Dual Axis Solar Trackers Market Size & Growth Analysis to 2030

The global dual axis solar trackers market size is anticipated to register a significant CAGR of ~ 20% during the forecast period from 2023 to 2030. The rising shift towards renewable energy sources across the globe is one of the prominent factor driving the industry growth. Furthermore, the increasing penetration of solar power systems and the growing consumption of electricity across the globe are further anticipated to boost market growth over the forecast period. Moreover, the increasing use of solar power in commercial energy generation and the increase in government-supportive policies are expected to propel market growth in the next upcoming years.

Market Snapshot:

Market Drivers:

Increased Energy Output and Efficiency: Dual-axis solar trackers significantly improve the energy output and efficiency of solar photovoltaic (PV) systems. By continuously orienting solar panels to directly face the sun throughout the day, dual-axis trackers can capture maximum sunlight and optimize energy production. The ability to generate more electricity compared to fixed-tilt systems has made dual-axis trackers an attractive choice for solar power installations.

Advancements in Tracking Technology: Technological advancements in dual-axis solar tracking systems have contributed to their growing popularity. These advancements include the use of precision sensors, advanced control algorithms, and robust tracking mechanisms. Improved tracking accuracy and reliability have increased the overall performance and efficiency of dual-axis trackers, making them a preferred option for solar PV installations.

Reduction in Levelized Cost of Energy (LCOE): Dual-axis solar trackers help reduce the levelized cost of energy by maximizing the energy output of solar PV systems. The increased energy production from dual-axis trackers can lead to lower overall costs per kilowatt-hour (kWh) generated, making solar power more cost-competitive with other energy sources. This cost-effectiveness has driven the adoption of dual-axis trackers in utility-scale solar projects.

Growing Demand for Renewable Energy: The global shift towards renewable energy sources, driven by concerns over climate change and the need for sustainable energy solutions, has spurred the demand for solar power. Dual-axis solar trackers offer a way to maximize the potential of solar energy generation, making them an attractive option for meeting the increasing demand for clean and renewable energy.

Government Incentives and Policies: Supportive government incentives and policies have played a significant role in driving the adoption of dual-axis solar trackers. Many countries have implemented feed-in tariffs, tax credits, and other financial incentives to promote the development of solar energy projects. In addition, renewable energy targets and regulations requiring the use of clean energy sources have further stimulated the demand for dual-axis solar trackers.

Declining Costs of Solar PV Technology: The cost of solar PV technology, including dual-axis trackers, has been decreasing steadily over the years. Improved manufacturing processes, economies of scale, and technological advancements have led to lower production costs for solar PV components, making them more accessible and affordable. The declining costs of dual-axis trackers have contributed to their market growth.

High Efficiency in Challenging Environments: Dual-axis solar trackers are particularly beneficial in locations with high solar resource variability, such as regions with frequent cloud cover or areas closer to the poles. By continuously adjusting the angle of solar panels, dual-axis trackers can effectively capture sunlight from different angles and maximize energy production even in challenging environments. This feature has driven the adoption of dual-axis trackers in areas with suboptimal solar conditions.

Scalability and Flexibility: Dual-axis solar trackers offer scalability and flexibility in solar PV installations. They can be customized to fit various project sizes and site conditions, making them suitable for both large-scale utility projects and smaller commercial or residential installations. The ability to adapt to different project requirements and optimize energy production has contributed to the market growth of dual-axis solar trackers.

Environmental Benefits and Carbon Footprint Reduction: The use of dual-axis solar trackers helps reduce greenhouse gas emissions and dependence on fossil fuels, leading to environmental benefits. Solar power generated with dual-axis trackers is considered a clean and renewable energy source, contributing to carbon footprint reduction and environmental sustainability goals. The growing emphasis on environmental responsibility has bolstered the demand for dual-axis solar trackers.

Market Insights:

By application, the utility segment dominated the global dual-axis solar tracker market in the benchmark year

The global dual-axis solar trackers market is bifurcated into type, application, and geography. On the basis of application, the market is segmented into utility and non-utility applications. The utility segment dominated the global dual-axis solar tracker market in the benchmark year and is expected to hold the largest revenue share over the forecast period. The increasing adoption of renewable energy sources and the growing electricity cost are some major factors expected to increase the demand for solar trackers in utility applications. Furthermore, the increasing government subsidies are further anticipated to propel the segment growth over the forecast period.

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The dual axis solar trackers comprehensive study analyzes industry trends, market size, competitive analysis, and market forecast – 2023 to 2030. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The dual axis solar trackers market research report presents the analysis of each segment from 2020 to 2030 considering 2022 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2023 to 2030.

Historical & Forecast Period

• 2020-21 – Historical Year
• 2022 – Base Year
• 2023-2030 – Forecast Period

Market Segmentation:

By Type:

• Polar-Axis Tracking
• Altitude–Azimuth Tracking

By Application:

• Utility
• Non-utility

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Regional Analysis:

By region, North America dominated the global market owing to the increasing adoption of renewable energy sources

On the basis of region, North America dominated the global dual-axis solar trackers market in 2022 and expected to hold the largest revenue share of over 1/4 market share by the end of the analysis period. The increasing inclination towards renewable energy sources is one of the key factor driving the market growth in the region. Furthermore, the increasing electricity consumption and the growing penetration of electric vehicles are further anticipated to propel the industry growth over the forecast period in North America.

Geographically, the dual axis solar trackers market report comprises dedicated sections centering on the regional market revenue and trends. The dual-axis solar trackers market has been segmented on the basis of geographic regions into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The dual-axis solar trackers market has been extensively analyzed on the basis of various regional factors such as demographics, gross domestic product (GDP), inflation rate, acceptance, and others. Dual-axis solar trackers market estimates have also been provided for the historical years 2020 & 2021 along with forecasts for the period from 2023 – 2030.

Competitive Assessment:

Some of the major market players operating in the global dual-axis solar trackers market are Abengoa Solar S.A., AllEarth Renewables, Array Technologies Inc., DEGERenergie GmbH & Co. KG, and Nclave. Companies are exploring markets through expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

• Abengoa Solar S.A.
• AllEarth Renewables
• Array Technologies Inc.
• DEGERenergie GmbH & Co. KG
• Nclave
• Powerway Renewable Energy Co. Ltd.
• Soltec Tracker
• SunPower Corporation
• Titan Tracker
• Trina Solar Limited

Key Questions Answered by Dual Axis Solar Trackers Market Report

• Global dual axis solar trackers market forecasts from 2023-2030
• Regional market forecasts from 2023-2030 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2023-2030 covering 15 major countries from the regions as mentioned above
• Dual axis solar trackers submarket forecasts from 2023-2030 covering the market by type, application, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis about the market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level dual axis solar trackers markets from 2023-2030
• Competitive Landscape and market positioning of the top 10 players operating in the market