One of the most promising verticals within the sustainable and smart technologies space, the global solar tracker market is gaining momentum and will register appreciable gains over the forecast period 2021-2027. Solar tracker technology is used to direct solar panels towards the sun. These trackers change their orientation to follow the sun's trajectory throughout the day to maximize energy capture.

The installation of solar trackers can boost solar energy generation by around one third, and in some regions by as much as 40% or more, compared to solar panels at a fixed angle. Manufacturers worldwide are constantly working on improving the efficiency of solar trackers to further maximize solar generation output.

Solar trackers can be classified into single axis and dual axis trackers. It is estimated that dual axis solar trackers will experience substantial demand in the next few years as they provide greater flexibility. These devices can move in two different directions and can hence face the sun continuously. They are generally used to redirect sun rays along a fixed axis towards a stationary receiver. Dual axis solar trackers can help obtain maximum solar power generation as they follow the sun vertically as well as horizontally.

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The different types of solar tracker technologies include photovoltaic (PV) systems and concentrated solar power (CSP) systems. CSP technology has become increasingly popular in recent years and will witness growing deployment in the future. The deployment of these systems typically depends on the solar intensity and the availability of area.

Considering the application landscape, the market can be bifurcated into residential, commercial, and utility segments. Reports estimate that the deployment of solar tracker systems across the utility sector will gather pace over the next few years. These trends can be associated with declining costs of PV technology as well as supportive government initiatives for widespread deployment of solar infrastructure across the utility sector.

Geographically, Europe solar tracker industry will witness notable growth in the near future driven by strict regulatory efforts to promote widespread adoption of smart and sustainable technologies. Solar tracker market trends in the Middle East and Africa region will be influenced by ongoing government bodies as well as private institutions towards upgradation of the solar power infrastructure. The region is also increasingly focusing on the adoption of decentralized power generation to further boost sustainability in the energy sector.

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Further elaborating on the regional outlook, the Latin America solar tracker industry is expected record substantial gains by 2027. The regional technology adoption can be attributed to increasing government investments and efforts to promote solar technology adoption in the region.