by Dual axis solar trackers are mounted structures that orient photovoltaic solar panels toward the sun using two rotational axes. They are widely used in large-scale solar farms as they increase power output from solar panels by up to 25% compared to fixed-mount systems. By continuously adjusting the angle of the solar panels to face the sun, dual axis trackers maximize year-round sun exposure. With rising environmental concerns over greenhouse gas emissions, many countries have outlined ambitious renewable energy targets which is driving strong demand for solar power generation. Dual axis trackers help reduce the cost of electricity generation from solar energy significantly.
The global Dual Axis Solar Tracker Market was valued at US$ 6.46 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by CoherentMI.
Market Key Trends:
Adoption of bifacial solar panels has emerged as a key trend in the dual axis solar tracker market. Bifacial panels can generate power from both sides by capturing light from the rear side reflected by the ground or other surfaces. When integrated with trackers, their efficiency increases substantially. Major tracker manufacturers have started offering specialized mounting structures optimized for bifacial modules. This improves the business case for large-scale projects. Many countries in Europe, Asia, and Americas have initiated aggressive renewable portfolio standards which is anticipated to drive the bifacial tracker market in the next decade.
Porter’s Analysis
Threat of New Entrants: Low startup costs and highly fragmented market structure pose a medium threat of new entrants in the dual axis solar tracker market.
Bargaining Power of Buyers: Large buyers such as solar farms and power utilities have high bargaining power due to their bulk purchasing abilities.
Bargaining Power Of Suppliers: Leading solar tracker manufacturers have medium bargaining power due to the technical expertise required and differentiated product offerings.
Threat of New Substitutes: Solar trackers face low threat from substitutes due to their advantages over fixed-tilt systems in boosting solar panels’ energy production.
Competitive Rivalry: The dual axis solar tracker market witnesses high competition due to the presence of numerous global and regional vendors offering differentiated products.
Key Takeaways
The global Dual Axis Solar Tracker Market Size is expected to witness high growth. The global Dual Axis Solar Tracker Market was valued at US$ 6.46 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.
The market in the Asia Pacific region is expected to dominate market share due to rapid growth in solar installations to meet rising energy demand in countries such as China and India. This can be attributed to the rapid growth of the solar industry in major Asia Pacific countries such as China and India. China dominates the solar tracker installations in the region.
Key Players: Key players operating in the dual axis solar tracker market are Array Technologies, NEXTracker, PV Hardware, Arctech Solar, Convert Italia, SOLTEC, STI Norland, NClave, SunPower, and Solar Steel. Array Technologies and NEXTracker hold a significant share of the market.
Objectives of the Report:
1) Investigate and forecast the value and volume of the Dual Axis Solar Tracker market.
2) Estimate market shares for major Dual Axis Solar Tracker segments.
3) To demonstrate how the market for Dual Axis Solar Tracker is evolving in various parts of the world.
4) Research and analyze micro markets in terms of their contributions to the Dual Axis Solar Tracker market, as well as their prospects and individual growth patterns.
5) To provide precise and useful information on the factors influencing the rise of Dual Axis Solar Tracker.
6) To provide an in-depth analysis of key business strategies used by major companies in the Dual Axis Solar Tracker market, such as R&D, collaborations, agreements, partnerships, acquisitions, mergers, new product launches, and acquisitions, mergers, and acquisitions.
FAQ’s
Q.1 What are the main factors influencing the Dual Axis Solar Tracker market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Dual Axis Solar Tracker Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Dual Axis Solar Tracker market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: CoherentMI, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
