The global dual-axis solar trackers market is anticipated at USD 5.4 billion in 2022. Demand is likely to remain high for dual-axis solar trackers during the assessment period. This is due to increased government supportive laws for solar energy projects and garnering USD 24.8 billion in 2033, recording a CAGR of 14.8% from 2023 to 2033. The market is likely to secure USD6.3 billion in 2023.
| Data Points | Key Statistics |
|---|---|
| Dual Axis Solar Trackers Market Size Value in 2023 | USD 6.3 billion |
| Dual Axis Solar Trackers Market Forecast Value in 2033 | USD 24.8 billion |
| Global Growth Rate | 14.8% |
| Forecast Period | 2023 to 2033 |
Key Factors Shaping the Demand Outlook of the Dual Axis Solar Trackers Industry:
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| Attribute | Details |
|---|---|
| Historical CAGR (2018 to 2022) | 16.8% |
| Forecasted CAGR (2023 to 2033) | 14.8% |
The growing awareness of climate change and the need to reduce greenhouse gas emissions have led to a significant increase in the demand for renewable energy sources, which is expected to drive the dual-axis solar trackers market.
Dual-axis solar trackers utilize advanced tracking algorithms, sensors, and control systems to precisely track the sun's movement. This enhances their performance and efficiency by ensuring that solar panels are always positioned at the ideal angle to receive maximum sunlight. Accurate tracking minimizes shading effects and increases the overall efficiency of the solar power system.
Increasing supportive government policies and incentives to promote the adoption of renewable energy technologies are expected to boost market growth during the forecast period. The dual-axis solar trackers market is projected to show a noteworthy growth of USD 24.8 billion by the end of the forecast period of 2033.
Increasing Demand for Renewable Energy to Drive the Growth of the Dual Axis Solar Trackers Market
The global shift towards renewable energy sources, including solar power, is driving the demand for efficient and high-performing solar tracking systems. Dual-axis trackers offer an attractive solution for maximizing energy production and improving the overall economics of solar projects.
Governments in many countries and regions have implemented supportive policies and financial incentives to promote the adoption of renewable energy technologies. These incentives, such as feed-in tariffs and tax credits, have encouraged the deployment of dual-axis solar trackers in solar power projects.
Increasing Technological Innovation to Boost the Market Growth
The dual-axis solar tracker industry continues to witness technological advancements. Innovations in tracking algorithms, sensor technologies, control systems, and materials are improving the performance and efficiency of dual-axis trackers.
Advanced features such as cloud-tracking, self-cleaning mechanisms, and advanced communication capabilities are being incorporated into tracker designs. These technological advancements aim to optimize energy capture, reduce maintenance requirements, and enhance overall system performance.
The integration of dual-axis solar trackers with energy storage systems is gaining traction. Combining trackers with energy storage enables the alignment of solar energy generation with peak demand periods. By storing excess energy generated during the day, it can be used during times of low sunlight or high energy demand. This integration enhances grid stability, improves the utilization of solar energy, and enables a more reliable power supply.
Increasing Demand for Clean Energy to Boost the Growth of the Dual Axis Solar Trackers Market in the United States
The global dual-axis solar tracker market is expected to be dominated by North America. The market is expected to expand at a CAGR of 14.7% and is anticipated to accumulate a market value of USD 4.5 billion over the forecast period.
Increasing demand for clean and sustainable energy sources in North America. Solar power has emerged as a key player in the region's energy transition, and dual-axis solar trackers are being recognized as an effective technology to maximize solar energy production.
The increasing environmental concerns, the need to reduce dependence on fossil fuels, and the desire for energy independence are likely to drive the dual-axis solar trackers market growth in the region.
Growing Demand for Renewable Energy Sources to Boost the Growth of the Market in the United Kingdom
The dual-axis solar tracker’s sales in the United Kingdom are expected to keep rising with a CAGR of 14.4% and are expected to gain a market value of USD 1 billion by 2033.
The rising promotion of renewable energy adoption in the region and increased awareness about sustainable energy options are likely to aid the market growth. Feed-in tariffs, subsidies, and other financial incentives provided by various European countries have further encouraged the deployment of dual-axis solar trackers
The European Union (EU) has set ambitious renewable energy targets, including the target of achieving 32% of final energy consumption from renewable sources by 2030. This policy framework has created a favorable market environment for solar power projects, including dual-axis solar trackers.
Increasing Installation in Utility Projects to Drive the Growth of the Market in China
China’s dual-axis solar trackers market is expected to rise at 14.6% CAGR between 2023 to 2033. In the year 2033, the market is expected to gain a market value of USD 5.4 billion. China accounts for the highest market share in the dual-axis solar trackers market.
The rapid increase in large-scale solar installations in utility-scale projects and commercial solar farms drives the dual-axis solar tracker demand in China. Dual-axis solar trackers are well-suited for maximizing energy production in large-scale installations, as they enable optimal tracking of the sun's movement throughout the day and year. The demand for dual-axis solar trackers in China is driven by the need to increase energy output and improve the overall economics of these projects.
Single Axis Segment to Gain Significant Traction During the Forecast Period
Based on type, the dual-axis solar trackers market is segmented into single-axis and dual-axis segments. The single-axis segment is expected to account for the highest market share in the forecast period. The segment is projected to exhibit a CAGR of 14.4% during the forecast period.
Single-axis trackers optimize the angle of the solar panels to maximize their exposure to sunlight throughout the day. Single-axis trackers can increase energy generation by up to 25-35% compared to fixed-tilt systems by tracking the sun's movement from east to west, which keep solar panels in a fixed position. Single-axis trackers are generally more cost-effective than dual-axis trackers due to their simpler design and lower installation and maintenance costs.
Utility Segment Generates High Revenue
Based on the application, the market is segmented into utility and nonutility segments. Among all these utility segments remains the application category is expected to expand with a CAGR of 14.1% throughout the forecast period.
Dual-axis solar trackers enable efficient land utilization in utility-scale installations. By actively tracking the sun's position, these trackers optimize energy production without the need for large spacing between rows of solar panels. This allows for higher panel density and maximizes the use of available land, making dual-axis trackers suitable for projects with limited land resources.
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New players in the dual-axis solar tracker market trade only Sunfolding, and Exosun among others are adopting various marketing strategies such as mergers and acquisitions, partnerships, and collaboration. To identify the interest of potential buyers and create a larger customer base market players are investing in new product launches, and geographical expansion.
For instance
Prominent players in the dual-axis solar trackers market are Soitec; First Solar, Inc.; Reutech Radar Systems; Targray Technology International Inc. Trina Solar Co. Ltd.; among others.
The market players operating in the dual-axis solar tracker market are focusing on developing products with new technology. The market players are involved in various organic and inorganic strategies to increase the product portfolio and expand industrial reach.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 14.8% from 2023 to 2033 |
| Market Value in 2023 | USD 6.3 billion |
| Market Value in 2033 | USD 24.8 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Type, Application, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, Singapore, Thailand, Indonesia, Australia, New Zealand, GCC, South Africa, Israel |
| Key Companies Profiled | Soitec; First Solar, Inc.; Trina Solar Co. Ltd.; Reutech Radar Systems; Targray Technology International Inc. |
The dual axis solar tracker market is valued at USD 6.3 billion in 2023.
The dual axis solar tracker market is rising at a 14.8% CAGR through 2033.
North America’s dual axis solar tracker market will rise at a 14.7% CAGR through 2033.
China’s dual axis solar tracker market will record a 14.6% CAGR through 2033.
The single-axis segment may lead the market at a 14.4% CAGR through 2033.
| Estimated Market Size (2023) | USD 1.55 billion |
|---|---|
| Projected Market Size (2033) | USD 4.64 billion |
| CAGR through (2023 to 2033) | 13.5% |
| Global Market Estimated Size (2022E) | USD 1,177.2 Million |
|---|---|
| Projected Market Valuation (2032F) | USD 5,716.0 Million |
| Value-based CAGR (2022 to 2032) | 18.1% |
| Estimated Market Value (2022) | USD 138 Million |
|---|---|
| Projected Market Revenue (2032) | USD 5.72 Billion |
| Value-based Market CAGR (2022 to 2032) | 3% |
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