The global dual-axis solar tracker market is expected to reach USD 6.3 billion in 2023, driven by growing awareness of renewable energy sources. By 2033, the market is projected to grow to USD 24.8 billion, with a robust CAGR of 14.8% from 2023 to 2033.
Key drivers for this growth include increasing government emphasis on renewable energy and a rise in solar PV installations. Dual-axis solar trackers are gaining popularity in large-scale solar power projects due to their higher energy generation per installed capacity, making them ideal for utility-scale installations and commercial solar farms.
The increased energy output helps meet rising electricity demand and contributes to grid stabilization, further boosting demand for dual-axis solar trackers in large-scale projects.
Technological advancements in dual-axis solar trackers, including improved tracking algorithms, sensors, and control systems, have enhanced their accuracy, efficiency, and reliability. These developments have made dual-axis trackers more cost-effective and easier to integrate into solar power systems, driving market growth during the forecast period.
In North America, continuous technological innovations have led to higher energy output and increased reliability of dual-axis solar trackers, making them a more attractive option for solar power projects and contributing to market expansion in the region.
Key Takeaways:
- From 2018 to 2022, the dual-axis solar trackers market demand expanded at a CAGR of 8.8%.
- Based on type, the single-axis segment accounts for a CAGR of 14.4%.
- By application, the utility segment is expected to expand at a CAGR of 14.1% during the forecast period.
- North America to emerge as a promising dual-axis solar trackers market, capturing a CAGR of 14.7%.
- The dual-axis solar tracker industry in the United Kingdom is predicted to reach US$ 1 billion by 2033.
- Dual-axis solar trackers market in South Korea is predicted to achieve a market revenue of US$ 1.3 billion by 2033.
- Asia Pacific is an opportunistic market, expected to capture a CAGR of 14.6% during the forecast period.
Competitive landscape:
Soitec, First Solar, Inc., Reutech Radar Systems, Targray Technology International Inc. and Trina Solar Co. Ltd. among others are some of the market players operating in the dual-axis solar tracker market.
- SunPower is a well-known solar energy company that has also ventured into the dual-axis solar tracker market. SunPower offers advanced dual-axis trackers that are integrated with its high-efficiency solar panels. The company’s trackers are designed to optimize energy output and enhance system performance. SunPower’s entry into the dual-axis solar tracker market has added credibility and experience to the industry.
- Arctech Solar is a leading global manufacturer of solar tracking and racking systems. The company offers dual-axis trackers that feature high accuracy and reliable performance. Arctech Solar has been actively involved in large-scale solar projects worldwide, providing customized dual-axis tracking solutions to maximize energy generation.
Key Companies Profiled
- Soitec
- First Solar, Inc.
- Trina Solar Co. Ltd.
- Reutech Radar Systems
- Targray Technology International Inc.
Key Segments:
By Type:
- Single Axis
- Dual Axis
By Application:
- Utility
- Non-Utility
By Region:
- North American
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Report Preview: https://www.futuremarketinsights.com/reports/dual-axis-solar-tracker-market
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