Solar Tracker Market Size to Grow $22.87 Billion by 2029, Driven by Steady 17.3% CAGR – Report by MarketsandMarkets™

/EIN News/ -- Delray Beach, FL, May 19, 2025 (GLOBE NEWSWIRE) -- Solar Tracker Market size is projected to grow from USD 10.32 billion in 2024 to USD 22.87 billion by 2029, at a CAGR of 17.3% according to a new report by MarketsandMarkets™. The Solar Tracker Market is fueled by the increasing integration of smart grid systems, growing land-use optimization needs, and rising electricity demand in off-grid and remote areas. Enhanced durability and adaptability of modern trackers to harsh environmental conditions also support adoption. Additionally, favorable financing options and private sector investments in solar infrastructure accelerate solar tracker demand across various regions.

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Scope of the Report:

Report Metric	Details
Solar Tracker Market Size Values	CAGR 17.3% USD 22.87 billion by 2029 USD 10.32 billion in 2024
Base Year	2023
Forecast Period	2024–2029
Forecast Unit	Value (USD Billion)
Segments Covered	Axis Type, Grid Type, Application, and Region
Geographic Regions Covered	North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

Based on axis type, the Solar Tracker Market is segmented into single-axis and dual-axis. The single-axis segment accounted for a larger market share in 2023. This is primarily driven by its cost-effectiveness, ease of installation, and lower maintenance requirements than dual-axis trackers. Single-axis trackers offer significant improvements in energy yield by following the sun’s movement from east to west, making them ideal for large-scale solar installations. Additionally, technological advancements have improved their reliability and efficiency. The growing adoption of single-axis trackers in utility-scale solar projects and their ability to optimize land use and reduce the levelized cost of electricity (LCOE) further contribute to their dominant market share.

Based on grid type, the Solar Tracker Market is classified into grid-connected and off-grid segments. Grid-connected solar trackers accounted for a prominent market share in 2023. This growth is driven by the increasing demand for utility-scale solar power installations to meet urban energy consumption. Grid-connected solar power systems allow better integration with existing infrastructure, providing a reliable and consistent energy supply. As governments focus on reducing carbon emissions and achieving renewable energy targets, grid-connected solar systems benefit from favorable policies, incentives, and subsidies. Additionally, the need for more efficient energy generation to reduce the cost of electricity further drives the adoption of solar trackers. Solar trackers in grid-connected systems enhance the energy yield and reduce the levelized cost of electricity (LCOE), making them more attractive for large-scale projects. The ongoing development of smart grid technologies and the rising need for grid stability also support the growth of the grid-connected solar trackers, ensuring that these systems meet the increasing demand for sustainable and reliable energy.

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The Solar Tracker Market is gaining momentum due to the accelerating shift toward renewable energy to achieve global decarbonization targets. The increasing deployment of utility-scale solar power projects and the push to maximize energy output drive the demand for advanced tracking technologies. Integrating solar trackers enhances efficiency by optimizing solar panel orientation throughout the day. Growing investments in large-scale solar farms, favorable policy frameworks, and supportive government initiatives are boosting adoption. Expanding smart grid infrastructure and rising electricity demand across developing regions further propel market growth.

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Regional Analysis

Based on region, Asia Pacific dominates the Solar Tracker Market. This growth is driven by the region's rapid expansion in solar energy capacity, particularly in countries such as China, India, and Japan, which have set ambitious renewable energy targets. The region benefits from abundant sunlight, making it ideal for large-scale solar installations. Additionally, supportive government policies, incentives, and subsidies encourage the adoption of solar power and tracker systems. Increasing electricity demand and the need for sustainable energy solutions in urban and rural areas further boost the market. Technological advancements in solar tracking systems and the availability of low-cost manufacturing in countries such as China also contribute to the market's growth. Furthermore, a shift toward utility-scale solar projects and the growing emphasis on reducing the levelized cost of electricity (LCOE) drive demand for solar trackers. The region's vast land area for solar projects further supports the increasing adoption of solar tracking technologies.

Key Players

Some major players in the Solar Tracker Market are Nextracker Inc. (US), Array Technologies Inc. (Mexico), PVHardware (Spain), Soltec (US), Trinasolar (China), ADES TEMPERO GROUP (Spain), Gamechange Solar (US), Aivatechnology (US), and ArcelorMittal (Luxembourg). The major strategies these players adopt include acquisitions, sales contracts, product launches, agreements, alliances, partnerships, and expansions.

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