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News Release

The global PV tracker market saw its strongest year ever in 2024, with shipments increasing 20% to a record 111 GWdc

India and Saudi Arabia became the second and third largest tracker markets globally, combining for 28 GW of tracker demand

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The global PV tracker market saw its strongest year ever in 2024, with shipments expanding 20% to a record 111 gigawatts direct current (GWdc), according to Wood Mackenzie’s ‘Global solar PV tracker market share 2024’ report. 

"The year was marked by the rapid growth of the Indian and Saudi Arabian tracker markets, which led to a shake-up of the US-dominated podium from 2023, " said Joe Shangraw, research associate at Wood Mackenzie.

According to the report, Nextracker placed 1st in the global rankings for the tenth consecutive year, capturing 26% of the market with 28.5 GWdc of shipments. Nextracker’s 39% year-on-year growth was its largest increase since 2018-2019, and the company expanded its market share in each major region.  

Arctech Solar, the largest Chinese-headquartered tracker vendor, took second place in the global rankings, overtaking Array Technologies, GameChange Solar, and PV Hardware. Arctech held a top-two position in both the Saudi and Indian tracker markets. These two countries combined for 28 GWdc of tracker demand, surpassing all of Europe in 2024. Several other Chinese vendors also ventured overseas for growth in 2024, as China's domestic tracker demand continued to decline for the second straight year. 

US market sees decline 

The US tracker market experienced its first decline in eight years with 33 GWdc of shipments, down 9% from the record year in 2023.  GameChange ranked second for the first time in the US rankings, overtaking Array Technologies, which experienced more than a 35% drop in domestic shipments. The top three of Nextracker, GameChange, and Array still combined for nearly 90% of the total US market.  

Europe remains one of the most competitive and diverse landscapes in the tracker market, with over nine vendors capturing between 5% and 15% of the market. Spain saw its highest demand ever in 2024, led by Solar Steel and Nextracker. However, much of Europe's regional growth came from emerging markets in Southern and Central Europe, where companies such as Axial Structural Solutions, Zimmermann, and TrinaTracker found new success in 2024.