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Report
Solar Tracker Market by Axis Type (Single-axis, Dual-axis), Type (Grid-connected, Off-grid), Application (Utility, Non-utility), Region (Asia Pacific, North America, Europe, Latin America, Middle East & Africa) - Global Forecast to 2029
Market Report I 2025-04-30 I 167 Pages I MarketsandMarkets
The solar tracker market is estimated to reach USD 22.87 billion by 2029 from an estimated value of USD 10.32 billion in 2024, at a CAGR of 17.3% during the forecast period. The Solar Tracker Market is driven by advancements in AI-enabled tracking systems, increasing demand for optimized land use, and the integration of bifacial solar modules. Enhanced durability and reduced maintenance costs make trackers more viable. Additionally, growing emphasis on energy resilience and climate targets prompts greater adoption in disaster-prone and remote regions, fueling overall market expansion.
"Utility segment held larger share of solar tracker market based on application"
The utility segment held a larger share of the solar tracker market in 2023 due to the increasing deployment of large-scale solar power plants to meet growing electricity demand and achieve clean energy targets. Utilities are rapidly adopting solar trackers to maximize energy yield and improve project economics, especially in regions with high solar irradiation. Government incentives, power purchase agreements (PPAs), and favorable grid integration policies are further encouraging investments in utility-scale solar projects. Additionally, the declining cost of solar technology, combined with advancements in tracker design, is making utility-scale projects more efficient and financially viable. Utilities also benefit from economies of scale, which enhance cost-effectiveness and operational efficiency. With the rising need for decarbonization and energy diversification, the utility segment continues to contribute globally to solar tracker installations.
"Single-axis solar trackers to lead market based on axis type"
The single-axis segment continues to hold a strong position in the solar tracker market due to its cost-effectiveness, ease of installation, and proven efficiency in utility-scale solar projects. It allows solar panels to follow the sun's path from east to west, significantly improving energy output compared to fixed-tilt systems. Single-axis trackers are especially suitable for large ground-mounted installations, where maximizing land use and power generation is crucial. Their relatively low operational and maintenance costs make them attractive for investors seeking high returns. Growing adoption in emerging markets, favorable government policies, and increasing demand for renewable energy further accelerate their deployment. As solar energy becomes a cornerstone of global energy strategies, the single-axis tracker segment is expected to maintain its strong market presence, especially in high-solar-radiation regions.
"North America to record second-highest CAGR in solar tracker market"
North America is expected to record the second-highest CAGR in the solar tracker market, driven by supportive policies, technological advancements, and increasing demand for renewable energy. The United States and Canada are leading this growth through substantial investments in utility-scale solar projects, backed by federal and state-level incentives, tax credits, and renewable energy mandates. The adoption of single-axis trackers, particularly in Texas and California, has become prevalent due to their cost-effectiveness and ability to enhance energy yield. Furthermore, integrating bifacial solar modules with tracking systems is gaining traction, offering improved efficiency and reduced levelized cost of electricity (LCOE). The region's focus on grid modernization and the expansion of smart grid infrastructure also contributes to the increased deployment of solar trackers. Additionally, the presence of key industry players and ongoing research and development efforts foster innovation and drive the market. As North America prioritizes clean energy transitions, the solar tracker market is poised for significant growth in the coming years.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information and assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1 - 40%, Tier 2 - 33%, and Tier 3 - 27%
By Designation: C-Level Executives - 50%, Directors - 30%, and Other Designations- 20%
By Region: North America - 15%, Europe - 30%, Asia Pacific - 40%, Latin America - 10%, and Middle East & Africa - 5%
Note: Other designations include product engineers, product specialists, and engineering leads.
The tiers of the companies are defined based on their total revenues as of 2023. Tier 1: >USD 1 billion, Tier 2: from USD 500 million to USD 1 billion, and Tier 3:
A few major players with a wide regional presence dominate the solar tracker market. The leading players in solar tracker market are Nextracker Inc. (US), Array Technologies Inc. (Mexico), PVHardware (Spain), Soltec (US), Gamechanger Solar (US), ARCTECH (China), FTC Solar (US), Valmont Industries, Inc. (US), All Earth Renewables (UK), Xiamen Grace Solar New Energy Technology Co., Ltd. (China), Sun Action Trackers (US), Trinasolar (China), ADES TEMPERO GROUP (Spain), Aivatechnology (US), and ArcelorMittal (Luxembourg),
Research Coverage:
The report defines, describes, and forecasts the solar tracker market by axis type and application for various regions. It also offers detailed qualitative and quantitative analyses of the market. The report comprehensively reviews the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the solar tracker market.
Key Benefits of Buying Report
- The solar tracker market is driven by the global transition to renewable energy, growing demand for high-efficiency solar power systems, and the pressing need to optimize energy output from photovoltaic installations. As utility-scale solar projects expand, solar trackers play a crucial role in enhancing power generation by adjusting panel orientation to follow the sun's path. Increasing government support, favorable policies, and feed-in tariffs encourage solar adoption across developed and emerging economies. Additionally, integrating smart technologies, declining solar component costs, and the push to reduce the levelized cost of electricity (LCOE) are accelerating tracker deployment. The expansion of grid-connected solar farms, the growing demand for electricity, and the rising emphasis on sustainable infrastructure development further boost the market. With a strong focus on improving solar plant efficiency and maximizing return on investment, solar trackers have become a key component in the clean energy transition, driving market growth.
- Product Development/Innovation: The solar tracker market is centered on advancing precision, automation, and durability in tracking technologies to enhance solar energy output. Companies are developing smart tracking systems with real-time weather adaptation, machine learning algorithms, and remote monitoring capabilities to optimize panel orientation. Innovations include robust dual-axis trackers for higher yield and terrain-adaptive single-axis systems for challenging landscapes. Integration of IoT and AI enables predictive maintenance, reducing downtime and operational costs. Materials innovations focus on corrosion resistance and lightweight designs to extend system lifespan. These product developments ensure greater energy efficiency and play a vital role in accelerating solar adoption globally.
- Market Development: In April 2024, Nextracker launched the Industry's first low-carbon solar tracker solution, the NX Horizon solar tracker system.
- Market Diversification: Array Technologies Inc. and Alupco AStrategic partnered to meet the growing demand for renewable energy in the Middle East.
- Competitive Assessment: Assessment of rankings - some key players, including Nextracker Inc. (US), Array Technologies Inc. (Mexico), PVHardware (Spain), Soltec (US), Gamechange Solar (US), ARCTECH (China), FTC Solar (US), Valmont Industries, Inc. (US), All Earth Renewables (UK), Xiamen Grace Solar New Energy Technology Co., Ltd. (China), and Sun Action Trackers (US).
1 INTRODUCTION 18
1.1 STUDY OBJECTIVES 18
1.2 MARKET DEFINITION 18
1.3 STUDY SCOPE 19
1.3.1 MARKETS COVERED AND REGIONAL SCOPE 19
1.3.2 INCLUSIONS AND EXCLUSIONS 20
1.3.3 YEARS CONSIDERED 20
1.4 CURRENCY CONSIDERED 21
1.5 LIMITATIONS 21
1.6 STAKEHOLDERS 21
2 RESEARCH METHODOLOGY 22
2.1 RESEARCH DATA 22
2.1.1 PRIMARY AND SECONDARY DATA 23
2.1.1.1 Key data from secondary sources 23
2.1.2 PRIMARY DATA 23
2.1.2.1 Key data from primary sources 24
2.1.2.2 List of primary interview participants 24
2.1.2.3 Breakdown of primary interviews 25
2.1.2.4 Key data from primary sources 25
2.2 MARKET SIZE ESTIMATION 26
2.2.1 BOTTOM-UP APPROACH 26
2.2.2 TOP-DOWN APPROACH 26
2.2.3 SUPPLY-SIDE CALCULATIONS 27
2.2.4 SUPPLY-SIDE ASSUMPTIONS 27
2.2.5 DEMAND-SIDE CALCULATIONS 28
2.2.6 DEMAND-SIDE ASSUMPTIONS 28
2.3 FORECAST MARKET SIZE ESTIMATION 28
2.4 DATA TRIANGULATION 29
2.5 FACTOR ANALYSIS 30
2.6 RESEARCH ASSUMPTIONS 30
2.7 GROWTH FORECAST 31
2.8 RESEARCH LIMITATIONS 31
2.9 RISK ANALYSIS 31
3 EXECUTIVE SUMMARY 32
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4 PREMIUM INSIGHTS 35
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS INSOLAR TRACKER MARKET 35
4.2 SOLAR TRACKER MARKET, BY REGION 36
4.3 SOLAR TRACKER MARKET, BY TYPE 36
4.4 SOLAR TRACKER MARKET, BY AXIS TYPE 37
4.5 SOLAR TRACKER MARKET, BY APPLICATION 37
5 MARKET OVERVIEW 38
5.1 INTRODUCTION 38
5.2 MARKET DYNAMICS 38
5.2.1 DRIVERS 39
5.2.1.1 Government incentives and strategic partnerships to
achieve clean energy targets 39
5.2.1.2 Efficiency gains and technological evolution in solar tracking 39
5.2.2 RESTRAINTS 40
5.2.2.1 Higher initial costs 40
5.2.2.2 Complex installation process 40
5.2.3 OPPORTUNITIES 41
5.2.3.1 Increasing focus on enhancing grid stability and dependability 41
5.2.3.2 Surging use in rooftop and utility-scale projects due to
design flexibility 41
5.2.4 CHALLENGES 42
5.2.4.1 High maintenance requirements 42
5.2.4.2 Significant energy consumption 42
5.2.4.3 Regularity and permitting challenges 42
5.3 PORTER'S FIVE FORCES ANALYSIS 43
5.3.1 THREAT OF NEW ENTRANTS 44
5.3.2 THREAT OF SUBSTITUTES 44
5.3.3 BARGAINING POWER OF SUPPLIERS 44
5.3.4 BARGAINING POWER OF BUYERS 45
5.3.5 INTENSITY OF COMPETITIVE RIVALRY 45
5.4 KEY STAKEHOLDERS AND BUYING CRITERIA 46
5.4.1 KEY STAKEHOLDERS IN BUYING PROCESS 46
5.4.2 BUYING CRITERIA 46
5.5 SUPPLY CHAIN ANALYSIS 47
5.6 TRADE ANALYSIS 48
5.6.1 HS CODE 854143 48
5.6.1.1 Export scenario 48
5.6.1.2 Import scenario 50
5.6.2 HS CODE 854142 51
5.6.2.1 Export scenario 51
5.6.2.2 Import scenario 52
5.7 PATENT ANALYSIS 53
5.7.1 INTRODUCTION 53
5.7.2 METHODOLOGY 53
5.7.3 INSIGHTS 54
5.7.4 JURISDICTION ANALYSIS 54
5.7.5 TOP APPLICANTS 55
5.7.6 PATENTS BY NEXTRACKER INC., 2023 55
5.7.7 PATENTS BY SOLTEC INNOVATIONS SL, 2023 56
5.7.8 PATENTS BY ARRAY TECHNOLOGIES, INC., 2022-2023 56
5.8 REGULATORY LANDSCAPE 56
5.8.1 REGULATORY BODIES, GOVERNMENT AGENCIES,
AND OTHER ORGANIZATIONS 57
5.9 KEY CONFERENCES AND EVENTS, 2024-2025 59
5.10 CASE STUDY ANALYSIS 60
5.10.1 SHARP HELPED BIG C SUPERMARKET (THAILAND) WITH
INSTALLATION OF ROOFTOP SOLAR PANELS 60
5.10.2 HEWLETT PACKARD (HP) INSTALLED SOLAR PANELS ON
ITS ROOFTOPS WITH HELP OF SHARP (JAPAN) 60
5.11 TRENDS AND DISRUPTIONS IMPACTING CUSTOMER BUSINESS 61
6 TECHNOLOGIES USED IN SOLAR TRACKERS 62
6.1 INTRODUCTION 62
6.2 SOLAR PHOTOVOLTAIC 62
6.3 CONCENTRATED PHOTOVOLTAIC 62
7 SOLAR TRACKER MARKET, BY TYPE 63
7.1 INTRODUCTION 64
7.2 GRID-CONNECTED 65
7.2.1 SMALLER INITIAL INVESTMENTS OFFERING FINANCIAL BENEFITS TO
SPIKE DEMAND 65
7.3 OFF-GRID 66
7.3.1 ABILITY TO MEET DEMANDS OF REMOTE INDUSTRIAL, RESIDENTIAL,
AND SPECIALIZED APPLICATIONS TO FUEL SEGMENTAL GROWTH 66
8 SOLAR TRACKER MARKET, BY AXIS TYPE 67
8.1 INTRODUCTION 68
8.2 SINGLE-AXIS 69
8.2.1 COST-EFFECTIVENESS AND EASE OF MAINTENANCE TO
ACCELERATE DEMAND 69
8.3 DUAL-AXIS 70
8.3.1 SUBSTANTIAL DEMAND FOR CLEAN ENERGY TO DRIVE MARKET 70
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9 SOLAR TRACKER MARKET, BY APPLICATION 71
9.1 INTRODUCTION 72
9.2 UTILITY 73
9.2.1 NEED TO MAXIMIZE ENERGY GENERATION AND
OPTIMIZE LAND USAGE EFFICIENCY TO BOOST DEMAND 73
9.3 NON-UTILITY 73
9.3.1 HIGH INSTALLATIONS IN RESIDENTIAL AND
INDUSTRIAL SETUPS TO DRIVE MARKET 73
10 SOLAR TRACKER MARKET, BY REGION 75
10.1 INTRODUCTION 76
10.2 NORTH AMERICA 77
10.2.1 US 79
10.2.1.1 Federal policies boosting solar energy integration to drive market 79
10.2.2 CANADA 80
10.2.2.1 Commitment toward reducing GHG emissions and transitioning to renewable energy sources to create opportunities 80
10.2.3 MEXICO 80
10.2.3.1 Abundant solar resources and ambitious renewable energy goals to boost demand 80
10.3 EUROPE 80
10.3.1 GERMANY 82
10.3.1.1 Government policies and initiatives to establish solar plants to support market growth 82
10.3.2 ITALY 82
10.3.2.1 Targets for emission reductions and energy efficiency to contribute to market growth 82
10.3.3 SPAIN 83
10.3.3.1 Energy transformation targets to support market growth 83
10.3.4 REST OF EUROPE 83
10.4 ASIA PACIFIC 84
10.4.1 CHINA 86
10.4.1.1 Extensive deployment of solar energy projects to drive market 86
10.4.2 INDIA 87
10.4.2.1 Government initiatives and generous subsidies to propel market 87
10.4.3 JAPAN 87
10.4.3.1 Substantial investment in large-scale solar projects to
create opportunities 87
10.4.4 AUSTRALIA & NEW ZEALAND ESTATE 88
10.4.4.1 Significant demand for solar trackers from commercial &
industrial applications to foster market growth 88
10.4.5 SOUTH KOREA 88
10.4.5.1 Government's commitment to expand renewable energy infrastructure to boost demand 88
10.4.6 REST OF ASIA PACIFIC 88
10.5 LATIN AMERICA 89
10.5.1 BRAZIL 90
10.5.1.1 Greater emphasis on federal government policies on
promoting solar energy to meet fuel demand 90
10.5.2 REST OF LATIN AMERICA 90
10.6 MIDDLE EAST & AFRICA 91
10.6.1 SAUDI ARABIA 92
10.6.1.1 Clean energy initiatives to contribute to market growth 92
10.6.2 REST OF MIDDLE EAST & AFRICA 93
11 COMPETITIVE LANDSCAPE 94
11.1 OVERVIEW 94
11.2 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2019-2024 94
11.3 REVENUE ANALYSIS, 2021-2023 96
11.4 MARKET SHARE ANALYSIS, 2023 96
11.5 COMPANY FINANCIAL METRICS 99
11.6 BRAND/PRODUCT COMPARISON 100
11.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023 100
11.7.1 STARS 100
11.7.2 EMERGING LEADERS 100
11.7.3 PERVASIVE PLAYERS 101
11.7.4 PARTICIPANTS 101
11.7.5 COMPANY FOOTPRINT: KEY PLAYERS, 2023 102
11.7.5.1 Company footprint 102
11.7.5.2 Region footprint 104
11.7.5.3 Axis type footprint 105
11.7.5.4 Application footprint 106
11.8 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023 106
11.8.1 PROGRESSIVE COMPANIES 106
11.8.2 RESPONSIVE COMPANIES 107
11.8.3 DYNAMIC COMPANIES 107
11.8.4 STARTING BLOCKS 107
11.8.5 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2023 108
11.8.5.1 Detailed list of key startups/SMEs 108
11.8.5.2 Competitive benchmarking of key startups/SMEs 109
11.9 COMPETITIVE SCENARIO 109
11.9.1 PRODUCT LAUNCHES 109
11.9.2 DEALS 110
11.9.3 EXPANSIONS 111
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12 COMPANY PROFILES 112
12.1 KEY COMPANIES 112
12.1.1 NEXTRACKER INC. 112
12.1.1.1 Business overview 112
12.1.1.2 Products/Solutions/Services offered 113
12.1.1.3 Recent developments 114
12.1.1.3.1 Product launches 114
12.1.1.3.2 Deals 114
12.1.1.3.3 Expansions 115
12.1.1.4 MnM view 115
12.1.1.4.1 Key strengths/Right to win 115
12.1.1.4.2 Strategic choices 115
12.1.1.4.3 Weaknesses/Competitive threats 116
12.1.2 ARRAY TECHNOLOGIES, INC. 117
12.1.2.1 Business overview 117
12.1.2.2 Products/Solutions/Services offered 119
12.1.2.3 Recent developments 119
12.1.2.3.1 Deals 119
12.1.2.4 MnM view 120
12.1.2.4.1 Key strengths/Right to win 120
12.1.2.4.2 Strategic choices 120
12.1.2.4.3 Weaknesses/Competitive threats 120
12.1.3 PVHARDWARE 121
12.1.3.1 Business overview 121
12.1.3.2 Products/Solutions/Services offered 121
12.1.3.3 Recent developments 122
12.1.3.3.1 Deals 122
12.1.3.4 MnM view 122
12.1.3.4.1 Key strengths/Right to win 122
12.1.3.4.2 Strategic choices 122
12.1.3.4.3 Weaknesses/Competitive threats 122
12.1.4 SOLTEC 123
12.1.4.1 Business overview 123
12.1.4.2 Products/Solutions/Services offered 124
12.1.4.3 Recent developments 125
12.1.4.3.1 Product launches 125
12.1.4.3.2 Deals 125
12.1.4.4 MnM view 126
12.1.4.4.1 Key strengths/Right to win 126
12.1.4.4.2 Strategic choices 126
12.1.4.4.3 Weaknesses/Competitive threats 126
?
12.1.5 GAMECHANGE SOLAR 127
12.1.5.1 Business overview 127
12.1.5.2 Products/Solutions/Services offered 127
12.1.5.3 Recent developments 128
12.1.5.3.1 Deals 128
12.1.5.3.2 Expansions 128
12.1.5.4 MnM view 128
12.1.5.4.1 Key strengths/Right to win 128
12.1.5.4.2 Strategic choices 129
12.1.5.4.3 Weaknesses/Competitive threats 129
12.1.6 ARCTECH 130
12.1.6.1 Business overview 130
12.1.6.2 Products/Solutions/Services offered 131
12.1.6.3 Recent developments 132
12.1.6.3.1 Deals 132
12.1.6.4 MnM view 132
12.1.6.4.1 Key strengths/Right to win 132
12.1.6.4.2 Strategic choices 132
12.1.6.4.3 Weaknesses/Competitive threats 132
12.1.7 FTC SOLAR 133
12.1.7.1 Business overview 133
12.1.7.2 Products/Solutions/Services offered 134
12.1.7.3 Recent developments 135
12.1.7.3.1 Product launches 135
12.1.7.3.2 Deals 135
12.1.7.4 MnM views 136
12.1.7.4.1 Key strengths/Right to win 136
12.1.7.4.2 Strategic choices 136
12.1.7.4.3 Weaknesses/Competitive threats 136
12.1.8 VALMONT INDUSTRIES, INC. 137
12.1.8.1 Business overview 137
12.1.8.2 Products/Solutions/Services offered 138
12.1.8.3 Recent developments 139
12.1.8.3.1 Deals 139
12.1.8.4 MnM view 139
12.1.8.4.1 Key strengths/Right to win 139
12.1.8.4.2 Strategic choices 139
12.1.8.4.3 Weaknesses/Competitive threats 139
?
12.1.9 ALL EARTH RENEWABLES 140
12.1.9.1 Business overview 140
12.1.9.2 Products/Solutions/Services offered 140
12.1.9.3 MnM view 140
12.1.9.3.1 Key strengths/Right to win 140
12.1.9.3.2 Strategic choices 141
12.1.9.3.3 Weaknesses/Competitive threats 141
12.1.10 XIAMEN GRACE SOLAR NEW ENERGY TECHNOLOGY CO., LTD. 142
12.1.10.1 Business overview 142
12.1.10.2 Products/Solutions/Services offered 142
12.1.10.3 MnM view 143
12.1.10.3.1 Key strengths/Right to win 143
12.1.10.3.2 Strategic choices 143
12.1.10.3.3 Weaknesses/Competitive threats 143
12.1.11 SUN ACTION TRACKERS 144
12.1.11.1 Business overview 144
12.1.11.2 Products/Solutions/Services offered 144
12.1.11.3 MnM view 144
12.1.11.3.1 Key strengths/Right to win 144
12.1.11.3.2 Strategic choices 144
12.1.11.3.3 Weaknesses/Competitive threats 145
12.1.12 TRINASOLAR 146
12.1.12.1 Business overview 146
12.1.12.2 Products/Solutions/Services offered 147
12.1.12.3 Recent developments 148
12.1.12.3.1 Deals 148
12.1.12.4 MnM view 148
12.1.12.4.1 Key strengths/Right to win 148
12.1.12.4.2 Strategic choices 148
12.1.12.4.3 Weaknesses/Competitive threats 148
12.1.13 ADES TEMPERO GROUP 149
12.1.13.1 Business overview 149
12.1.13.2 Products/Solutions/Services offered 149
12.1.13.3 MnM view 149
12.1.13.3.1 Key strengths/Right to win 149
12.1.13.3.2 Strategic choices 149
12.1.13.3.3 Weaknesses/Competitive threats 149
12.1.14 AIVATECHOLOGY 150
12.1.14.1 Business overview 150
12.1.14.2 Products/Solutions/Services offered 150
12.1.14.3 MnM view 150
12.1.14.3.1 Key strengths/Right to win 150
12.1.14.3.2 Strategic choices 150
12.1.14.3.3 Weaknesses/Competitive threats 151
12.1.15 ARCELORMITTAL 152
12.1.15.1 Business overview 152
12.1.15.2 Products/Solutions/Services offered 153
12.1.15.3 MnM view 154
12.1.15.3.1 Key strengths/Right to win 154
12.1.15.3.2 Strategic choices 154
12.1.15.3.3 Weaknesses/Competitive threats 154
12.2 OTHER PLAYERS 155
12.2.1 GONVARRI SOLAR STEEL 155
12.2.2 MECASOLAR 155
12.2.3 ASUN TRACKERS PVT. LTD. 156
12.2.4 ATEC ROBOTICS 156
12.2.5 SHANDONG ZHAORI NEW ENERGY TECH. CO., LTD. 157
12.2.6 ENERGY XPRT 157
12.2.7 OPTIMUM-TRACKER 158
12.2.8 TRACKERS FEINA S.L. 158
12.2.9 FLEXRACK BY QCELLS, LLC 159
12.2.10 SOLARGIK LTD. 159
13 APPENDIX 160
13.1 DISCUSSION GUIDE 160
13.2 KNOWLEDGE STORE: MARKETSANDMARKETS' SUBSCRIPTION PORTAL 163
13.3 CUSTOMIZATION OPTIONS 165
13.4 RELATED REPORTS 165
13.5 AUTHOR DETAILS 166
TABLE 1 KEY PRIMARY INTERVIEW PARTICIPANTS 24
TABLE 2 SOLAR TRACKER MARKET SNAPSHOT 32
TABLE 3 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY APPLICATION 46
TABLE 4 KEY BUYING CRITERIA FOR SOLAR TRACKER APPLICATIONS 47
TABLE 5 EXPORT DATA FOR HS CODE 854143-COMPLIANT PRODUCTS, BY COUNTRY, 2022-2023 (USD THOUSAND) 49
TABLE 6 IMPORT DATA FOR HS CODE 854143-COMPLIANT PRODUCTS, BY COUNTRY,
2022-2023 (USD THOUSAND) 50
TABLE 7 EXPORT DATA FOR HS CODE 854142-COMPLIANT PRODUCTS, BY COUNTRY,
2022-2023 (USD THOUSAND) 51
TABLE 8 IMPORT DATA FOR HS CODE 854142-COMPLIANT PRODUCTS, BY COUNTRY,
2022-2023 (USD THOUSAND) 52
TABLE 9 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,
AND OTHER ORGANIZATIONS 57
TABLE 10 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,
AND OTHER ORGANIZATIONS 57
TABLE 11 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,
AND OTHER ORGANIZATIONS 58
TABLE 12 ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,
AND OTHER ORGANIZATIONS 59
TABLE 13 SOLAR TRACKER MARKET: LIST OF MAJOR CONFERENCES AND EVENTS,
2024-2025 59
TABLE 14 SOLAR TRACKER MARKET, BY TYPE, 2022-2029 (USD MILLION) 64
TABLE 15 GRID-CONNECTED: SOLAR TRACKER MARKET, BY REGION,
2022-2029 (USD MILLION) 65
TABLE 16 OFF-GRID: SOLAR TRACKER MARKET, BY REGION, 2022-2029 (USD MILLION) 66
TABLE 17 SOLAR TRACKER MARKET, BY AXIS TYPE, 2022-2029 (USD MILLION) 68
TABLE 18 SINGLE-AXIS: SOLAR TRACKER MARKET, BY REGION, 2022-2029 (USD MILLION) 69
TABLE 19 DUAL-AXIS: SOLAR TRACKER MARKET, BY REGION, 2022-2029 (USD MILLION) 70
TABLE 20 SOLAR TRACKER MARKET, BY APPLICATION, 2022-2029 (USD MILLION) 72
TABLE 21 UTILITY: SOLAR TRACKER MARKET, BY REGION, 2022-2029 (USD MILLION) 73
TABLE 22 NON-UTILITY: SOLAR TRACKER MARKET, BY REGION, 2022-2029 (USD MILLION) 74
TABLE 23 SOLAR TRACKER MARKET, BY REGION, 2022-2029 (USD MILLION) 77
TABLE 24 NORTH AMERICA: SOLAR TRACKER MARKET, BY TYPE, 2022-2029 (USD MILLION) 78
TABLE 25 NORTH AMERICA: SOLAR TRACKER MARKET, BY AXIS TYPE,
2022-2029 (USD MILLION) 78
TABLE 26 NORTH AMERICA: SOLAR TRACKER MARKET, BY APPLICATION,
2022-2029 (USD MILLION) 79
TABLE 27 NORTH AMERICA: SOLAR TRACKER MARKET, BY COUNTRY,
2022-2029 (USD MILLION) 79
TABLE 28 EUROPE: SOLAR TRACKER MARKET, BY TYPE, 2022-2029 (USD MILLION) 81
TABLE 29 EUROPE: SOLAR TRACKER MARKET, BY AXIS TYPE, 2022-2029 (USD MILLION) 81
TABLE 30 EUROPE: SOLAR TRACKER MARKET, BY APPLICATION, 2022-2029 (USD MILLION) 81
TABLE 31 EUROPE: SOLAR TRACKER MARKET, BY COUNTRY, 2022-2029 (USD MILLION) 81
TABLE 32 ASIA PACIFIC: SOLAR TRACKER MARKET, BY TYPE, 2022-2029 (USD MILLION) 85
TABLE 33 ASIA PACIFIC: SOLAR TRACKER MARKET, BY AXIS TYPE,
2022-2029 (USD MILLION) 86
TABLE 34 ASIA PACIFIC: SOLAR TRACKER MARKET, BY APPLICATION,
2022-2029 (USD MILLION) 86
TABLE 35 ASIA PACIFIC: SOLAR TRACKER MARKET, BY COUNTRY,
2022-2029 (USD MILLION) 86
TABLE 36 LATIN AMERICA: SOLAR TRACKER MARKET, BY TYPE, 2022-2029 (USD MILLION) 89
TABLE 37 LATIN AMERICA: SOLAR TRACKER MARKET, BY AXIS TYPE,
2022-2029 (USD MILLION) 89
TABLE 38 LATIN AMERICA: SOLAR TRACKER MARKET, BY APPLICATION,
2022-2029 (USD MILLION) 89
TABLE 39 LATIN AMERICA: SOLAR TRACKER MARKET, BY COUNTRY,
2022-2029 (USD MILLION) 90
TABLE 40 MIDDLE EAST & AFRICA: SOLAR TRACKER MARKET, BY TYPE,
2022-2029 (USD MILLION) 91
TABLE 41 MIDDLE EAST & AFRICA: SOLAR TRACKER MARKET, BY AXIS TYPE,
2022-2029 (USD MILLION) 91
TABLE 42 MIDDLE EAST & AFRICA: SOLAR TRACKER MARKET, BY APPLICATION,
2022-2029 (USD MILLION) 92
TABLE 43 MIDDLE EAST & AFRICA: SOLAR TRACKER MARKET, BY COUNTRY,
2022-2029 (USD MILLION) 92
TABLE 44 STRATEGIES ADOPTED BY SOLAR TRACKER MANUFACTURERS, 2019-2024 94
TABLE 45 SOLAR TRACKER MARKET: DEGREE OF COMPETITION, 2023 97
TABLE 46 SOLAR TRACKER MARKET: REGION FOOTPRINT 104
TABLE 47 SOLAR TRACKER MARKET: AXIS TYPE FOOTPRINT 105
TABLE 48 SOLAR TRACKER MARKET: APPLICATION FOOTPRINT 106
TABLE 49 SOLAR TRACKER MARKET: LIST OF KEY STARTUPS/SMES 108
TABLE 50 SOLAR TRACKER MARKET: COMPETITIVE BENCHMARKING OF
KEY STARTUPS/SMES 109
TABLE 51 SOLAR TRACKER MARKET: PRODUCT LAUNCHES, JANUARY 2019-JUNE 2024 109
TABLE 52 SOLAR TRACKER MARKET: DEALS, JANUARY 2019-JUNE 2024 110
TABLE 53 SOLAR TRACKER MARKET: EXPANSIONS, JANUARY 2019-JUNE 2024 111
TABLE 54 NEXTRACKER INC.: COMPANY OVERVIEW 112
TABLE 55 NEXTRACKER INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 113
TABLE 56 NEXTRACKER INC.: PRODUCT LAUNCHES 114
TABLE 57 NEXTRACKER INC.: DEALS 114
TABLE 58 NEXTRACKER INC.: EXPANSIONS 115
TABLE 59 ARRAY TECHNOLOGIES, INC.: COMPANY OVERVIEW 117
TABLE 60 ARRAY TECHNOLOGIES, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 119
TABLE 61 ARRAY TECHNOLOGIES, INC.: DEALS 119
TABLE 62 PVHARDWARE: COMPANY OVERVIEW 121
TABLE 63 PVHARDWARE: PRODUCTS/SOLUTIONS/SERVICES OFFERED 121
TABLE 64 PVHARDWARE: DEALS 122
TABLE 65 SOLTEC: COMPANY OVERVIEW 123
TABLE 66 SOLTEC: PRODUCTS/SOLUTIONS/SERVICES OFFERED 124
TABLE 67 SOLTEC: PRODUCT LAUNCHES 125
TABLE 68 SOLTEC: DEALS 125
TABLE 69 GAMECHANGE SOLAR: COMPANY OVERVIEW 127
TABLE 70 GAMECHANGE SOLAR: PRODUCTS/SOLUTIONS/SERVICES OFFERED 127
TABLE 71 GAMECHANGE SOLAR: DEALS 128
TABLE 72 GAMECHANGE SOLAR: EXPANSIONS 128
TABLE 73 ARCTECH: COMPANY OVERVIEW 130
TABLE 74 ARCTECH: PRODUCTS/SOLUTIONS/SERVICES OFFERED 131
TABLE 75 ARCTECH: DEALS 132
TABLE 76 FTC SOLAR: COMPANY OVERVIEW 133
TABLE 77 FTC SOLAR: PRODUCTS/SOLUTIONS/SERVICES OFFERED 134
TABLE 78 FTC SOLAR: PRODUCT LAUNCHES 135
TABLE 79 FTC SOLAR: DEALS 135
TABLE 80 VALMONT INDUSTRIES, INC.: COMPANY OVERVIEW 137
TABLE 81 VALMONT INDUSTRIES, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 138
TABLE 82 VALMONT INDUSTRIES, INC.: DEALS 139
TABLE 83 ALL EARTH RENEWABLES: COMPANY OVERVIEW 140
TABLE 84 ALL EARTH RENEWABLES: PRODUCTS/SOLUTIONS/SERVICES OFFERED 140
TABLE 85 XIAMEN GRACE SOLAR NEW ENERGY TECHNOLOGY CO., LTD.:
COMPANY OVERVIEW 142
TABLE 86 XIAMEN GRACE SOLAR NEW ENERGY TECHNOLOGY CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 142
TABLE 87 SUN ACTION TRACKERS: COMPANY OVERVIEW 144
TABLE 88 SUN ACTION TRACKERS: PRODUCTS/SOLUTIONS/SERVICES OFFERED 144
TABLE 89 TRINASOLAR: COMPANY OVERVIEW 146
TABLE 90 TRINASOLAR: PRODUCTS/SOLUTIONS/SERVICES OFFERED 147
TABLE 91 TRINASOLAR: DEALS 148
TABLE 92 ADES TEMPERO GROUP: COMPANY OVERVIEW 149
TABLE 93 ADES TEMPERO GROUP PRODUCTS/SOLUTIONS/SERVICES OFFERED 149
TABLE 94 AIVATECHOLOGY: COMPANY OVERVIEW 150
TABLE 95 AIVATECHOLOGY: PRODUCTS/SOLUTIONS/SERVICES OFFERED 150
TABLE 96 ARCELORMITTAL: COMPANY OVERVIEW 152
TABLE 97 ARCELORMITTAL: PRODUCTS/SOLUTIONS/SERVICES OFFERED 153
TABLE 98 GONVARRI SOLAR STEEL: COMPANY OVERVIEW 155
TABLE 99 MECASOLAR: COMPANY OVERVIEW 155
TABLE 100 ASUN TRACKERS PVT. LTD.: COMPANY OVERVIEW 156
TABLE 101 ATEC ROBOTICS: COMPANY OVERVIEW 156
TABLE 102 SHANDONG ZHAORI NEW ENERGY TECH. CO., LTD.: COMPANY OVERVIEW 157
TABLE 103 ENERGY XPRT: COMPANY OVERVIEW 157
TABLE 104 OPTIMUM-TRACKER: COMPANY OVERVIEW 158
TABLE 105 TRACKERS FEINA S.L.: COMPANY OVERVIEW 158
TABLE 106 FLEXRACK BY QCELLS, LLC: COMPANY OVERVIEW 159
TABLE 107 SOLARGIK LTD.: COMPANY OVERVIEW 159
FIGURE 1 SOLAR TRACKER MARKET SEGMENTATION AND REGIONAL SCOPE 19
FIGURE 2 SOLAR TRACKER MARKET: RESEARCH DESIGN 22
FIGURE 3 KEY DATA FROM SECONDARY SOURCES 23
FIGURE 4 KEY DATA FROM PRIMARY SOURCES 24
FIGURE 5 BREAKDOWN OF PRIMARIES: BY COMPANY TYPE, DESIGNATION, AND REGION 25
FIGURE 6 KEY DATA FROM PRIMARY SOURCES 25
FIGURE 7 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 26
FIGURE 8 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 26
FIGURE 9 SUPPLY-SIDE ANALYSIS 27
FIGURE 10 DEMAND-SIDE ANALYSIS 28
FIGURE 11 SOLAR TRACKER MARKET: DATA TRIANGULATION 29
FIGURE 12 SOLAR TRACKER MARKET: FACTOR ANALYSIS 30
FIGURE 13 NORTH AMERICA ACCOUNTED FOR LARGEST SHARE OF
SOLAR TRACKER MARKET IN 2023 33
FIGURE 14 GRID-CONNECTED SEGMENT TO LEAD SOLAR TRACKER MARKET IN 2024 33
FIGURE 15 DUAL-AXIS SEGMENT TO REGISTER HIGHER CAGR IN
SOLAR TRACKER MARKET DURING FORECAST PERIOD 34
FIGURE 16 UTILITY SEGMENT TO DOMINATE SOLAR TRACKER MARKET IN 2024 34
FIGURE 17 GREEN ENERGY GOALS TO BOOST MARKET GROWTH BETWEEN 2024 AND 2029 35
FIGURE 18 ASIA PACIFIC TO WITNESS HIGHEST CAGR DURING FORECAST PERIOD 36
FIGURE 19 GRID-CONNECTED SEGMENT TO ACCOUNT FORLARGER MARKET SHARE IN 2029 36
FIGURE 20 SINGLE-AXIS SEGMENT TO CAPTURE MAJORITY OF MARKET SHARE IN 2029 37
FIGURE 21 UTILITY SEGMENT TO GRAB PROMINENT MARKET SHARE IN 2029 37
FIGURE 22 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
INSOLAR TRACKER MARKET 38
FIGURE 23 SOLAR TRACKER MARKET: PORTER'S FIVE FORCES ANALYSIS 43
FIGURE 24 INFLUENCE OF KEY STAKEHOLDERS ON BUYING PROCESS, BY APPLICATION 46
FIGURE 25 KEY BUYING CRITERIA FOR SOLAR TRACKERS, BY APPLICATION 46
FIGURE 26 SOLAR TRACKER MARKET: SUPPLY CHAIN ANALYSIS 47
FIGURE 27 EXPORT SCENARIO FOR HS CODE 854143-COMPLIANT PRODUCTS IN
TOP 5 COUNTRIES, 2022-2023 (USD THOUSAND) 49
FIGURE 28 IMPORT SCENARIO FOR HS CODE 854143-COMPLIANT PRODUCTS IN
TOP 5 COUNTRIES, 2022-2023 (USD THOUSAND) 50
FIGURE 29 EXPORT SCENARIO FOR HS CODE 854142-COMPLIANT PRODUCTS IN
TOP 5 COUNTRIES, 2022-2023 (USD THOUSAND) 51
FIGURE 30 IMPORT SCENARIO FOR HS CODE 854142-COMPLIANT PRODUCTS IN
TOP 5 COUNTRIES, 2022-2023 (USD THOUSAND) 52
FIGURE 31 GLOBAL PATENT PUBLICATION TREND, 2018-2023 53
FIGURE 32 GLOBAL JURISDICTION ANALYSIS 54
FIGURE 33 NEXTRACKER REGISTERED HIGHEST PATENT COUNT IN 2023 55
FIGURE 34 TRENDS AND DISRUPTIONS INFLUENCING CUSTOMER BUSINESS 61
FIGURE 35 GRID-CONNECTED SEGMENT TO LEAD SOLAR TRACKER MARKET IN 2024 64
FIGURE 36 SINGLE-AXIS SOLAR TRACKERS TO DOMINATE MARKET IN 2024 68
FIGURE 37 UTILITY APPLICATIONS TO DOMINATE SOLAR TRACKER MARKET IN 2024 72
FIGURE 38 ASIA PACIFIC TO REGISTER HIGHEST CAGR IN
SOLAR TRACKER MARKETDURING FORECAST PERIOD 76
FIGURE 39 NORTH AMERICA: SOLAR TRACKER MARKET SNAPSHOT 78
FIGURE 40 ASIA PACIFIC: SOLAR TRACKER MARKET SNAPSHOT 85
FIGURE 41 SOLAR TRACKER MARKET: REVENUE ANALYSIS OF
TOP 5 MARKET PLAYERS, 2021-2023 96
FIGURE 42 MARKET SHRE ANALYSIS OF TOP COMPANIES IN SOLAR TRACKER MARKET, 2023 97
FIGURE 43 SOLAR TRACKER MARKET: FINANCIAL METRICS (EV/EBITDA) 99
FIGURE 44 YEAR-TO-DATE (YTD) PRICE TOTAL RETURN AND
5-YEAR STOCK BETA OFKEY VENDORS 99
FIGURE 45 BRAND/PRODUCT COMPARATIVE ANALYSIS 100
FIGURE 46 SOLAR TRACKER MARKET: COMPANY EVALUATION MATRIX (KEY PLAYERS), 2023 101
FIGURE 47 SOLAR TRACKER MARKET: COMPANY FOOTPRINT 102
FIGURE 48 SOLAR TRACKER MARKET: MARKET FOOTPRINT 103
FIGURE 49 SOLAR TRACKER MARKET: COMPANY EVALUATION MATRIX
(STARTUPS/SMES), 2023 107
FIGURE 50 NEXTRACKER INC.: COMPANY SNAPSHOT 113
FIGURE 51 ARRAY TECHNOLOGIES, INC.: COMPANY SNAPSHOT 118
FIGURE 52 SOLTEC: COMPANY SNAPSHOT 124
FIGURE 53 ARCTECH: COMPANY SNAPSHOT 131
FIGURE 54 FTC SOLAR: COMPANY SNAPSHOT 134
FIGURE 55 VALMONT INDUSTRIES, INC.: COMPANY SNAPSHOT 138
FIGURE 56 TRINASOLAR: COMPANY SNAPSHOT 147
FIGURE 57 ARCELORMITTAL: COMPANY SNAPSHOT 153
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