Market Size: Global Tracker Shipments Reach 92 GW, Up 28% YoY

2023 was a year of rapid market expansion for solar racking systems. According to a report released by Wood Mackenzie, global solar tracker shipments reached 92 GW in 2023, a year-on-year increase of 28%, reflecting strong growth momentum in utility-scale PV markets in most regions. From an end-market perspective, the United States is the world's largest single market for solar trackers, with shipments exceeding 37 GW in 2023, up 10% YoY, mainly driven by the Inflation Reduction Act (IRA) which has strongly promoted large-scale project construction. Spain followed closely, accounting for more than 50% of European tracker demand, becoming the absolute main force in the European market.

From a market concentration perspective, the top 10 solar tracker manufacturers together accounted for 90% of the global market share, indicating a very pronounced head effect. Regionally, the global tracker market shows a pattern of North America first, Europe second, and Latin America third, with the Asia-Pacific region growing particularly rapidly.

The Chinese market presented a unique situation. In 2023, China installed over 140 GW of utility-scale PV projects, but the domestic tracker market size was only 4.3 GW, with penetration still at a low level. The reason is that Chinese developers place a higher value on low installation costs, and demand for fixed-tilt products remains strong. However, this also implies that there is considerable room for future growth of trackers in the Chinese market.

2. Brand Landscape: US Firms Dominate Top Three, Chinese Manufacturers Break Through Against Odds

Global Top 10 Brands Ranking and Market Share

The 2023 global solar tracker brand competition landscape is as follows:

Data source: Wood Mackenzie "Global Solar PV Tracker Market Share" report

Looking at the brand landscape, US companies performed exceptionally well. Nextracker firmly holds the top spot globally with a 23% market share, having led the global tracker market for nine consecutive years. Array Technologies ranks second with a 16% share; the two US companies together account for nearly 40% of the global share. GameChange Solar entered the global top three for the first time, significantly narrowing the gap with the second-place finisher with a 55% annual growth rate. These three US manufacturers together account for more than 50% of global tracker shipments.

Among other leading players, Spanish firm PV Hardware ranked fourth globally with a 10% share, while two other Spanish manufacturers—Soltec and Axial—entered the global top ten. The four Spanish companies have fully benefited from market demand in Europe and Latin America.

On the Chinese side, Arctech increased its market share from 5% in 2022 to 9% in 2023, rising from sixth to fifth globally. In 2023, Arctech's tracker revenue reached RMB 3.60 billion, with a gross margin of 20.0%, as overseas business continued to expand. TrinaTracker achieved a global share of 6% in 2023, ranking sixth, and has entered the top three in shipments in South America. Additionally, Suzhou Juzhan Technology and Xiamen Antai New Energy also entered the global top ten.

3. Product Types and Technical Routes: Fixed vs. Tracking, Single-Axis vs. Dual-Axis

Classification by Sun-Tracking Capability

Solar racking systems can be divided into two main categories based on whether they can track the sun: fixed racks and tracking racks.

Fixed racks are installed at a tilt angle that maximizes solar irradiation over the year; the angle is generally not adjustable or requires seasonal manual adjustment. They have a simple structure and low cost, and are currently the most widely used type of solar rack. In 2022, the penetration rate of trackers in China was still below 10%, with fixed racks occupying an absolute dominant position.

Tracking racks can track the sun's position in real time, actively adjusting the module orientation to maximize solar irradiation. Compared to fixed racks, tracking racks can increase power plant generation by 15%–25%. With the support of smart tracking algorithms, tracking racks can accurately calculate the optimal tilt angle, avoid inter-row shading in real time, and provide intelligent functions such as monitoring, diagnostics, and fault alarms.

Classification by Tracking Structure

Depending on their structure, tracking racks can be divided into single-axis tracking and dual-axis tracking. Single-axis tracking can be further divided into horizontal single-axis tracking and tilted single-axis tracking. Currently, single-axis tracking is the mainstream product on the market.

Single-axis tracking racks (mainly horizontal single-axis) have become the mainstream choice in the global tracker market due to their relatively simple structure, moderate cost, and considerable power generation gain. Research data shows that the levelized cost of energy (LCOE) of horizontal single-axis trackers is lower than that of fixed racks and other types of tracking racks.

Dual-axis tracking racks offer the highest power generation gain, but their LCOE is also the highest among all rack types. They are typically used in special scenarios that demand extremely high power generation and are less sensitive to cost.

Classification by Material

Commonly available solar racks on the market are mainly divided by material into concrete racks, steel racks, and aluminum alloy racks. Material selection often depends on climatic conditions. For example, in coastal areas with high salt spray, aluminum alloy racks with better corrosion resistance are more popular.

4. Product Comparison of Major Manufacturers

Nextracker: Technology Leader

As the absolute global leader in trackers, Nextracker released several innovative products in 2023. Its flagship product, the NX Horizon™, is a 1P (single-row) smart tracking system known for its unique balanced design, integrated UPS, and independent row architecture. In September 2023, Nextracker launched three next-generation products at the RE+ show: NX Horizon Hail Pro (a rapid hail stow system that can stow modules up to four times faster than standard products), Zonal Diffuse (enhanced irradiance tracking software that "chases cloud gaps" to capture additional power gain under rapidly changing cloud conditions), and NX Horizon XTR-1.5 (an enhanced terrain-following tracker that can significantly reduce or even eliminate earthworks on extreme terrain sites). As of the end of 2022, Nextracker's cumulative shipments exceeded 75 GW. Its tracking system can increase power generation by 20%–30% compared to fixed-tilt applications.

Array Technologies: Reliability Benchmark

Array Technologies' DuraTrack single-axis tracking system is renowned for its high reliability and low maintenance costs. Its patented design allows one motor to drive up to eight rows of modules, reducing the number of control components by a factor of eight compared to competitors, significantly lowering potential failure points. Its flagship product, DuraTrack HZ v3, offers up to 167 times the number of modules per motor (compared to competitors) and achieves zero scheduled maintenance, with significant operational cost advantages in extreme environments. In 2023, Array launched OmniTrack, a terrain-adaptive tracker, which together with Nextracker's NX Horizon-XTR and Nevados' all-terrain tracker forms a technology matrix for single-axis trackers on complex terrains.

GameChange Solar: Fastest-Growing Dark Horse

In 2023, GameChange Solar entered the global top three for the first time with a 55% annual growth rate, becoming the fastest-growing leading company. The company focuses on large-span single-axis tracking systems and holds an important position in the US market.

Arctech: Global Breakthrough of a Chinese Leader

Arctech's tracker revenue in 2023 was RMB 3.60 billion, with a gross margin of 20.0%. Overseas revenue reached RMB 3.23 billion, with products exported to the Middle East, India, the Americas, Europe, and elsewhere. Arctech's high-end tracker products account for a relatively high proportion, and its competitiveness in overseas markets continues to strengthen.

TrinaTracker: Leader in the Latin American Market

TrinaTracker's shipments in 2023 reached nearly 1.5 GW, further improving its position to the top three in South America, making it the largest Chinese tracker company in the region. It has been deployed in large-scale projects such as the 520 MW Santa Luzia Complex in Brazil and the 210 MW Mariti PV project in Brazil.

5. Cost and Economic Comparison

Price Comparison

According to Arctech's annual report data, in 2022 the average price of trackers in China was about RMB 0.48/W, while fixed racks were about RMB 0.23/W, meaning trackers cost approximately twice as much as fixed racks. In 2022, due to factors such as higher module power and rack material innovation, fixed rack prices were around RMB 0.25/W, and tracker prices were around RMB 0.47/W.

In 2023, with technological progress and cost reduction, tracker prices were approximately RMB 0.67/W and are expected to continue to decline in the future.

Power Generation Gain Comparison

Studies show that dual-axis trackers offer the highest power generation gain, followed by single-axis trackers, with fixed racks the lowest. In terms of LCOE, horizontal single-axis trackers have the lowest LCOE, followed by fixed racks, vertical single-axis, tilted single-axis, and dual-axis trackers.

For example, a study in the Changsha region indicates that for PV power plant projects where economic optimality is the primary consideration, horizontal single-axis trackers are recommended; when maximizing installed capacity is the primary consideration, fixed racks are recommended.

Market Space Forecast

According to calculations by Founder Securities, the market space for trackers from 2024 to 2026 will reach RMB 78.9 billion, RMB 102.6 billion, and RMB 122.9 billion respectively, with growth rates of 27%, 30%, and 20%. S&P Global expects that the global solar tracker market will exceed 750 GW between 2024 and 2030, with North America leading at 39%, followed by Europe, the Middle East, and Africa (31%), Asia-Pacific (22%), and South America (8%).