Market Size of North America Single Axis Solar Tracker Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 20.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Single Axis Solar Tracker Market Analysis
North America single axis solar tracker market is projected to register a CAGR of over 20% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.
- Over the medium term, factors such as supportive government policies and efforts to meet power demand using renewable energy sources are expected to create a favorable market for solar panels as well as for solar trackers.
- 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.
- Nevertheless, 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.
- United States to dominate the market growth, due to to the increasing solar PV installation in the country.
North America Single Axis Solar Tracker Industry Segmentation
A single-axis solar tracking system uses a tilted PV panel mount and one electric motor to move a PV panel in an approximate trajectory relative to the Sun's position. The rotation axis may be horizontal, vertical, or oblique. Using solar tracking technology, solar collectors, reflectors, and photovoltaic panels are oriented toward the sun. As the sun moves across the sky, a tracking device ensures that solar collectors maintain a position in which they receive the maximum amount of solar radiation as it moves across the sky. The North America single-axis solar tracker market is segmented by geography. The report covers the market size and forecasts for the solar panel recycling market across the countries in the region. For each segment, the market size and forecasts have been done based on revenue (USD billions).
| Geography | |
| United States | |
| Canada | |
| Mexico |
North America Single Axis Solar Tracker Market Size Summary
The North America single-axis solar tracker market is poised for significant growth, driven by supportive government policies and the increasing demand for renewable energy sources. The market, which experienced a downturn due to the COVID-19 pandemic, has rebounded to pre-pandemic levels and is expected to continue expanding at a robust pace. The United States is anticipated to lead this growth, fueled by a surge in solar photovoltaic installations and strong federal initiatives like the Solar Investment Tax Credit. Despite challenges such as high initial investment costs and design complexities, the potential for increased power capacity through the installation of single-axis solar trackers presents substantial opportunities for manufacturers in the region.
In Canada and Mexico, similar trends are observed, with ambitious renewable energy targets and government initiatives driving the demand for solar trackers. Canada's commitment to 100% renewable energy in federal operations and Mexico's targets for significant renewable electricity generation are expected to create a conducive environment for market expansion. However, challenges such as Mexico's underdeveloped power grid may pose obstacles to large-scale solar projects. The market is moderately fragmented, with key players like Nextracker Inc, Array Technologies Inc, and others innovating to enhance project flexibility and resilience. These developments, coupled with strategic government policies, are likely to sustain the growth trajectory of the single-axis solar tracker market in North America over the forecast period.
North America Single Axis Solar Tracker Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Geography
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2.1.1 United States
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2.1.2 Canada
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2.1.3 Mexico
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North America Single Axis Solar Tracker Market Size FAQs
What is the current North America Single Axis Solar Tracker Market size?
The North America Single Axis Solar Tracker Market is projected to register a CAGR of greater than 20% during the forecast period (2024-2029)
Who are the key players in North America Single Axis Solar Tracker Market?
Nextracker Inc, Array Technologies Inc, Solar Flexrack, DCE Solar and Valmont Industries, Inc are the major companies operating in the North America Single Axis Solar Tracker Market.
