Dual Axis Solar Tracker Market Is Driven By Increased Solar Panel Efficiency

By Author: Ben
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The dual axis solar tracker market allows mounting of photovoltaic (PV) panels on a framework that follows the sun's movement across the sky during the day. Dual axis trackers rotate the panels from east to west as well as north to south to maximize sunlight exposure throughout the day. This results in up to 30% higher energy generation compared to fixed-tilt systems and 12-15% higher yield than single-axis trackers. The globally declining costs of PV modules combined with rising fossil fuel costs have made solar power highly competitive in recent years. Dual axis trackers help improve the financial viability of solar projects by generating more kilowatt hours per installed kW of capacity.

The Global Dual Axis Solar Tracker Market Size is estimated to be valued at US$ 6.46 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024-2031.

Key Takeaways

Key players operating in the dual axis solar tracker market are Array Technologies, NEXTracker, PV Hardware, Arctech Solar, Convert Italia, SOLTEC, STI Norland, NClave, SunPower, and Solar Steel. These companies collectively held a share ...
... of over 50% of the global market in 2022. Key players are undertaking strategic initiatives such as partnerships, new product launches and mergers & acquisitions to gain market share.

The growing demand for renewable energy across both residential and non-residential sectors is expected to drive the dual axis solar tracker market during the forecast period. Governments across various countries have introduced supportive policies and incentives to encourage the deployment of solar PV installations. This is increasing the adoption of solar trackers which help optimize energy generation.

Geographically, the market is witnessing highest growth in the Asia Pacific region led by China, India and other developing countries. Dual axis trackers allow for more cost-effective solar projects in these price-sensitive markets. At the same time, North America and Europe continue to be lucrative regions with presence of key players and focus on solar R&D. The global expansion of solar trackers will be fueled by supportive renewable energy policies worldwide.

Market Drivers

The key driver for the dual axis solar tracker market is increased solar panel efficiency through maximizing energy generation per unit of land. Dual axis trackers provide around 12-15% higher energy yield than fixed-tilt systems and single-axis trackers through optimal alignment of panels toward the sun throughout the day. This improves the financial returns of solar projects making them attractive for commercial and utility-scale deployment. Other solar trackers cannot match the precision of dual axis in predicting the changing path of the sun from dawn to dusk.

The current geopolitical situation is impacting the growth of the Dual Axis Solar Tracker Market in multiple ways. The ongoing Russia-Ukraine conflict and rising tensions between major world economies have disrupted global supply chains and increased the prices of key raw materials like steel and aluminium which are important components in solar trackers. This has pushed up production costs for manufacturers in the short term.

At the same time, the need to move towards clean and sustainable sources of energy has become even more important for energy security. Many countries want to reduce dependence on fossil fuel imports in light of geopolitical risks. This is driving greater investments in solar projects with trackers that offer higher energy yields. However, availability of financing can be a challenge in an uncertain macroeconomic environment. Exchange rate fluctuations also introduce currency risks for international players.

Looking ahead, manufacturers need to closely monitor commodity prices and mitigate raw material risks through long term contracts, supplier diversification and product design optimization. They should also explore opportunities in new growth markets that are making renewable targets a key policy priority. Having a globally dispersed manufacturing footprint and collaborating with local partners will help address trade barriers and currency volatility. Adopting standardized products along with smart monitoring and maintenance services can further aid the large scale deployment of these systems.

In terms of geographical concentration, Europe accounts for the largest share of the dual axis solar tracker market currently both in terms of installation base as well as ongoing project pipeline. Countries like Spain, Germany, Italy, France have been early technology adopters and maintain a lead over other regions.

However, the Asia Pacific region is emerging as the fastest growing market driven by a strong policy push for solar power in China, India and Southeast Asian nations. Abundant sunlight, large land availability and supportive policies make the region ideal for trackers to maximize energy generation potential from solar farms. With ongoing capacity additions, Asia Pacific is set to surpass Europe in the coming years to become the dominant regional market for dual axis trackers globally.

What Are The Key Data Covered In This Dual Axis Solar Tracker Market Report?

:- Market CAGR throughout the predicted period

:- Comprehensive information on the aspects that will drive the Dual Axis Solar Tracker Market's growth between 2024 and 2031.

:- Accurate calculation of the size of the Dual Axis Solar Tracker Market and its contribution to the market, with emphasis on the parent market

:- Realistic forecasts of future trends and changes in consumer behaviour

:- Dual Axis Solar Tracker Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa

:- A complete examination of the market's competitive landscape, as well as extensive information on vendors

:- Detailed examination of the factors that will impede the expansion of Dual Axis Solar Tracker Market vendor

FAQ’S

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Q.3 What are the market’s opportunities, risks, and general structure?

Q.4 Which of the top Dual Axis Solar Tracker Market companies compare in terms of sales, revenue, and prices?

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