May 20, 2024
Dual Axis Solar Tracker Market

Dual Axis Solar Tracker Market Poised To Expand At A Robust CAGR Of 11% During 2024-2031

The dual axis solar tracker market has grown rapidly over the past few years owing to the advantages of dual axis tracking systems over static systems. Dual axis trackers utilize two rotating axes to precisely align solar panels toward the sun, thereby maximizing energy generation throughout the day. They enable PV modules to capture more direct light and produce up to 25% more annual energy yield compared to fixed-tilt systems. Growing solar power deployment coupled with the need for optimal solar energy harvesting has propelled the demand for dual axis trackers globally.

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. These leading tracker manufacturers have established a strong global presence and collective supply a wide range of products catering to various project requirements.

Rapidly growing solar power capacity additions worldwide have increased the need for high performance tracking solutions to maximize energy generation from PV installations. Favorable government policies and clean energy targets have further accelerated solarPV deployment globally. This expanding solar market represents a massive opportunity for dual axis tracker vendors to scale up production and sales.

Major tracker suppliers are focused on geographic expansion plans to capitalize on the nascent yet fast growing dual axis markets across emerging economies like India, Middle East, Latin America and Asia Pacific. Ongoing acquisition and partnership activities also aim to consolidate market share and better serve multi-nation utility projects.

Market Key Trends

One of the key trends witnessed in the dual axis solar tracker market is the integration of energy storage. Tracker manufacturers are developing products that add storage capacity to the existing solar plus tracker system. This allows for generation and use of solar power even when the sun is not available. Trackers paired with batteries help maximize self-consumption of solar energy and are suitable for off-grid industrial and commercial applications with critical power needs.

Porter’s Analysis

Threat Of New Entrants: New entrants find it difficult to enter the market due to requirement of huge initial capital investment and the dominance of established players.
Bargaining Power Of Buyers: Buyers have moderate bargaining power due to availability of alternative products, however differentiated product offerings reduce impact on price negotiations.
Bargaining Power Of Suppliers: Suppliers have low bargaining power due to availability of substitute components, parts and raw materials.
Threat Of New Substitutes: Threat of substitution is low as dual axis solar trackers provide significant increases in energy output over fixed structures.
Competitive Rivalry: Competition in the market is high due to presence of numerous global and regional vendors providing similar product portfolios.

Geographical Regions

North America dominates the global dual axis solar tracker market in terms of value owing to supportive government policies and tax incentives for adoption of solar energy in countries like the US and Canada.

Asia Pacific exhibits the fastest growth over the forecast period driven by increasing investments in renewable energy coupled with declining prices of solar photovoltaic systems across major economies such as China, India, Japan and South Korea.

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?

*Note:

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