Market Size of Solar Tracker Industry
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 36.62 Billion |
| Market Size (2029) | USD 100.51 Billion |
| CAGR (2024 - 2029) | 22.38 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Solar Tracker Market Analysis
The Solar Tracker Market size is estimated at USD 36.62 billion in 2024, and is expected to reach USD 100.51 billion by 2029, growing at a CAGR of 22.38% during the forecast period (2024-2029).
The Solar Tracker Market size is estimated at USD 36.62 billion in 2024, and is expected to reach USD 100.51 billion by 2029, growing at a CAGR of 22.38% during the forecast period (2024-2029).
The market was negatively impacted by COVID-19 in 2020. Presently the market has reached pre-pandemic levels.
- Over the long term, increasing solar PV installations are expected to create demand from solar trackers in the forecast period.
- On the other hand, the high initial investment required to install a tracking system, design complexity, maintenance cost, and limited capacity of solar tracking systems are expected to restrain the usage of solar trackers.
- Nevertheless, factors such as supportive government policies and efforts to meet the increasing power demand using renewable energy sources are expected to create a favorable market for solar panels as well as for solar trackers in the coming years.
- North America has dominated the market of solar trackers, where the United States emerged as a significant customer with solar trackers installed in more than 70% of projects by the end of 2021.
