The Dual Axis Solar Trackers Market is currently undergoing robust expansion, fueled by heightened governmental prioritization of renewable energy sources and the accelerating uptake of solar photovoltaic (PV) installations. With governments globally redirecting their attention towards sustainable energy solutions, there has been a pronounced upswing in the demand for dual-axis solar trackers. These cutting-edge tracking systems adeptly enhance energy generation by dynamically aligning solar panels with the sun’s precise trajectory, thereby optimizing solar exposure throughout the entirety of each day.
Projections suggest that the worldwide dual-axis solar tracker market will attain a valuation of approximately US$ 6.3 billion by the year 2023. This growth can be attributed to the growing consciousness surrounding renewable energy sources, which is serving as a prime driver for market expansion. Furthermore, estimations posit that the market will amass a total worth of US$ 24.8 billion by 2033, reflecting a notable compound annual growth rate (CAGR) of 14.8% spanning the years from 2023 to 2033.
The escalating governmental focus on renewable energy sources, combined with the escalating deployment of solar PV systems, stands as significant propellants for the upward trajectory of the dual-axis solar trackers market. Evidencing their prowess, these dual-axis solar trackers are increasingly being embraced within expansive solar power ventures on a global scale. Their efficacy in yielding higher energy output per unit of installed capacity renders them exceptionally well-suited for utility-scale installations and commercial solar farms.
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The surge in energy demand has spurred a commensurate need for augmented electricity production. In this context, the adoption of dual-axis solar trackers is witnessing a notable upswing, particularly within extensive solar undertakings. The heightened deployment of these trackers, coupled with their refined tracking algorithms, sensory integration, and control mechanisms, has significantly elevated their precision and operational efficiency. These strides in technology have concurrently conferred heightened dependability, cost efficiency, and seamless integration capabilities upon dual-axis solar trackers.
The North American region stands as a notable arena for persistent technological innovation, notably contributing to the advancement of dual-axis solar tracker systems. These innovations have been pivotal in bolstering energy output levels and fortifying system reliability. Consequently, this has positioned dual-axis trackers as an increasingly alluring choice for solar ventures within the region.
Key Takeaways:
- The period spanning 2018 to 2022 witnessed a substantial expansion in demand for dual-axis solar trackers, showcasing a Compound Annual Growth Rate (CAGR) of 8.8%.
- Within the categorization by type, the single-axis segment demonstrated noteworthy growth, contributing to a CAGR of 14.4%.
- Analysis based on application revealed that the utility segment is poised for substantial expansion, with a projected CAGR of 14.1% throughout the forecast duration.
- The North American region is positioned to emerge as a promising market for dual-axis solar trackers, with an anticipated CAGR of 14.7%.
- Projections indicate that the dual-axis solar tracker industry in the United Kingdom is on track to achieve a significant milestone, reaching a valuation of US$ 1 billion by the year 2033.
The market is expected to be driven by increased power demand globally and rising technological innovation during the forecast period.
“The market’s strength is bolstered by supportive government policies and heightened utilization of renewable energy sources.
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Competitive landscape:
- Soitec,
- First Solar, Inc.,
- Reutech Radar Systems,
- Targray Technology International Inc.
- Trina Solar Co. Ltd.
among others are some of the market players operating in the dual-axis solar tracker market.
- SunPower: Renowned solar energy enterprise with a notable presence in the dual-axis solar tracker sector.
- Offers sophisticated dual-axis trackers seamlessly integrated with its premium high-efficiency solar panels.
- Tracker systems meticulously engineered to optimize energy yield and elevate overall system efficiency.
- SunPower’s foray into the dual-axis solar tracker domain bolsters the industry with proven expertise and credibility.
- Arctech Solar: Prominent global manufacturer specializing in solar tracking and racking systems.
- Recognized for its provision of dual-axis trackers celebrated for exceptional precision and dependable performance.
- Extensively engaged in large-scale solar ventures across the globe, delivering tailored dual-axis tracking solutions for maximal energy production.
Know More about this Market Report:
Future Market Insights offers an unbiased analysis of the global dual-axis solar trackers, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the dual-axis solar trackers market, the market is segmented based on type and application across five major regions.
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
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Dual axis solar tracker Market@ https://www.globenewswire.com/en/news-release/2023/06/08/2684474/0/en/The-Dual-Axis-Solar-Tracker-Market-is-projected-to-reach-a-valuation-of-US-24-8-Billion-by-2033-exhibiting-a-significant-CAGR-of-14-8-from-2023-to-2033-Future-Market-Insights.html
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