Overview and Scope
A dual-axis solar tracker refers to a solar energy system component designed to optimize the efficiency of solar panels by dynamically orienting them along two axes to track the sun’s movement throughout the day. It is used in solar energy systems to enhance the efficiency and energy output of photovoltaic (PV) panels.
Sizing and Forecast
The dual axis solar tracker market size has grown rapidly in recent years. It will grow from $5.87 billion in 2023 to $6.63 billion in 2024 at a compound annual growth rate (CAGR) of 12.9%. The growth in the historic period can be attributed to energy efficiency demands, government incentives and policies, falling solar panel costs, and rising awareness of the environmental impact of traditional energy sources.
The dual axis solar tracker market size is expected to see rapid growth in the next few years. It will grow to $10.20 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%. The growth in the forecast period can be attributed to environmental concerns, global climate agreements, declining costs of dual-axis tracking technology, and increasing solar panel efficiency. Major trends in the forecast period include smart and connected trackers, hybrid solar tracking systems, adoption of AI and machine learning, and robotic cleaning solutions.
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Segmentation & Regional Insights
The dual axis solar tracker market covered in this report is segmented –
1) By Product Type: Single Axis, Dual Axis, Azimuth-Altitude Dual Axis
2) By Technology: Solar Photovoltaic, Concentrated Solar Power, Concentrated Photovoltaic
3) By Application: Utility, Commercial, Residential
Asia-Pacific was the largest region in the dual axis solar tracker market in 2023. The regions covered in the dual axis solar tracker market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing demand for renewable energy is expected to propel the growth of the dual-axis solar tracker market going forward. Renewable energy refers to energy derived from natural resources that are available on a human timescale and considered environmentally friendly. Unlike fossil fuels, which are finite and contribute to environmental degradation, renewable energy sources can be continually replenished, providing a cleaner and more sustainable alternative. A dual-axis solar tracker is used in renewable energy systems to enhance solar power installations’ efficiency, reliability, and economic viability, contributing to the broader adoption and success of solar energy as a sustainable and reliable power source. For instance, in March 2023, according to the Energy Information Administration (EIA), a US-based federal agency that provides official energy statistics and information, the combined wind and solar share of total generation increased from 12% in 2021 to 14% in 2022, with renewable generation surpassing coal and nuclear generation for the first time. The increasing demand for renewable energy is expected to propel the growth of the dual-axis solar tracker market.
Key Industry Players
Major companies operating in the dual axis solar tracker market are PARU Corporation, Trina Solar Co. Ltd., First Solar Inc., NEXTracker Inc., SunPower Corporation, Array Technologies Inc., Soitec S.A., Soltec Power Holdings S.A., Arctech Solar Holding Co. Ltd., DEGERenergie GmbH & Co. KG, ADES International Holding plc, Sun Action Trackers LLC, Reutech Radar Systems Pty Ltd., Energia Ercam S.A., Abengoa Solar India Pvt. Ltd., AllEarth Renewables Inc., Mecasolar SL, Titan Tracker Ltd., Powerway Corporation, Haosolar Co. Ltd, Kirchner Solar Group GmbH, Mechatron LLC, Moser LLC, Shandong Huayue New Energy Co. Ltd., Targray Technology International Inc., SunTactics Inc., Cabanillas Ingenieros S.L., Amberroot Systems Inc., HeliosLite SAS
The dual axis solar tracker market report table of contents includes:
1. Executive Summary
2. Dual Axis Solar Tracker Market Characteristics
3. Dual Axis Solar Tracker Market Trends And Strategies
4. Dual Axis Solar Tracker Market – Macro Economic Scenario
5. Global Dual Axis Solar Tracker Market Size and Growth
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31. Dual Axis Solar Tracker Market Other Major And Innovative Companies
32. Global Dual Axis Solar Tracker Market Competitive Benchmarking
33. Global Dual Axis Solar Tracker Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Dual Axis Solar Tracker Market
35. Dual Axis Solar Tracker Market Future Outlook and Potential Analysis
36.Appendix
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