analyst Overview

In the ever-expanding realm of solar energy market, the significance of photovoltaic (PV) market cannot be overstated. The market is witnessing unprecedented growth, spearheading the charge towards a sustainable future in the renewable energy market. Central to this surge is the solar tracking system market, optimizing energy harnessing like never before.

As the market continues to evolve, so do the demands for more efficient solutions, propelling the solar installation market to new heights. Innovation is rife in the solar technology market, with solar tracking solutions market leading the charge towards greater efficacy.The trajectory of the utility-scale solar market hinges on advancements in solar tracking industry, driven by solar tracking technologies market and solar tracking innovations market. In-depth solar tracking market analysis illuminates market trends and growth dynamics, crucial for market forecasting and informed decision-making.

 

The solar energy industry continues to evolve with innovations such as single-axis and dual-axis tracking systems and fixed PV panel setups driving increased installed capacity worldwide. Organizations like Elawan Energy and Gransolar Group are at the forefront of this transformation, leveraging advanced technologies to enhance solar cell and solar PV panel efficiency. The International Renewable Energy Agency plays a crucial role in promoting sustainability across the utility PV market by advocating for the adoption of renewable energy sources. In regions like Valencia and the Iberian Peninsula, companies like Electrum and AllEarth Renewables are expanding solar tracker installations, supported by initiatives like feed-in tariffs to drive further adoption and investment in solar energy.

Segment Overview

The 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. 

• Product Outlook
  • Single axis tracker
  • Dual axis tracker

• Technology Outlook
  • Solar PV
  • CSP

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Argentina
    • Brazil
    • Chile
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Scope
Report Coverage	Details
Page number	168
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 18.1%
Market growth 2023-2027	USD 9.70 billion
Market structure	Fragmented
YoY growth 2022-2023(%)	16.34
Regional analysis	North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution	North America at 32%
Key countries	US, China, India, Germany, and Spain
Competitive landscape	Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks
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.
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.
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.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2023 and 2027
• Precise estimation of the market  size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behaviour
• Growth of the market across North America, Europe, APAC, South America, and Middle East and Africa
• Thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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