BURLINGAME, Calif., Jan. 19, 2024 /PRNewswire/ -- CoherentMI published a report, titled, Dual Axis Solar Tracker Market was valued at US$ 6.46 Billion in the year 2023, and is anticipated to reach a US$ 13.76 Billion by 2030, with growing at a CAGR of 11.4% during forecast period 2023-2030.
The growth of the Dual Axis Solar Tracker Market can be attributed to several factors driving the demand for renewable energy sources. One of the key drivers is the increasing focus on sustainable development and the transition towards a low-carbon economy. Governments and organizations across the globe are investing heavily in renewable energy projects, with solar power being one of the key focus areas. Dual axis solar trackers play a crucial role in maximizing the efficiency and output of solar panels by tracking the movement of the sun throughout the day. This not only improves the energy yield but also enhances the return on investment for solar power plant owners. Another driver for the market is the declining cost of solar energy systems, making them more accessible to residential, commercial, and industrial customers.
Market Snapshot:
Report Coverage | Details |
Study Period | 2023 - 2030 |
Base Year of Estimation | 2022 |
CAGR | 11.40 % |
Largest Market | North America |
Market Concentration | High |
Major Players | Array Technologies, NEXTracker, PV Hardware, Arctech Solar, Convert Italia and Among Others |
Segments Covered | By Product Type, By Technology, By Application, By Geography |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Growth Drivers | • Supportive Government Policies and Incentives |
Restraints & Challenges | • High Initial Costs |
Market Takeaways:
- Dual Axis Solar Tracker Market Size is anticipated to witness a CAGR of 11.4% during the forecast period 2023-2030, owing to the increasing demand for renewable energy sources and advancements in solar tracking technologies.
- On the basis of product, the single axis segment is expected to hold a dominant position, owing to its cost-effectiveness and widespread adoption. Single axis solar trackers offer improved energy output compared to fixed-tilt systems, providing a lucrative option for utility-scale installations.
- In terms of technology, the solar photovoltaic segment is projected to dominate the market. Solar photovoltaic-based dual axis solar trackers are widely used due to their compatibility with solar PV modules. This unique technology maximizes electricity generation by accurately aligning the solar panels with the sun's position.
- Within the application segment, the utility sector is expected to hold the largest market share. The utility industry is increasingly investing in solar power projects to meet the growing demand for electricity while reducing carbon emissions. Dual axis solar trackers enable utilities to enhance the output of their solar installations, making them the preferred choice.
- Geographically, North America is anticipated to dominate the dual axis solar tracker market. The region has witnessed significant growth in solar power installations, driven by supportive government initiatives and favorable regulatory frameworks. Countries like the United States and Canada have made substantial investments in solar energy, contributing to the region's market dominance.
- Key players operating in the dual axis solar tracker market include Array Technologies, NEXTracker, PV Hardware, Arctech Solar, Convert Italia, SOLTEC, STI Norland, NClave, SunPower, and Solar Steel. These companies are focusing on strategic collaborations, product innovations, and expanding their market presence to gain a competitive edge. Their efforts towards developing advanced solar tracking solutions are expected to drive the growth of the dual axis solar tracker market.
Market Trends:
Two key trends observed in the Dual Axis Solar Tracker Market are the increasing adoption of solar energy in emerging economies and the technological advancements in solar tracking systems. Developing countries such as China and India are witnessing rapid urbanization and increasing energy demands. Solar power offers a viable solution for meeting the energy requirements in a sustainable manner. Governments in these countries are promoting the use of solar energy through various policies and incentives, which is driving the demand for dual axis solar trackers. Furthermore, there have been significant advancements in solar tracking technology, including the development of highly efficient tracking algorithms and the integration of IoT (Internet of Things) enabled systems. These advancements are further enhancing the performance and efficiency of dual axis solar trackers, creating new growth opportunities in the market.
Recent Development:
- In January 2203, Voyager 2, a single-axis tracker solution from PV Hardware, is meant to be quick and durable.
- In October 2022, in order to maximise energy production, Array Technologies introduced the OmniTrack solar tracker, which uses machine vision technology.
Read complete market research report, "Dual Axis Solar Tracker Market, By Product Type, By Technology, By Application, By Geography, and other Segment Forecast 2023-2030", Published by CoherentMI.
Market Opportunities:
Increasing Demand for Renewable Energy Sources
The dual axis solar tracker market is expected to witness significant growth due to the increasing demand for renewable energy sources. The global focus on reducing greenhouse gas emissions and transitioning towards clean energy alternatives has resulted in a surge in solar power installations. Dual axis solar trackers offer higher energy efficiency compared to fixed-tilt solar panels, as they continuously track the sun's movement throughout the day. This increased efficiency makes them an attractive option for utility, commercial, and residential applications.
Advancements in Solar Tracking Technologies
Another market opportunity in the dual axis solar tracker market lies in the continuous advancements in solar tracking technologies. Manufacturers are investing heavily in research and development to improve the efficiency, reliability, and cost-effectiveness of dual axis solar trackers. Advanced features like real-time tracking, integrated weather sensors, and smart connectivity are being incorporated into these trackers, enhancing their performance and usability.
In conclusion, the dual axis solar tracker market presents significant opportunities for growth, fueled by the increasing demand for renewable energy sources and advancements in solar tracking technologies. The dominance of single axis solar trackers, solar photovoltaic technology, and the utility sector, along with the leading position of North America, further contribute to the market's potential. Key players in the market are actively investing in research and development to deliver superior solar tracking solutions and maintain a strong market presence.
Dual Axis Solar Tracker Market Segmentation:
- By Product Type
- Single Axis
- Dual Axis
- Azimuth-altitude dual axis
- By Technology
- Solar Photovoltaic
- Concentrated Solar Power
- Concentrated Photovoltaic
- By Application
- Utility
- Commercial
- Residential
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East
- Africa
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Top Questions Answered in this Report:
- What factors are impeding the growth of the Dual Axis Solar Tracker Market?
- What are the primary drivers fueling the growth of the Dual Axis Solar Tracker Market?
- Which segment stands out as the leading component in the Dual Axis Solar Tracker Market?
- Who are the key players actively participating in the Dual Axis Solar Tracker Market?
- Which region is poised to take the lead in the Dual Axis Solar Tracker Market?
- What is the projected CAGR for the Dual Axis Solar Tracker Market?
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