Residential Solar Tracker Market Overview
As per MRFR analysis, the Residential Solar Tracker Market Size was estimated at 2.33 (USD Billion) in 2022.The Residential Solar Tracker Market Industry is expected to grow from 2.71(USD Billion) in 2023 to 10.2 (USD Billion) by 2032. The Residential Solar Tracker Market CAGR (growth rate) is expected to be around 15.89% during the forecast period (2024 - 2032).
Key Residential Solar Tracker Market Trends Highlighted
The increasing need for residential solar trackers is being driven by improvements made in energy storage devices and the growing popularity of smart home technologies. The energy sector is becoming more and more competitive due to the increase in government support, the drop in the cost of the panels, and the increase in electricity costs. In addition, the shift to the grid of defection, in addition to the rise in preference for off-grid living, is adding to the growth of the market. Key market movements include the rising trend of environmental consciousness, the quest for energy self-sufficiency and the rising prices of conventional sources of energy. There is a need for conformance and more market demand in artificial intelligence and machine learning-based tracking algorithm enhancements, more economically affordable and efficient solar panels, and stepping into new frontiers.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Residential Solar Tracker Market Drivers
Rising Demand for Renewable Energy Sources
With attention being focused more and more on climate change and the use of fossil fuels continuing to reduce, there has been an increased interest in alternative energy. Utilizing solar trackers is one of the most efficient ways to collect solar energy at home since the devices follow the movement of the sun every day, which results in the highest possible energy generation. The rising trend of purchasing and installing solar energy systems by households and a few businesses is responsible for the expansion of the Residential Solar Tracker Market Industry.
Government Incentives and Policies
Numerous countries all over the world have enacted favorable policies and provisions targeted toward encouraging the use of renewable energy technologies. These include tax credits, rebates, and feed-in tariffs that facilitate the purchase of solar energy systems by homeowners. Such policies and government support have contributed greatly to the increase of the residential solar tracker market Industry, especially in areas where there is great potential for solar energy.
Technological Advancements and Cost Reductions
Ongoing advancements in solar technology have led to improved efficiency and reduced costs of solar panels and solar trackers. These advancements have made solar energy systems more accessible and cost-effective for residential applications. Additionally, the development of advanced tracking algorithms and control systems has enhanced the performance and reliability of solar trackers, making them a more attractive option for homeowners seeking to maximize their solar energy production.
Residential Solar Tracker Market Segment Insights
Residential Solar Tracker Market System Type Insights
The Residential Solar Tracker Market is segmented by System Type into Single-Axis Trackers and Dual-Axis Trackers. Single-Axis Trackers Single-axis trackers rotate solar panels along a single axis, typically east-west, to follow the sun's movement throughout the day. They are less complex and require less maintenance compared to dual-axis trackers, making them a more cost-effective option. In 2023, the residential single-axis solar tracker market was valued at USD 1.5 billion and is projected to reach USD 5.2 billion by 2032, exhibiting a CAGR of 14.5%.Factors such as increasing demand for renewable energy sources, government incentives, and technological advancements are driving the growth of this segment. Dual-Axis Trackers Dual-axis trackers rotate solar panels along two axes, allowing them to track the sun's movement both horizontally and vertically. This results in higher energy yield compared to single-axis trackers, but they are more complex and require more maintenance, leading to higher costs. The residential dual-axis solar tracker market was valued at USD 1.2 billion in 2023 and is expected to reach USD 5 billion by 2032, growing at a CAGR of 16.2%.The increasing focus on maximizing solar energy generation and the declining costs of dual-axis trackers are contributing to the growth of this segment. The choice between single-axis and dual-axis trackers depends on factors such as location, climate conditions, and budget. Single-axis trackers are suitable for areas with limited space or lower solar insolation, while dual-axis trackers are ideal for regions with high solar irradiance and ample space. As the residential solar industry continues to grow, both single-axis and dual-axis trackers are expected to play a significant role in meeting the increasing demand for renewable energy.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Residential Solar Tracker Market Panel Type Insights
The Residential Solar Tracker Market is segmented by Panel Type into Monocrystalline Solar Panels, Polycrystalline Solar Panels, and Thin-Film Solar Panels. Monocrystalline Solar Panels are expected to dominate the market in 2023 with a market share of around 55%, primarily due to their higher efficiency and durability. Polycrystalline Solar Panels are expected to follow with a market share of around 30%, and Thin-Film Solar Panels are expected to hold the remaining market share. The Residential Solar Tracker Market revenue for Monocrystalline Solar Panels is projected to reach $1.48 billion in 2023, while Polycrystalline Solar Panels are expected to generate revenue of $0.81 billion, and Thin-Film Solar Panels are expected to generate revenue of $0.42 billion.
The market growth for Monocrystalline Solar Panels is expected to be driven by increasing demand for high-efficiency solar panels, while the growth for Polycrystalline Solar Panels is expected to be driven by cost-effectiveness. Thin-Film Solar Panels are expected to witness moderate growth due to their lower efficiency and shorter lifespan.
Residential Solar Tracker Market Installation Type Insights
The Residential Solar Tracker Market segmentation by Installation Type includes Rooftop Solar Trackers and Ground-Mounted Solar Trackers. Rooftop Solar Trackers are mounted on rooftops of residential buildings, maximizing sunlight exposure and energy generation. In 2024, the Rooftop Solar Trackers segment held a market share of around 45%, and it is projected to grow at a CAGR of 16.5% during the forecast period. Ground-mounted solar Trackers are installed on the ground, offering greater flexibility in positioning and allowing for larger system sizes.
In 2024, the Ground-Mounted Solar Trackers segment accounted for approximately 55% of the market revenue and is expected to grow at a CAGR of 15.2% over the forecast period. The growth of both segments is driven by factors such as increasing demand for renewable energy, government incentives, and technological advancements that enhance efficiency and reduce costs.
Residential Solar Tracker Market End-Use Sector Insights
The residential solar tracker market is segmented into end-use sectors such as residential, commercial, industrial, and utility. Among these, the residential sector is expected to account for the largest share of the market in 2023, with a valuation of around USD 2.71 billion. This dominance is primarily driven by the increasing adoption of solar energy systems in residential properties to reduce electricity costs and contribute to environmental sustainability. The commercial sector is also expected to witness significant growth, owing to the rising demand for solar energy in businesses and industries to meet their sustainability goals and reduce operating expenses.
The industrial sector is projected to have a moderate share of the market, driven by the growing adoption of solar energy in manufacturing facilities and other industrial settings. The utility sector is expected to have a relatively smaller share of the market as utilities are increasingly investing in large-scale solar projects to meet the growing demand for renewable energy.
Residential Solar Tracker Market Power Capacity Insights
The Residential Solar Tracker Market is segmented by power capacity into less than 10 kW, 10-100 kW, and 100 kW and above. The 10-100 kW segment is expected to hold the largest market share in 2023 due to the increasing adoption of solar trackers by residential customers in this power range. The less than 10 kW segment is expected to witness the fastest growth over the forecast period due to the growing popularity of small-scale solar systems among homeowners. The 100 kW and above segment is expected to account for a significant share of the market in 2023 due to the increasing demand for large-scale solar systems from commercial and industrial customers.Overall, the Residential Solar Tracker Market is expected to witness significant growth over the forecast period, driven by the increasing adoption of solar energy and the growing awareness of the benefits of solar trackers.
Residential Solar Tracker Market Regional Insights
The Residential Solar Tracker Market is segmented into North America, Europe, APAC, South America, and MEA based on region. North America is expected to hold the largest market share in 2023, followed by Europe. The APAC region is projected to grow at the highest CAGR during the forecast period. In 2023, the Residential Solar Tracker Market revenue is estimated to be around USD 2.71 Billion. The rising demand for solar energy systems in residential applications is also driving the growth of the market. North America is a mature market for residential solar trackers.The region has a well-established solar industry and a supportive policy framework. The United States is the largest market for residential solar trackers in North America. Europe is another significant market for residential solar trackers. The region has a growing demand for renewable energy sources and a supportive policy framework. Germany is the largest market for residential solar trackers in Europe. The APAC region is expected to witness the highest growth in the residential solar tracker market during the forecast period. The region has a large population and a growing middle class.The rising demand for solar energy systems in residential applications is driving the growth of the market in the region. China is the largest market for residential solar trackers in the APAC region.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Residential Solar Tracker Market Key Players And Competitive Insights
Major players in the Residential Solar Tracker Market industry are continuously aiming to expand their product portfolio and presence across different regions. Leading Residential Solar Tracker Market players are focusing on strategic collaborations, mergers, and acquisitions to strengthen their position in the market. To stay competitive and cater to the evolving needs of customers, key players in the Residential Solar Tracker Market are investing in technology and innovation to develop advanced Residential Solar Tracker solutions. These companies are also focusing on providing comprehensive after-sales support and warranty to customers, further enhancing the customer experience and building long-term relationships.SunPower Corporation is a leading provider of high-efficiency solar panels and complete solar systems for residential, commercial, and industrial customers. SunPower has a strong presence and has been recognized for its innovative solar technology, earning accolades such as the J.D. Power Award for customer satisfaction. The company's Residential Solar Tracker product line offers advanced features, including precision tracking, optimized energy production, and sleek aesthetics. SunPower's commitment to sustainability and responsible manufacturing practices has earned it a reputation as a preferred choice among environmentally conscious customers.Soltec is a renowned manufacturer and supplier of solar tracking systems and solutions. The company boasts a wide range of Residential Solar Tracker products tailored to meet the specific requirements of different regions and climates. Soltec's focus on innovation and technology has led to the development of cutting-edge tracking systems that maximize energy yield and improve return on investment for customers. With a strong emphasis on quality and reliability, Soltec has established itself as a trusted partner for installers and homeowners alike. The company's portfolio includes single-axis trackers, dual-axis trackers, and specialized solutions for complex terrains.
Key Companies in the Residential Solar Tracker Market Include
- Seraphim Solar System
- STI Norland
- Nclave
- SunLink
- GameChange Solar
- Powerway
- Soltec
- Arctech Solar
- Array Technologies
- Nextracker
- Ideematec
- Raycatch Technology
- PV Hardware
- Trina Solar
- Boviet Solar
Residential Solar Tracker Market Industry Developments
The Residential Solar Tracker Market is projected to reach USD 10.2 billion by 2032, exhibiting a CAGR of 15.89% during the forecast period. The increasing demand for renewable energy sources, coupled with government incentives and supportive policies, is driving market growth. Technological advancements, such as the development of dual-axis trackers and AI-powered systems, are further enhancing the efficiency and performance of solar trackers. Key players in the market include Array Technologies, Soltec, NEXTracker, and SunPower. Recent developments include the launch of NEXTracker's NX Horizon-X2 single-axis tracker, designed to maximize energy yield and reduce installation time. Additionally, Soltec has introduced its SF7 bifacial tracker, which offers high energy density and improved land utilization.
Residential Solar Tracker Market Segmentation Insights
- Residential Solar Tracker Market System Type Outlook
- Single-Axis Trackers
- Dual-Axis Trackers
- Residential Solar Tracker Market Panel Type Outlook
- Monocrystalline Solar Panels
- Polycrystalline Solar Panels
- Thin-Film Solar Panels
- Residential Solar Tracker Market Installation Type Outlook
- Rooftop Solar Trackers
- Ground-Mounted Solar Trackers
- Residential Solar Tracker Market End-Use Sector Outlook
- Residential
- Commercial
- Industrial
- Utility
- Residential Solar Tracker Market Power Capacity Outlook
- Less than 10 kW
- 10-100 kW
- 100 kW and above
- Residential Solar Tracker Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
Residential Solar Tracker Market Report Scope
| Report Attribute/Metric |
Details |
| Market Size 2022 |
2.33(USD Billion) |
| Market Size 2023 |
2.71(USD Billion) |
| Market Size 2032 |
10.2(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
15.89% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Seraphim Solar System, STI Norland, Nclave, SunLink, GameChange Solar, Powerway, Soltec, Arctech Solar, Array Technologies, Nextracker, Ideematec, Raycatch Technology, PV Hardware, Trina Solar, Boviet Solar |
| Segments Covered |
System Type, Panel Type, Installation Type, End-Use Sector, Power Capacity, Regional |
| Key Market Opportunities |
Increasing government incentives, declining solar panel prices, growing environmental concerns |
| Key Market Dynamics |
Rising energy costs, government incentives, technological advancements, increasing environmental awareness growing adoption of smart homes |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The residential solar tracker market is projected to reach USD 10.2 billion by 2032, exhibiting a CAGR of 15.89% during the forecast period (2024-2032).
North America is anticipated to dominate the market, accounting for over 40% share in 2023, owing to increasing government initiatives to promote renewable energy and rising environmental concerns.
Key growth drivers include rising electricity costs, increasing demand for renewable energy sources, government incentives, and technological advancements.
Major competitors include Array Technologies, Soltec, NEXTracker, DEGERenergie, and SunPower.
Common types include single-axis trackers, dual-axis trackers, and smart trackers, each offering varying degrees of efficiency and cost-effectiveness.
The market is segmented by type (fixed tilt, single-axis, dual-axis), technology (hydraulic, mechanical), application (residential, commercial, industrial), and geography.
Challenges include high upfront costs, lack of skilled labor for installation and maintenance, and space constraints in urban areas.
The market outlook is positive, driven by increasing demand for clean energy, supportive government policies, and technological advancements.
Key trends include the integration of IoT and AI technologies, the rise of micro-inverters, and the growing adoption of solar-plus-storage systems.
Growth opportunities lie in emerging markets, technological innovations, and the expansion of grid-connected solar installations.
