The global dual axis solar tracker market offers advantages of maximizing solar exposure and optimizing power output for solar photovoltaic systems. Dual axis solar trackers rotate the solar panels on two axes to always align towards the sun. This allows for increased solar absorption all through the day, resulting in up to 25% more energy generation as compared to fixed-tilt systems. Growing focus on renewable energy and declining costs of solar modules and trackers are boosting installations of dual axis trackers.
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 Of 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. Array Technologies recently announced that it has started shipping its Dual Row Tracker for utility-scale projects.
The growing demand for renewable energy sources coupled with supportive government policies is boosting the adoption of dual axis solar trackers across residential and non-residential sectors. The declining prices of solar power production is further increasing the demand.
Advancements in dual axis tracking technology has led to development of compact, lightweight trackers that require lower installation and maintenance costs. Manufacturers are also developing smart tracking solutions for improving energy yields.
Market Trends
The adoption of bifacial solar modules is growing amongst dual axis tracker suppliers as they provide approximately 20% more energy generation than traditional monofacial modules. Trackers are being optimized to work efficiently with bifacial modules.
Data-driven tracking solutions are gaining popularity to maximize ROI. These solutions leverage AI, machine learning and cloud-based monitoring to optimize tracker movements based on solar patterns, shading events and other variances.
Market Opportunities
Growing focus on sustainable development and net-zero emission targets provide significant growth prospects for dual axis trackers in commercial and utility-scale projects. Government incentives and renewable purchase obligations will further drive large-scale solar installations.
Advancements in microcontroller-based tracking algorithms and precision motors are promising to develop cost-effective and highly efficient next-generation dual axis trackers well-suited for distributed solar projects.
Impact Of COVID-19 On Dual Axis Solar Tracker Market Growth
The COVID-19 pandemic had a notable impact on the dual axis solar tracker market in the initial months. The lockdowns and disruptions caused delays in project timelines and hardware procurement. The manufacturing and supply chains faced challenges due to restrictions on trade and mobility. This led to project delays and shortage of critical components. However, the market has started recovering steadily post lockdowns. Many countries prioritized renewables and clean energy projects as part of the economic stimulus packages. This boosted demand for solar trackers. Government incentives and favourable policies are also driving growth. Manufacturers are focusing on automation to minimize dependency on human workforce and ensure business continuity. The demand from commercial and industrial sectors is rising as organizations aim for self-sufficient power systems. Going forward, initiatives towards efficiency improvement, carbon neutrality and energy security will support dual axis solar tracker installations globally.
Key Geographical Regions With High Concentration Of Dual Axis Solar Tracker Market Value
North America represents one of the major markets for dual axis solar trackers in terms of value, attributed to significant solar installations in the US. Favourable policies, tax incentives and a conducive regulatory environment have propelled the solar energy sector. Presence of leading manufacturers has also strengthened regional supply chain. Europe is another prominent geographical region, led by Germany, UK, Italy, France and Netherlands. The long-term focus on renewable expansion, carbon emissions reduction targets and green stimulus packages have boosted solar projects across Europe. The Asia Pacific market is growing at a fast pace, led by China, India, Japan and South Korea. Countries are investing heavily in clean energy to address power deficit and pollution concerns through supportive policies.
Fastest Growing Regional Market For Dual Axis Solar Trackers
The Middle East and Africa region is expected to witness the fastest growth in the dual axis solar tracker market over the forecast period. Rising energy demand, improving economic conditions and desert climatic conditions suitable for solar energy generation are driving the growth. Countries like UAE, Saudi Arabia, South Africa and Egypt are prioritizing solar and considering trackers as a viable option to maximize yields. Large-scale projects are in various stages of development. For example, the Mohammed Bin Rashid Al Maktoum Solar Park in Dubai targets 5,000 MW generation by 2031`. Governments are offering tax exemptions, low interest loans and land at subsidized costs to attract investments. This makes the region an attractive investment destination for solar projects and tracker suppliers.
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?
Get more insights on this topic: https://www.pressreleasebulletin.com/dual-axis-solar-tracker-market-trend-size-and-demand/
