The Dual Axis Solar Trackers Market report, unveiled by Future Market Insights—an ESOMAR Certified Market Research and Consulting Firm—presents invaluable insights and meticulous analysis of the Dual Axis Solar Trackers market. Encompassing the research’s scope and essence, this report scrupulously examines the driving factors, market size, and predictive data for Dual Axis Solar Trackers. It furnishes intricate revenue and shipment segmentations, accompanied by a decade-long projection up to 2033. Additionally, the document evaluates key industry players, their market distribution, the competitive scenario, and regional perspectives.
The current landscape of the Dual Axis Solar Trackers Market is witnessing robust growth, fueled by heightened governmental emphasis on renewable energy sources and the expanding adoption of solar photovoltaic (PV) installations. Governments worldwide are reorienting their priorities towards sustainable energy solutions, resulting in a substantial surge in demand for dual-axis solar trackers. These advanced tracking systems effectively optimize energy generation by dynamically aligning solar panels with the precise path of the sun, thereby maximizing solar exposure throughout the day.
Forecasts indicate that the global dual-axis solar tracker market is on track to reach an approximate valuation of US$ 6.3 billion by 2023. This growth is primarily propelled by increasing awareness of renewable energy sources, which serves as a pivotal driver for market expansion. Moreover, estimations suggest that the market is poised to attain a total value of US$ 24.8 billion by 2033, reflecting a noteworthy compound annual growth rate (CAGR) of 14.8% from 2023 to 2033.
The escalating governmental focus on renewable energy sources, combined with the escalating deployment of solar PV systems, acts as significant catalysts for the upward trajectory of the dual-axis solar trackers market. These dual-axis solar trackers are increasingly gaining acceptance in large-scale solar power projects globally, underscoring their effectiveness. Their capacity to deliver higher energy output per unit of installed capacity renders them particularly well-suited for utility-scale installations and commercial solar farms.
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The rise in energy demand has prompted a corresponding increase in the need for expanded electricity generation capacity. As a result, there has been a notable surge in the adoption of dual-axis solar trackers, particularly in large-scale solar projects. These trackers, equipped with advanced tracking algorithms, sensor integration, and control mechanisms, have significantly improved their precision and operational efficiency.
Technological advancements in dual-axis solar trackers have led to enhanced reliability, cost efficiency, and seamless integration capabilities. This positive trajectory is expected to drive substantial market growth in the coming years.
The North American region has emerged as a leading center for ongoing technological innovation in dual-axis solar tracker systems. These innovations have played a pivotal role in increasing energy output levels and bolstering system reliability. Consequently, dual-axis trackers have become an increasingly attractive option for solar projects across the region.
Key Takeaways:
- The period from 2018 to 2022 experienced a substantial surge in demand for dual-axis solar trackers, demonstrating an impressive Compound Annual Growth Rate (CAGR) of 8.8%.
- When categorized by type, the single-axis segment exhibited remarkable growth, contributing significantly to a CAGR of 14.4%.
- An in-depth analysis based on application reveals 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 strategically positioned to emerge as a promising market for dual-axis solar trackers, boasting an anticipated CAGR of 14.7%.
- Projections indicate that the dual-axis solar tracker industry in the United Kingdom is progressing steadily towards a significant milestone, expected to reach a valuation of US$ 1 billion by the year 2033.
- Meanwhile, the dual-axis solar trackers market in South Korea is predicted to achieve substantial market revenue of US$ 1.3 billion by 2033.
- The Asia Pacific region presents itself as an opportunistic market with an estimated CAGR of 14.6% during the projected forecast period.
“Increased power demand globally and increasing technological innovation are expected to drive the market in the forecast period. The supportive government policies and increased use of renewable energy sources play a vital role in strengthening the market” – comments a lead analyst at FMI.
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.
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Know More about this Market Report:
Future Market Insights offers an unbiased analysis of the global dual-axis solar trackers market, 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
Explore this report from different publication
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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