Global Solar Tracker Market Size Worth $25.32 Billion By 2032 | CAGR: 14.4%

The global solar tracker market size is expected to reach USD 25.32 billion by 2032, according to a new study by Polaris Market Research. The report Solar Tracker Market [By Type (Single Axis Solar Tracker, Dual Axis Solar Tracker); By Application; By Region], Market Analysis and Forecast, 2023-2032” gives a detailed insight into current market dynamics and provides analysis of future market growth.

The demand for solar energy and eventually solar trackers is anticipated to increase throughout the forecast period at a global level due to growing concerns over energy conservation and the switch from non-renewable to renewable energy sources. To position the solar cell for focusing the sun's energy to optimal energy absorption, solar trackers use a variety of electrical components, such as actuators, motors, and sensors.

By maximizing solar energy during the day, solar trackers are used for increasing the production and efficiency of solar panels. A rise in energy consumption is driving the global market for solar energy. Comparing solar panels at a fixed angle to those with sun trackers can increase their production by 25 to 35%.

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Other major drivers of using solar trackers include energy efficiency improvement and conservation. Solar tracker research and development is a crucial differentiator for companies in the field of R&D. Companies are emphasizing the development of products based on cutting-edge technology due to the growing industrial demand for sophisticated technology for tracking purposes.

Global Solar Tracker Market Report Highlights

• Solar trackers contribute to improved solar cell efficiency. Over the anticipated period, rising solar photovoltaic demand across several geographies is anticipated to fuel market expansion.
• Long-term demand for solar trackers is anticipated to be driven by rising solar PV installation rates during the projection period.
• Single-axis tracker is expected to dominate the market owing to low operating costs, simple to set-up, and less expensive than dual-axis tracker.
• The utility segment is anticipated to grow at the fastest rate during the forecast period due to the rising demand for renewable energy sources.
• Asia-Pacific will hold the largest market share due to rising off-grid power use and strict rules meant to cut back on traditional power generation.
• The United States emerged as a prominent consumer in the solar tracker market in North America, as more than 70% of projects have installed solar trackers in their projects.

Polaris Market Research has segmented the Global Solar Tracker Market report based on Type, Application, and Geography.

Global Solar Tracker, By Type (Revenue - USD Billion, 2019-2032)

• Single Axis Solar Tracker
• Dual Axis Solar Tracker

Global Solar Tracker, By Application (Revenue - USD Billion, 2019-2032)

• Residential
• Commercial
• Utility

Global Solar Tracker, By Geography (Revenue - USD Billion, 2019-2032)

North America

• U.S.
• Canada
• Mexico

 Europe

• Germany
• Spain
• Italy
• France

Asia Pacific

• China
• India
• Japan

 Latin America

• Brazil
• Rest of Latin America

 Middle East & Africa.

• UAE
• Saudi Arabia