Global Single Axis Solar Pv Tracker Market Overview
As per MRFR analysis, the Single Axis Solar Pv Tracker Market Size was estimated at 6.06 (USD Billion) in 2022. The Single Axis Solar Pv Tracker Market Industry is expected to grow from 6.9 (USD Billion) in 2023 to 22.3 (USD Billion) by 2032. The Single Axis Solar Pv Tracker Market CAGR (growth rate) is expected to be around 13.91% during the forecast period (2024 - 2032).
Key Single Axis Solar Pv Tracker Market Trends Highlighted
The global single-axis solar PV tracker market is poised for robust growth, driven by a surge in solar installations, government initiatives promoting clean energy, and advancements in tracking technology. Key market drivers include rising energy costs and environmental concerns, leading to increased adoption of solar energy solutions. Opportunities exist in emerging markets with high solar potential, as well as in the integration of advanced tracking algorithms for improved energy yield. Recent trends include the development of cost-effective and efficient trackers, the adoption of artificial intelligence (AI) for optimization, and the growing demand for solar-plus-storage systems. These trends are expected to contribute to the continued expansion of the single-axis solar PV tracker market in the coming years.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Single Axis Solar Pv Tracker Market Drivers
Rising Demand for Renewable Energy
Individual governments throughout the world impose strict targets in terms of the implementation of renewables in order to prevent climate change and reduce dependency on fossil fuels. Thus, a prerequisite for the increased use of single-axis solar PV trackers is being created. The trends toward sustainability and the necessity to move to renewable sources of energy clearly affect the development of the global single-axis solar PV tracker market by encouraging and driving its growth.
Hence, as a part of the global policy concerned with reaching the necessary targets in terms of utilizing renewable energy, the single-axis solar PV tracker market is projected to grow massively in the near future.
Technological Advancements and Cost Reductions
The development of high-precision sensors, advanced algorithms, and advanced mechanical systems has increased the accuracy and reliability of tracking with decreasing cost of production being achieved due to certain economies of scale and manufacturing enhancements. As a result, single-axis solar PV trackers have become more available for customers and, therefore, attracted public interest, to some extent, fueling their growing market share.
Favorable Government Policies and Incentives
Comprehensive policies and incentives for solar energy by numerous governments across the globe are propelling the expansion of the single-axis solar PV trackers market. For example, several governments are providing tax credits and rebates, whereas some are devising feed-in tariffs and renewable portfolio standards. These policies offer financial benefits and stimulate a conducive investment climate for single-axis solar PV trackers. Owing to the significance being given to the shift to renewable energy, the encouragement policy will likely continue serving as the vital driver of market progress.
Single Axis Solar Pv Tracker Market Segment Insights
Single Axis Solar Pv Tracker Market Orientation Insights
The orientation segment of the Global Single Axis Solar Pv Tracker Market is classified into horizontal single axis and vertical single axis. The horizontal single axis segment dominated a notable share of the market in 2023, and it will continue its asset for the forecast period. The escalation of the horizontal single axis segment of the market is attributed to the rising prominence of the horizontal single axis solar PV trackers in the utility-scale solar power plants. These trackers are significantly low priced and showcase higher efficacy, unlike vertical single axis trackers.
The vertical single axis segment of the market will also witness promising growth for the forecast period. The governments of many countries, in a bid to reduce their carbon footprint, incited many investors to erect solar panels, resulting in street lamp structures and various other ways. However, with the development of the economy, residential renewable energy is on a growing trend as well. The Global Single Axis Solar Pv Tracker Market revenue for the vertical single axis will be about USD 1.2 billion in 2023, and it will reach nearly USD 3.9 billion by 2032, at a CAGR of 14.56%.
The growing proportion of the single axis solar pv tracker market is due to the growing demand for renewable power, government incentives and technological advancements.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Single Axis Solar Pv Tracker Market Application Insights
One way to segment the Global Single Axis Solar PV Tracker Market is on the basis of its Application. It is expected that the revenue generated by the market from Utility-scale projects will grow notably in the forecasted period. A utility-scale project is a large-scale solar power plant, which is usually connected to the general power grid and provides electricity to a wide range of clients. The growth in this segment is expected to take place because the demand for renewable sources of energy continues to increase and technological advances allow to decrease the costs of solar PV technology.
The performance of commercial and industrial projects will also contribute to the growth of the Global Single Axis Solar PV Tracker Market. These projects are usually characterized by the installation of solar PV systems on the rooftops of commercial or industrial buildings. Finally, the share of residential projects in this market will be smaller, but they are also expected to grow across the forecasted period.
Single Axis Solar Pv Tracker Market Panel Type Insights
The Global Single Axis Solar Pv Tracker Market is segmented by Panel Type into Monocrystalline Panels, Polycrystalline Panels, and Thin-Film Panels. Monocrystalline Panels accounted for the largest revenue share in 2023, and this trend is expected to continue during the forecast period. The high efficiency and long lifespan of Monocrystalline Panels are driving their demand in the Single Axis Solar Pv Tracker Market. Polycrystalline Panels are expected to witness a steady growth rate during the forecast period as they offer a lower-cost alternative to Monocrystalline Panels.
Thin-Film Panels are expected to gain traction in the market, as they are lightweight and flexible, making them suitable for applications where space is limited. The Global Single Axis Solar Pv Tracker Market revenue for Monocrystalline Panels is projected to reach $12.4 billion by 2032, growing at a CAGR of 14.2% from 2024 to 2032.
Single Axis Solar Pv Tracker Market Tracker Type Insights
The Global Single Axis Solar Pv Tracker Market is segmented by Tracker Type into Fixed-tilt Trackers, Tilt-only Trackers, and Hybrid Trackers. Among these, Fixed-tilt Trackers held the largest market share in 2023, accounting for over 60% of the Global Single Axis Solar Pv Tracker Market revenue. Tilt-only Trackers are expected to witness the highest growth rate during the forecast period, owing to their cost-effectiveness and ease of installation. Hybrid Trackers are also gaining popularity due to their ability to track the sun more accurately, resulting in higher energy yields.
Single Axis Solar Pv Tracker Market Drive Mechanism Insights
The Global Single Axis Solar Pv Tracker Market is segmented by Drive Mechanism into Mechanical Drive, Electric Drive, and Hydraulic Drive. In 2023, the Mechanical Drive segment accounted for the largest market share, owing to its low cost and simple design. However, the Electric Drive segment is expected to grow at the highest CAGR during the forecast period due to its higher efficiency and reliability. The Hydraulic Drive segment is expected to account for a small market share due to its higher cost and complexity. The Global Single Axis Solar Pv Tracker Market revenue for the Drive Mechanism segment is expected to reach USD 2.5 billion by 2024, growing at a CAGR of 12.5% during the forecast period.
The growth of the market is attributed to the increasing demand for solar energy, the rising cost of electricity, and the government incentives for the adoption of renewable energy sources. The key players in the Global Single Axis Solar Pv Tracker Market include Array Technologies, Soltec, NEXTracker, and Trina Solar. These companies are focusing on product innovation and expansion into new markets to maintain their market share.
Single Axis Solar Pv Tracker Market Regional Insights
The Global Single Axis Solar Pv Tracker Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, APAC is expected to hold the largest market share in the coming years. This growth is attributed to the increasing demand for renewable energy sources in the region, coupled with government initiatives to promote solar energy adoption. Europe is also expected to witness significant growth in the Single Axis Solar Pv Tracker Market, owing to the rising awareness about the benefits of solar energy and the presence of favorable policies.
North America and MEA are also expected to contribute to the market growth, albeit at a slower pace than APAC and Europe. South America is expected to witness a relatively smaller market share due to the lower adoption of solar energy in the region.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Single Axis Solar Pv Tracker Market Key Players And Competitive Insights
Major players in the Single Axis Solar Pv Tracker Market are strongly focused on developing and innovating new technologies and products. The industry is characterized by intense competition, with leading players constantly investing in research and development to gain a competitive edge. Strategic collaborations and partnerships are also common in the market as companies seek to expand their market reach and enhance their product offerings. The competitive landscape is expected to remain dynamic, with new entrants and emerging technologies potentially disrupting the market in the coming years.
Nextracker, a leading Single Axis Solar Pv Tracker Market player, has a strong global presence and a wide range of products catering to various customer needs. The company is known for its innovative solar tracking technology and has a large installed base worldwide. Its focus on customer satisfaction and continuous product development has helped it maintain a strong position in the market. Nextracker's commitment to sustainability and environmental stewardship also aligns well with the growing emphasis on renewable energy solutions.
Array Technologies, another major competitor in the Single Axis Solar Pv Tracker Market, is recognized for its high-quality products and advanced tracking algorithms. The company has a significant market share and a global customer base. Array Technologies' focus on innovation and its ability to adapt to changing market dynamics have contributed to its success. The company's commitment to providing reliable and efficient solar tracking solutions has earned it a reputation for excellence in the industry.
Key Companies in the Single Axis Solar Pv Tracker Market Include
- JA Solar
- Soltec Power Holdings
- SunPower Corporation
- First Solar
- Array Technologies
- Canadian Solar
- Hanwha Q Cells
- JinkoSolar
- Sharp Corporation
- Kyocera Corporation
- Nextracker
- Arctech Solar
- Fronius International
- Yingli Solar
- Trina Solar
Single Axis Solar Pv Tracker Market Industry Developments
The global single axis solar PV tracker market is projected to grow from an estimated USD 6.9 billion in 2023 to USD 22.3 billion by 2032, at a CAGR of 13.91% during the forecast period. Rising energy demand, increasing adoption of renewable energy sources, and government initiatives to promote solar energy are driving the market growth.
Recent news developments include:
In 2023, Nextracker announced the launch of its NX Horizon-XTM single-axis solar tracker, designed to optimize energy production in utility-scale solar projects.
In 2022, Array Technologies acquired a majority stake in solar tracker manufacturer STI Norland, expanding its global reach and product portfolio.
Key market players include Nextracker, Array Technologies, Soltec, Arctech Solar, and Trina Solar. These companies are focusing on technological advancements to improve the efficiency and reliability of their products.
Single Axis Solar Pv Tracker Market Segmentation Insights
- Single Axis Solar Pv Tracker Market Orientation Outlook
- Horizontal Single Axis
- Vertical Single Axis
- Single Axis Solar Pv Tracker Market Application Outlook
- Utility-Scale Projects
- Commercial and Industrial Projects
- Residential Projects
- Single Axis Solar Pv Tracker Market Panel Type Outlook
- Monocrystalline Panels
- Polycrystalline Panels
- Thin-Film Panels
- Single Axis Solar Pv Tracker Market Tracker Type Outlook
- Fixed-tilt Trackers
- Tilt-only Trackers
- Hybrid Trackers
- Single Axis Solar Pv Tracker Market Drive Mechanism Outlook
- Mechanical Drive
- Electric Drive
- Hydraulic Drive
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Report Attribute/Metric
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Details
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Market Size 2022
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6.06 (USD Billion)
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Market Size 2023
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6.9 (USD Billion)
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Market Size 2032
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22.3 (USD Billion)
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Compound Annual Growth Rate (CAGR)
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13.91% (2024 - 2032)
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Report Coverage
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Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
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Base Year
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2023
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Market Forecast Period
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2024 - 2032
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Historical Data
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2019 - 2023
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Market Forecast Units
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USD Billion
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Key Companies Profiled
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JA Solar, Soltec Power Holdings, SunPower Corporation, First Solar, Array Technologies, Canadian Solar, Hanwha Q Cells, JinkoSolar, Sharp Corporation, Kyocera Corporation, Nextracker, Arctech Solar, Fronius International, Yingli Solar, Trina Solar
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Segments Covered
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Orientation, Application, Panel Type, Tracker Type, Drive Mechanism, Regional
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Key Market Opportunities
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Declining solar PV module costsIncreasing adoption of solar energyTechnological advancements Government incentives and subsidiesGrowing demand from emerging economies
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Key Market Dynamics
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Increasing Adoption of Solar PV Systems Technological Advancements CostEffectiveness Government Initiatives Growing Environmental Concerns
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Countries Covered
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North America, Europe, APAC, South America, MEA
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Frequently Asked Questions (FAQ) :
The Single Axis Solar PV Tracker market is expected to reach a valuation of 6.9 billion USD in 2023 and is projected to grow at a CAGR of 13.91% to reach 22.3 billion USD by 2032.
APAC is the dominant region in the Single Axis Solar PV Tracker market, accounting for over 40% of the global market share. Other key regions include North America, Europe, South America, and the Middle East and Africa.
Utility-scale solar power plants are the primary drivers of the Single Axis Solar PV Tracker market, accounting for over 60% of the global demand. Other applications include commercial and industrial rooftops, and residential solar systems.
Key competitors in the Single Axis Solar PV Tracker market include Array Technologies, Nextracker, Soltec, Arctech Solar, and Trina Solar.
Key trends shaping the Single Axis Solar PV Tracker market include the increasing adoption of solar energy, the declining cost of solar panels, and the growing demand for renewable energy sources.
Challenges facing the Single Axis Solar PV Tracker market include the high upfront cost of solar PV systems, the intermittency of solar power, and the need for large amounts of land for solar farms.
Opportunities for growth in the Single Axis Solar PV Tracker market include the increasing demand for renewable energy, the development of new and more efficient solar PV technologies, and the growing adoption of solar energy in developing countries.
Key factors driving the growth of the Single Axis Solar PV Tracker market include the increasing demand for renewable energy, the declining cost of solar panels, and the growing adoption of solar energy in developing countries.
Key challenges facing the Single Axis Solar PV Tracker market include the high upfront cost of solar PV systems, the intermittency of solar power, and the need for large amounts of land for solar farms.
Key trends shaping the Single Axis Solar PV Tracker market include the increasing adoption of solar energy, the declining cost of solar panels, and the growing adoption of solar energy in developing countries.
