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The dual axis solar tracker market has been gaining traction worldwide due to increasing focus on renewable energy sources. Dual axis solar trackers rotate along two axes to follow the sun for maximum exposure and power generation throughout the day. They provide up to 30% more energy yield compared to fixed-tilt systems and ensure highest productivity from solar PV installations.
The Global Dual Axis Solar Tracker Market Size Is Estimated To Be Valued At US$ 6.46 Billion In 2024 And Is Expected To Exhibit A CAGR Of 11% Over The Forecast Period 2024-2031`.
Key Takeaways
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. These players dominate the market with innovative products and global presence. The growing solar PV capacity additions around the world present significant opportunities for market expansion in developing as well as developed economies. Asia Pacific region currently dominates the global market and is expected to maintain its leading position with ongoing renewable energy projects and supportive government policies promoting solar energy in key countries like China and India.
Key players operating in the dual axis solar tracker are Array Technologies, NEXTracker, PV Hardware, Arctech Solar, Convert Italia, SOLTEC, STI Norland, NClave, SunPower, and Solar Steel. Key opportunities in the market include increasing investments in large scale solar projects globally. Additionally, the growing trend of renewable purchase agreements between developers and corporate entities is boosting demand. The market is also witnessing strong growth owing to rising global expansion focused on countries with high solar potential such as Middle East, Latin America and Africa.
Market Drivers
The dual axis solar tracker market is slated for high growth owing to increasing demand for solar power generation worldwide. Solar power has emerged as a major substitute for conventional power sources and governments across nations are undertaking initiatives to meet renewable energy targets through solar. Dual axis trackers improve solar PV project returns and payback periods, which is a key driver behind their rising adoption. Additionally, continual decline in prices of solar trackers along with technological advancements is encouraging greater uptake.
Pest Analysis
Political: Dual axis solar trackers require clearances and permits from local authorities for installation. Tax credits and renewable energy targets by governments promote adoption of these systems.
Economic: High upfront capital costs but offer lower levelized cost of electricity over lifespan. Payback period shortens with declining prices of solar panels and dual axis trackers.
Social: Growing social and environmental awareness drives the transition to cleaner sources of energy. Dual axis trackers generate more power from same land area reducing land use for solar farms.
Technological: Advanced dual axis algorithms and precision gear systems maximize energy yield. Integration with renewable energy monitoring and forecasting solutions facilitates grid compatibility.
Geographical Regions With High Concentration
The Asia Pacific region currently holds the largest share of the dual axis solar tracker market in terms of value, driven by growing solar capacity additions in China, India, Japan, and South Korea. Abundant solar resources and supportive policies have led to rapid capacity growth.
Fastest Growing Region
The dual axis solar tracker market is expected to witness the highest growth in the Europe, Middle East and Africa region over the forecast period. This can be attributed to increasing investments to meet renewable energy targets in countries such as South Africa, Jordan, Saudi Arabia, and the UAE.
What are the key data covered in this Dual Axis Solar Tracker Market report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Dual Axis Solar Tracker Market’s growth between 2024 and 2031.
:- Accurate calculation of the size of the Dual Axis Solar Tracker Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behavior
:- Dual Axis Solar Tracker Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Dual Axis Solar Tracker Market vendors
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:
- Source: CoherentMI, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
