Dual Axis Solar Tracker Market Is Estimated To Witness High Growth Owing To Increasing Deployment Of Solar Energy

 Dual axis solar trackers, also known as two-axis trackers, are advanced solar tracking systems that rotate solar panels on two axes, allowing them to follow the movement of the sun across the sky from east to west and north to south. They are mostly used in large-scale solar power plants to maximize energy generation throughout the day. The global dual axis solar tracker market provides significant opportunities for mounting solar panels as it improves the efficiency and output of photovoltaic systems.


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 Dynamics:

One of the primary drivers fueling the growth of the dual axis solar tracker market is the increasing deployment of solar energy worldwide owing to supportive government policies and initiatives promoting clean energy. Solar trackers offer around 25-30% higher energy output over fixed-tilt structures, making them an attractive proposition for commercial and utility-scale solar projects. Additionally, continuous technological advancements in dual axis tracking mechanisms have improved reliability and yield while reducing costs. For instance, the use of sensors, drives, and solar algorithms has optimized tracking movements. This has augmented the adoption of dual axis trackers especially in regions with high direct normal irradiance.

However, dual axis trackers involve higher initial capital investment compared to fixed tilt and single axis structures. This remains a major challenge, especially in price-sensitive markets. Absence of standards and testing protocols also poses risks related to performance guarantees, reliability, and variability of energy generation over the lifespan of trackers.


SWOT Analysis

Strength: Dual axis solar trackers are able to generate up to 30% more energy than fixed-tilt systems due to their ability to better follow the sun's path. They can improve the amount of sunlight captured and increase energy generation through continuous adjustment of the panels throughout the day. Some dual axis trackers use efficient motors and controls which reduce operating costs.

Weakness: Dual axis trackers require more moving parts, maintenance, and upfront costs compared to fixed or single axis systems. Their complexity introduces additional failure points which can increase downtime risks. Higher installation and operating costs also pose financial challenges for smaller projects.

Opportunity: Rapid global expansion of the solar industry is driving increased adoption of more advanced tracker technologies to maximise yields. Dual axis trackers provide greater benefits in regions with low latitudes and variable weather conditions. Rising electricity demand and carbon reduction targets are boosting investments in large utility-scale projects which represent opportunities.

Threats: Supply chain disruptions and price rises for key components such as steel, semiconductors and electronics pose risks. Increased competition from alternative energy sources and energy storage technologies threatens market share. Policy uncertainty and fluctuations in incentive schemes present regulatory challenges.

Key Takeaways

The global Dual Axis Solar Tracker Market Size is expected to witness high growth over the forecast period of 2023 to 2030. 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.

Regional Analysis related content comprises North America currently dominates due to extensive solar development and supportive government policies offering tax rebates and net metering incentives in major markets like the US. Asia Pacific is anticipated to be the fastest growing regional segment due to large-scale solar projects underway in China, India and other developing nations seeking to expand renewable energy capacity.

Key Players related content comprises 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 is a leading global manufacturer of ground-mounted fixed tilt and tracker systems. NEXTracker is recognized for innovative tracker technology and has deployed over 15 GW of tracking systems across 30 countries.

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?

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