June 14, 2024
Dual Axis Solar Tracker Market

Dual Axis Solar Tracker Market is Estimated to Witness High Growth Owing to Increased Solar Power Generation

Dual axis solar trackers are systems that use two rotation axes to track the sun throughout the day and thereby increase the amount of energy generated from solar panels. Dual axis trackers allow the PV panels to rotate horizontally and tilt vertically, thereby ensuring that the panels always face the sun as it moves across the sky. This significantly increases solar exposure compared to fixed-tilt or single-axis tracking systems and leads to a 30-40% increase in annual energy generation. Dual axis tracking is especially beneficial in regions with high Direct Normal Irradiance (DNI) values or areas with frequent changes in weather.

The Global Dual Axis Solar Tracker Market Size is estimated to be valued at US$ 6.46 Bn 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.
The key opportunities in the market include increasing investments in solar projects across both utility-scale and rooftop segments around the world. Also, technological advancements are helping reduce tracker costs and optimize trackers for various climatic conditions.
Global expansion of the dual axis solar tracker market is expected to be led by rapid capacity additions in solar power markets across Asia Pacific and Middle East & Africa. Government subsidies and policies promoting solar energy adoption will continue to drive market growth across these regions over the coming years.

Market Drivers

The primary driver fueling the dual axis solar tracker market is the increasing demand for solar power globally. Solar trackers help maximize energy generation which makes solar projects more viable commercially. As concerns around fossil fuel usage and climate change rise, many countries are significantly ramping up their solar power targets which will require large-scale deployment of solar trackers going forward.

PEST Analysis

Political: Government policies and regulations around energy, sustainability and renewable energy targets impact the demand for dual axis solar trackers. Subsidies and tax incentives encourage solar energy adoption.

Economic: Rising electricity costs and energy price inflation increases the appeal of solar energy generation. Favorable project financing facilitates investments in dual axis solar trackers for large scale solar farms.

Social: Growing environmental awareness and focus on green technologies drives the demand for clean energy solutions. Population growth and increasing electricity needs of residential and commercial sectors supports solar power expansion.

Technological: Advancements in solar panel efficiency, electronics, monitoring systems and automation have enhanced the performance and functionality of dual axis trackers. Improved designs enable optimal utilization of solar resources throughout the day.

Geographical Regions of Concentration

The dual axis solar tracker market in terms of value is concentrated primarily in regions with extensive solar resources and supportive policy frameworks for renewable energy. The Asia Pacific led by China currently dominates the global market owing to large investments in utility-scale solar projects. North America and Europe are other major markets driven by solar energy targets in countries like the US, Germany, Spain and Italy.

Fastest Growing Region

The dual axis solar tracker market is expected to witness the fastest growth in the Asia Pacific region during the forecast period led by China, India and other Southeast Asian countries. Favorable government policies, dropping technology costs and improving infrastructure are attracting significant investments towards expanding solar energy capacity in this region. Strong economic growth will further increase electricity demand and drive the need for sustainable energy alternatives in the coming years.

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 behaviour

:- 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:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it