Market Size of Single Axis Solar Tracker Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 25.00 % |
| Fastest Growing Market | Middle-East and Africa |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Single Axis Solar Tracker Market Analysis
The global single-axis solar tracker market is expected to grow at a CAGR of more than 25% over the period of 2020-2025. Factors such as supportive government policies and efforts to meet power demand using renewable energy sources are expected to create a favourable market for solar panels as well as for solar trackers. Limited land availability and growing power demand results in capacity enhancement of fixed solar photo voltaic (PV) panels using solar trackers. Cost-effectiveness in comparison with dual-axis solar trackers makes single-axis trackers more preferable. On the other hand, the high initial investment required to install a tracking system, design complexity, maintenance cost, and the limited capacity of solar tracking systems is expected to restrain the usage of solar trackers. Moreover, due to the high cost of single axis solar trackers, its application is mostly limited to the usage in the utility sector, whereas non-utility segments prefer fixed platform solar PV panels only.
- The single-axis solar trackers are being accepted widely in the market globally. Low cost and less complexity in design in comparison to dual-axis trackers are the significant reasons for the growing popularity of single-axis trackers.
- Energy companies and governments are facing a challenge to increase the power capacity, not only for future projects but also for active projects. With the installation of single-axis solar trackers, a capacity surge of 20%-30% can be achieved. This, in turn, is expected to create a significant amount of opportunities for the companies involved in solar tracking system manufacturing in the upcoming future.
- North America has dominated the market of solar trackers, where the United States has emerged as a significant customer with solar trackers installed in more than 70% projects by the end of 2018.
