What is the global solar tracker market size?

The global solar tracker market size was valued at USD 7.88 billion in 2023 and is projected to grow from USD 8.67 billion in 2024 to USD 25.24 billion by 2032, exhibiting a CAGR of 14.3% during the forecast period.

Are solar trackers expensive?

Implementing solar trackers can be extremely costly in non-utility applications. North America accounts for the major market share in the global market and this trend is expected to continue till 2030.

Are solar trackers the future of PV technology?

The use of solar trackers on PV modules requires less design regulations when compared to mirrors, lenses, and Fresnel collectors on the CSP and CPV technology trackers. These features will drive the growth of solar trackers in PV technology over the forecast period.

What is the competitive landscape of the solar tracker market?

The competitive landscape of this market depicts market dominance by major solar trackers manufacturers such as NEXTracker, PV Hardware, Array Technologies, and Soltec. NEXTracker has the maximum share in the global market, acquiring contracts from different countries in every region.

What is the strategy framework of major solar tracker manufacturer?

The strategy framework of major solar tracker manufacturer is centered around bagging orders for large purchases as it gives the manufacturer an opportunity to achieve economies of scale. The research and development of solar trackers is a major differentiating factor for manufacturers in this market.

Why are solar tracking systems so expensive?

A major factor hindering the market growth is the rise in steel prices, further driving the cost of the tracking systems used in most utility-scale projects. More than 65% of the total cost of solar tracking systems typically comes from steel, which makes solar tracking systems more expensive.