June 21, 2024
Dual Axis Solar Tracker Market

Dual Axis Solar Tracker Market is Booming due to Increasing Adoption of Renewable Energy Sources

The dual axis solar tracker market has been gaining significant traction over the past few years owing to the growing demand for renewable energy solutions across the globe. Dual axis solar trackers are tracking systems that move solar panels throughout the day to face the sun, thus maximizing energy production from PV modules. They consist of torque tubes or structural beams that hold the solar panels and enable their precise movements based on the sun’s altitude and azimuth angles. Dual axis trackers provide around 25-30% more energy generation over fixed-tilt or single-axis systems and have lower levelized cost of energy (LCOE).

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.

Widespread policy and financial support for renewable integration along with declining prices of PV modules and balance of system components have propelled the adoption of dual axis trackers globally.

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 increasing deployment of large-scale solar farms across utilities and commercial sectors has prompted leading tracker suppliers to expand their manufacturing capacities. For instance, Array Technologies plans to triple its global manufacturing footprint by 2024 to cater to the burgeoning demand.

The rising global energy demand coupled with government initiatives to transition to clean energy sources is propelling the adoption of renewable power generation technologies. Dual axis trackers help optimize solar PV installations and enhance energy output, thereby gaining traction in both utility-scale and distributed generation applications. Additionally, declining technology costs and supportive policies are encouraging commercial and industrial facilities to adopt solar PV integrated with dual axis tracking systems.

With favorable policy frameworks and investment plans, the dual axis solar tracker market is poised to grow substantially in high solar resource regions including Latin America, the Middle East and North Africa, and Asia Pacific countries. Leading manufacturers are also expanding their geographic footprint through strategic partnerships to capitalize on lucrative opportunities across emerging markets.

Market Key Trends

One of the key trends gaining momentum in the dual axis solar tracker market is the introduction of smart trackers equipped with advanced control systems and monitoring capabilities. These intelligent trackers optimize solar exposure through precise sensor-based movements and real-time solar resource data. They also facilitate remote monitoring and performance analyses to help lower O&M costs over the product lifespan. With the adoption of IoT and data analytics, smart dual axis trackers are expected to disrupt the market with enhanced energy yields and operational efficiencies.

Porter’s Analysis

Threat Of New Entrants: High capital requirement for R&D, manufacturing and marketing poses barrier for new companies.

Bargaining Power Of Buyers: Large buyers like utility companies and project developers can negotiate with suppliers on price and delivery timelines.

Bargaining Power Of Suppliers: Established suppliers have technical know-how and manufacturing advantage giving them stronger negotiating power.

Threat Of New Substitutes: Solar panel mounting systems utilizing different technologies can be a substitute but none have scale and performance of dual-axis trackers currently.

Competitive Rivalry: Intense competition exists among key global players to gain market share and expand footprint geographically.

Geographical Regions

North America currently accounts for the largest share of the dual axis solar tracker market in terms of value owing to supportive policies and growth of utility-scale projects in the US.

Asia Pacific is expected to be the fastest growing regional market between 2024-2031 with a CAGR of over 13% led by increasing solar power capacity additions in China, India and Southeast Asian countries. Declining costs and focus on renewable energy are driving the demand for solar tracking solutions across the region.

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