Solar tracking system market prospects

What is the global solar tracker market size?

The global solar tracker market size was valued USD 50.1 billion in 2024 and is anticipated to grow to USD 111.4 billion in 2034, at a CAGR of 8.5%. Ability to significantly increase the efficiency and output of solar power systems along with decreasing costs of solar trackers will enhance the business statistics.

How will the solar tracker market grow?

Rising investments in numerous solar tracker projects across emerging countries are expected to boost Solar's share of the renewable energy mix, thereby driving market growth. Government incentives, streamlined design, and ongoing solar tracker research are predicted to fuel the solar tracker market.

What is the expected CAGR of the solar trackers market?

The global solar trackers market size was valued at US$ 3.2 billion in 2022. The market is estimated to surge at a CAGR of 7.5% by 2033, reaching a value of about US$ 7.2 billion by 2033.

Is the solar tracker market a competitive market?

The solar tracker market is price competitive, so the solar tracker manufactures have to be operationally efficient and extremely strategic to be successful. The market in Europe is expected to witness substantial growth over the forecast period, owing to the recent increase in the Feed-in Tariff (FIT) rates especially in Germany.