The global solar tracker market size was valued at USD 4.41 billion in 2022, expanding at a compound annual growth rate (CAGR) of 26.2% from 2023 to 2030. Rising concerns over energy conservation and transition from non-renewable energy to renewable energy is expected to surge demand for solar energy and eventually solar trackers over the forecast period on a global level. Solar tracker utilizes various electrical components including actuators, motors, and sensors to orient the solar cell for concentrating the sunlight in order to maximize the energy captured. The captured solar radiations are further converted into electricity which is utilized by various end-user segments. Rising use of solar power as a potential source of commercial energy generation has gained popularity due to decreasing solar PV panel cost which is excepted to further augment solar tracker market growth.

Solar PV technology has been one of the fastest growing renewable sources of energy over the past few years in the U.S. Increasing government focus on renewable energy has resulted in the development of PV cells as a sustainable and continuous source of energy generation. Rising capacity expansions across the U.S. has led to decline the levelized cost of electricity (LCOE). This has made solar PV competitive with other conventional forms of energy in the country. Along with supporting policies by the U.S. government has been one of the significant drivers for high implementation of solar energy in the country.

Solar Tracker Market Report Highlights

• Solar tracker helps to increase the efficiency of solar cells. Increasing solar PV demand in various regions is expected to propel market growth over the projected period
• Solar PV technology has been one of the fastest growing renewable sources of energy over the past few years in the U.S. Increasing government focus on renewable energy has resulted in the development of PV cells as a sustainable and continuous source of energy generation
• The dual axis type segment held the largest revenue share of over 50.83% in 2022. Single axis tracker is projected to expand at a considerable CAGR during the forecast period. Single axis trackers are less expensive as compared to dual axis trackers and, therefore, are widely employed in utility and non-utility applications
• The utility application segment accounted for the largest revenue share of more than 85.56% in 2022 and is projected to expand at the highest CAGR during the forecast period. Trackers are being used on a large scale in utility applications in light of the increasing government subsidies, coupled with feed-in tariff schemes, particularly in the North American and European region
• North America accounts for the major market share in the global market and this trend is expected to continue till 2030. The Middle East and Africa market is projected to expand at the highest CAGR during the forecast period on account of a rise in the investments in solar energy in the region

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• The global fuel ethanol market size was valued at USD 100.9 billion in 2023 and is projected to grow at a CAGR of 5.1% from 2024 to 2030. 
• The global bio-butanol market size was valued at USD 15.86 billion in 2023 and is projected to grow at a CAGR of 9.2% from 2024 to 2030. 

Segments Covered in the Report

Grand View Research has segmented the global solar tracker market based on technology, type, application, and region: 

Solar Tracker Technology Outlook (Volume, Megawatt; Revenue, USD Million, 2018 - 2030)

• Solar Photovoltaic (PV)
• Concentrated Solar Power (CSP)
• Concentrated Photovoltaic (CPV)

Solar Tracker Type Outlook (Volume, Megawatt; Revenue, USD Million; 2018 - 2030)

• Single Axis
• Dual Axis

Solar Tracker Application Outlook (Volume, Megawatt; Revenue, USD Million; 2018 - 2030)

• Utility
• Non-utility

Solar Tracker Regional Outlook (Volume, Megawatt; Revenue, USD Million, 2018 - 2030)

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • Spain
  • Italy
  • France
• Asia Pacific
  • China
  • India
  • Japan
• Central & South America
  • Brazil
  • Chile
• Middle East & Africa
  • UAE
  • Saudi Arabia

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