Dublin, July 16, 2025 (GLOBE NEWSWIRE) — The “Solar Tracker Market by Axis Type (Single-axis, Dual-axis), Type (Grid-connected, Off-grid), Application (Utility, Non-utility), Region (Asia Pacific, North America, Europe, Latin America, Middle East & Africa) – Global Forecast to 2029” has been added to ResearchAndMarkets.com’s offering.
The global solar tracker market is poised for significant growth, with projections estimating its value to climb from USD 10.32 billion in 2024 to USD 22.87 billion by 2029, reflecting a robust CAGR of 17.3% during the forecast period.
This growth trajectory is largely driven by technological advancements in AI-enabled tracking systems, a push for optimized land use, and the integration of bifacial solar modules. The increased durability and reduced maintenance costs of modern trackers enhance their viability, while the global focus on energy resilience supports their adoption, particularly in disaster-prone and remote regions.
Utility Segment Leads by Application
The utility segment dominated the solar tracker market in 2023, attributed to the deployment of large-scale solar power plants aimed at meeting rising electricity demand and achieving clean energy goals. Utilities prioritize solar trackers to maximize energy efficiency and optimize project economics, especially in areas with high solar irradiation.
Supportive government incentives, power purchase agreements (PPAs), and favorable grid integration policies further promote investments in utility-scale solar projects. Decreasing solar technology costs and innovations in tracker design make these projects increasingly efficient and financially viable, leveraging economies of scale for enhanced cost-effectiveness.
Single-Axis Trackers Dominate Axis Types
The single-axis tracker segment sustains a strong market position due to its cost-effectiveness, ease of installation, and efficacy in utility-scale deployments. These trackers, which allow panels to follow the sun’s path from east to west, enhance energy output versus fixed-tilt systems. They are particularly fitting for large ground-mounted applications where optimizing land use and energy generation is paramount. Investors favor their lower operational and maintenance costs, with adoption accelerating in emerging markets amid supportive policies and rising renewable energy demand.
Notable Growth in North America
North America is anticipated to record the second-highest CAGR in the solar tracker market, fueled by advancements, supportive policies, and a growing desire for renewable energy. The United States and Canada spearhead growth initiatives through substantial investments supported by federal and state-level incentives, tax credits, and renewable mandates.
The prevalence of single-axis trackers in states like Texas and California highlights their cost-effectiveness and potential for enhanced energy yield. The integration of bifacial solar modules with tracking systems is gaining momentum, reducing the levelized cost of electricity (LCOE) while boosting efficiency.
Additionally, North America’s focus on grid modernization and expanding smart grid infrastructure supports the deployment of solar trackers. With key industry players embedded in the region and ongoing R&D efforts, innovation is consistently fostered, reinforcing market growth as North America advances its clean energy objectives.
Industry Insights and Interviews
Comprehensive interviews have been conducted with key industry participants, including subject-matter experts and C-level executives, to validate market data and project future trends.
The participant distribution includes companies classified as Tier 1 (40%), Tier 2 (33%), and Tier 3 (27%), with regional representation from North America (15%), Europe (30%), Asia Pacific (40%), Latin America (10%), and the Middle East & Africa (5%).
Leading market participants such as Nextracker Inc., Array Technologies Inc., PVHardware, and Soltec are at the forefront of innovation, driving the solar tracker market on a global scale. Their strategic efforts in product development, market expansion, and competitive saturation ensure the continued growth and diversification of the market as solar technologies escalate in importance.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 167 |
| Forecast Period | 2024 – 2029 |
| Estimated Market Value (USD) in 2024 | $10.32 Billion |
| Forecasted Market Value (USD) by 2029 | $22.87 Billion |
| Compound Annual Growth Rate | 17.3% |
| Regions Covered | Global |
Key Topics Covered:
Market Dynamics
- Drivers
- Government Incentives and Strategic Partnerships To Achieve Clean Energy Targets
- Efficiency Gains and Technological Evolution in Solar Tracking
- Restraints
- Higher Initial Costs
- Complex Installation Process
- Opportunities
- Increasing Focus on Enhancing Grid Stability and Dependability
- Surging Use in Rooftop and Utility-Scale Projects Due To Design Flexibility
- Challenges
- High Maintenance Requirements
- Significant Energy Consumption
- Regularity and Permitting Challenges
- Case Studies
- Sharp Helped Big C Supermarket (Thailand) With Installation of Rooftop Solar Panels
- Hewlett Packard (HP) Installed Solar Panels on Its Rooftops With Help of Sharp (Japan)
- Industry Trends
- Trends and Disruptions Impacting Customer Business
Company Profiles
Key Companies
- Nextracker Inc.
- Array Technologies, Inc.
- PVHardware
- Soltec
- Gamechange Solar
- Arctech
- FTC Solar
- Valmont Industries, Inc.
- All Earth Renewables
- Xiamen Grace Solar New Energy Technology Co., Ltd.
- Sun Action Trackers
- Trinasolar
- Ades Tempero Group
- Aivatechology
- Arcelormittal
Other Players
- Gonvarri Solar Steel
- Mecasolar
- Asun Trackers Pvt. Ltd.
- Atec Robotics
- Shandong Zhaori New Energy Tech. Co., Ltd.
- Energy Xprt
- Optimum-Tracker
- Trackers Feina S.L.
- Flexrack by Qcells, Llc
- Solargik Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/7ce60h
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