The global dual-axis solar trackers market is anticipated at US$ 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 US$ 24.8 billion in 2033, recording a CAGR of 14.8% from 2023 to 2033. The market is likely to secure US$6.3 billion in 2023.
| Data Points | Key Statistics |
|---|---|
| Dual Axis Solar Trackers Market Size Value in 2023 | US$ 6.3 billion |
| Dual Axis Solar Trackers Market Forecast Value in 2033 | US$ 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 US$ 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.
Principal Consultant
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 US$ 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 US$ 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 US$ 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 | US$ 6.3 billion |
| Market Value in 2033 | US$ 24.8 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in US$ Billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
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| Regions Covered |
|
| Key Countries Profiled |
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| Key Companies Profiled |
|
The dual axis solar tracker market is valued at US$ 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.
1. Executive Summary 1.1. Global Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Product Life Cycle Analysis 3.5. Supply Chain Analysis 3.5.1. Supply Side Participants and their Roles 3.5.1.1. Producers 3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers) 3.5.1.3. Wholesalers and Distributors 3.5.2. Value Added and Value Created at Node in the Supply Chain 3.5.3. List of Raw Material Suppliers 3.5.4. List of Existing and Potential Buyer’s 3.6. Investment Feasibility Matrix 3.7. Value Chain Analysis 3.7.1. Profit Margin Analysis 3.7.2. Wholesalers and Distributors 3.7.3. Retailers 3.8. PESTLE and Porter’s Analysis 3.9. Regulatory Landscape 3.9.1. By Key Regions 3.9.2. By Key Countries 3.10. Regional Parent Market Outlook 3.11. Production and Consumption Statistics 3.12. Import and Export Statistics 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022 4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Type, 2018 to 2022 5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Type, 2023 to 2033 5.3.1. Single Axis 5.3.2. Dual Axis 5.4. Y-o-Y Growth Trend Analysis By Type, 2018 to 2022 5.5. Absolute $ Opportunity Analysis By Type, 2023 to 2033 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Application, 2018 to 2022 6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Application, 2023 to 2033 6.3.1. Utility 6.3.2. Non-utility 6.4. Y-o-Y Growth Trend Analysis By Application, 2018 to 2022 6.5. Absolute $ Opportunity Analysis By Application, 2023 to 2033 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. Introduction 7.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Region, 2018 to 2022 7.3. Current Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Region, 2023 to 2033 7.3.1. North America 7.3.2. Latin America 7.3.3. Europe 7.3.4. Asia Pacific 7.3.5. MEA 7.4. Market Attractiveness Analysis By Region 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 8.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 8.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 8.2.1. By Country 8.2.1.1. USA 8.2.1.2. Canada 8.2.2. By Type 8.2.3. By Application 8.3. Market Attractiveness Analysis 8.3.1. By Country 8.3.2. By Type 8.3.3. By Application 8.4. Key Takeaways 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 9.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 9.2.1. By Country 9.2.1.1. Brazil 9.2.1.2. Mexico 9.2.1.3. Rest of Latin America 9.2.2. By Type 9.2.3. By Application 9.3. Market Attractiveness Analysis 9.3.1. By Country 9.3.2. By Type 9.3.3. By Application 9.4. Key Takeaways 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 10.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 10.2.1. By Country 10.2.1.1. Germany 10.2.1.2. UK 10.2.1.3. France 10.2.1.4. Spain 10.2.1.5. Italy 10.2.1.6. Rest of Europe 10.2.2. By Type 10.2.3. By Application 10.3. Market Attractiveness Analysis 10.3.1. By Country 10.3.2. By Type 10.3.3. By Application 10.4. Key Takeaways 11. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 11.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 11.2.1. By Country 11.2.1.1. China 11.2.1.2. Japan 11.2.1.3. South Korea 11.2.1.4. Singapore 11.2.1.5. Thailand 11.2.1.6. Indonesia 11.2.1.7. Australia 11.2.1.8. New Zealand 11.2.1.9. Rest of Asia Pacific 11.2.2. By Type 11.2.3. By Application 11.3. Market Attractiveness Analysis 11.3.1. By Country 11.3.2. By Type 11.3.3. By Application 11.4. Key Takeaways 12. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 12.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 12.2.1. By Country 12.2.1.1. GCC Countries 12.2.1.2. South Africa 12.2.1.3. Israel 12.2.1.4. Rest of MEA 12.2.2. By Type 12.2.3. By Application 12.3. Market Attractiveness Analysis 12.3.1. By Country 12.3.2. By Type 12.3.3. By Application 12.4. Key Takeaways 13. Key Countries Market Analysis 13.1. USA 13.1.1. Pricing Analysis 13.1.2. Market Share Analysis, 2022 13.1.2.1. By Type 13.1.2.2. By Application 13.2. Canada 13.2.1. Pricing Analysis 13.2.2. Market Share Analysis, 2022 13.2.2.1. By Type 13.2.2.2. By Application 13.3. Brazil 13.3.1. Pricing Analysis 13.3.2. Market Share Analysis, 2022 13.3.2.1. By Type 13.3.2.2. By Application 13.4. Mexico 13.4.1. Pricing Analysis 13.4.2. Market Share Analysis, 2022 13.4.2.1. By Type 13.4.2.2. By Application 13.5. Germany 13.5.1. Pricing Analysis 13.5.2. Market Share Analysis, 2022 13.5.2.1. By Type 13.5.2.2. By Application 13.6. UK 13.6.1. Pricing Analysis 13.6.2. Market Share Analysis, 2022 13.6.2.1. By Type 13.6.2.2. By Application 13.7. France 13.7.1. Pricing Analysis 13.7.2. Market Share Analysis, 2022 13.7.2.1. By Type 13.7.2.2. By Application 13.8. Spain 13.8.1. Pricing Analysis 13.8.2. Market Share Analysis, 2022 13.8.2.1. By Type 13.8.2.2. By Application 13.9. Italy 13.9.1. Pricing Analysis 13.9.2. Market Share Analysis, 2022 13.9.2.1. By Type 13.9.2.2. By Application 13.10. China 13.10.1. Pricing Analysis 13.10.2. Market Share Analysis, 2022 13.10.2.1. By Type 13.10.2.2. By Application 13.11. Japan 13.11.1. Pricing Analysis 13.11.2. Market Share Analysis, 2022 13.11.2.1. By Type 13.11.2.2. By Application 13.12. South Korea 13.12.1. Pricing Analysis 13.12.2. Market Share Analysis, 2022 13.12.2.1. By Type 13.12.2.2. By Application 13.13. Singapore 13.13.1. Pricing Analysis 13.13.2. Market Share Analysis, 2022 13.13.2.1. By Type 13.13.2.2. By Application 13.14. Thailand 13.14.1. Pricing Analysis 13.14.2. Market Share Analysis, 2022 13.14.2.1. By Type 13.14.2.2. By Application 13.15. Indonesia 13.15.1. Pricing Analysis 13.15.2. Market Share Analysis, 2022 13.15.2.1. By Type 13.15.2.2. By Application 13.16. Australia 13.16.1. Pricing Analysis 13.16.2. Market Share Analysis, 2022 13.16.2.1. By Type 13.16.2.2. By Application 13.17. New Zealand 13.17.1. Pricing Analysis 13.17.2. Market Share Analysis, 2022 13.17.2.1. By Type 13.17.2.2. By Application 13.18. GCC Countries 13.18.1. Pricing Analysis 13.18.2. Market Share Analysis, 2022 13.18.2.1. By Type 13.18.2.2. By Application 13.19. South Africa 13.19.1. Pricing Analysis 13.19.2. Market Share Analysis, 2022 13.19.2.1. By Type 13.19.2.2. By Application 13.20. Israel 13.20.1. Pricing Analysis 13.20.2. Market Share Analysis, 2022 13.20.2.1. By Type 13.20.2.2. By Application 14. Market Structure Analysis 14.1. Competition Dashboard 14.2. Competition Benchmarking 14.3. Market Share Analysis of Top Players 14.3.1. By Regional 14.3.2. By Type 14.3.3. By Application 15. Competition Analysis 15.1. Competition Deep Dive 15.1.1. Soitec 15.1.1.1. Overview 15.1.1.2. Product Portfolio 15.1.1.3. Profitability by Market Segments 15.1.1.4. Sales Footprint 15.1.1.5. Strategy Overview 15.1.1.5.1. Marketing Strategy 15.1.1.5.2. Product Strategy 15.1.1.5.3. Channel Strategy 15.1.2. First Solar, Inc. 15.1.2.1. Overview 15.1.2.2. Product Portfolio 15.1.2.3. Profitability by Market Segments 15.1.2.4. Sales Footprint 15.1.2.5. Strategy Overview 15.1.2.5.1. Marketing Strategy 15.1.2.5.2. Product Strategy 15.1.2.5.3. Channel Strategy 15.1.3. Trina Solar Co. Ltd 15.1.3.1. Overview 15.1.3.2. Product Portfolio 15.1.3.3. Profitability by Market Segments 15.1.3.4. Sales Footprint 15.1.3.5. Strategy Overview 15.1.3.5.1. Marketing Strategy 15.1.3.5.2. Product Strategy 15.1.3.5.3. Channel Strategy 15.1.4. Reutech Radar Systems 15.1.4.1. Overview 15.1.4.2. Product Portfolio 15.1.4.3. Profitability by Market Segments 15.1.4.4. Sales Footprint 15.1.4.5. Strategy Overview 15.1.4.5.1. Marketing Strategy 15.1.4.5.2. Product Strategy 15.1.4.5.3. Channel Strategy 15.1.5. Targray Technology International Inc 15.1.5.1. Overview 15.1.5.2. Product Portfolio 15.1.5.3. Profitability by Market Segments 15.1.5.4. Sales Footprint 15.1.5.5. Strategy Overview 15.1.5.5.1. Marketing Strategy 15.1.5.5.2. Product Strategy 15.1.5.5.3. Channel Strategy 15.1.6. AllEarth Renewables 15.1.6.1. Overview 15.1.6.2. Product Portfolio 15.1.6.3. Profitability by Market Segments 15.1.6.4. Sales Footprint 15.1.6.5. Strategy Overview 15.1.6.5.1. Marketing Strategy 15.1.6.5.2. Product Strategy 15.1.6.5.3. Channel Strategy 15.1.7. DEGERenergie GmbH & Co. KG 15.1.7.1. Overview 15.1.7.2. Product Portfolio 15.1.7.3. Profitability by Market Segments 15.1.7.4. Sales Footprint 15.1.7.5. Strategy Overview 15.1.7.5.1. Marketing Strategy 15.1.7.5.2. Product Strategy 15.1.7.5.3. Channel Strategy 15.1.8. Energia Ercam S.A. 15.1.8.1. Overview 15.1.8.2. Product Portfolio 15.1.8.3. Profitability by Market Segments 15.1.8.4. Sales Footprint 15.1.8.5. Strategy Overview 15.1.8.5.1. Marketing Strategy 15.1.8.5.2. Product Strategy 15.1.8.5.3. Channel Strategy 15.1.9. Haosolar Co. Ltd 15.1.9.1. Overview 15.1.9.2. Product Portfolio 15.1.9.3. Profitability by Market Segments 15.1.9.4. Sales Footprint 15.1.9.5. Strategy Overview 15.1.9.5.1. Marketing Strategy 15.1.9.5.2. Product Strategy 15.1.9.5.3. Channel Strategy 15.1.10. SunTactics 15.1.10.1. Overview 15.1.10.2. Product Portfolio 15.1.10.3. Profitability by Market Segments 15.1.10.4. Sales Footprint 15.1.10.5. Strategy Overview 15.1.10.5.1. Marketing Strategy 15.1.10.5.2. Product Strategy 15.1.10.5.3. Channel Strategy 16. Assumptions & Acronyms Used 17. Research Methodology
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Dual Axis Solar Tracker Market
