The dual axis solar tracker global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Dual Axis Solar Tracker Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The dual axis solar tracker market size has grown rapidly in recent years. It will grow from $5.87 billion in 2023 to $6.63 billion in 2024 at a compound annual growth rate (CAGR) of 12.9%. The growth in the historic period can be attributed to energy efficiency demands, government incentives and policies, falling solar panel costs, and rising awareness of the environmental impact of traditional energy sources.
The dual axis solar tracker market size is expected to see rapid growth in the next few years. It will grow to $10.20 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%. The growth in the forecast period can be attributed to environmental concerns, global climate agreements, declining costs of dual-axis tracking technology, and increasing solar panel efficiency. Major trends in the forecast period include smart and connected trackers, hybrid solar tracking systems, adoption of AI and machine learning, and robotic cleaning solutions.
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The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
The increasing demand for renewable energy is expected to propel the growth of the dual-axis solar tracker market going forward. Renewable energy refers to energy derived from natural resources that are available on a human timescale and considered environmentally friendly. Unlike fossil fuels, which are finite and contribute to environmental degradation, renewable energy sources can be continually replenished, providing a cleaner and more sustainable alternative. A dual-axis solar tracker is used in renewable energy systems to enhance solar power installations’ efficiency, reliability, and economic viability, contributing to the broader adoption and success of solar energy as a sustainable and reliable power source. For instance, in March 2023, according to the Energy Information Administration (EIA), a US-based federal agency that provides official energy statistics and information, the combined wind and solar share of total generation increased from 12% in 2021 to 14% in 2022, with renewable generation surpassing coal and nuclear generation for the first time. The increasing demand for renewable energy is expected to propel the growth of the dual-axis solar tracker market.
Market Trends –
Major companies operating in the dual-axis solar tracker market are focusing on the development of innovative products such as Skywings, the first dual-row solar tracker with a multi-point drive mechanism to address several key challenges in solar energy production, and maximize energy yield, reduce the levelized cost of energy, and increase the stability of solar tracking systems. A dual-row solar tracker is a type of solar tracking system used to optimize the orientation of solar panels for maximum sunlight exposure. For instance, in September 2022, Arctech Solutions Pvt. Ltd., an Indian-based technology solutions company, launched its latest dual-row solar tracker skywings. This product is designed with a multi-point drive mechanism, making it the world’s first dual-row solar tracker compatible with undulating terrain. The patented bidirectional slew drives enable two tracker rows to move synchronously, and the undulation tolerance of adjacent rows has increased to 15% in east/west and north/south directions. Additionally, it offers real-time shading avoidance, which can boost energy generation by 8%, and can be paired with a cleaning robot to increase energy yield.
The dual axis solar tracker market covered in this report is segmented –
1) By Product Type: Single Axis, Dual Axis, Azimuth-Altitude Dual Axis
2) By Technology: Solar Photovoltaic, Concentrated Solar Power, Concentrated Photovoltaic
3) By Application: Utility, Commercial, Residential
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Regional Insights –
Asia-Pacific was the largest region in the dual axis solar tracker market in 2023. The regions covered in the dual axis solar tracker market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the dual axis solar tracker market are PARU Corporation, Trina Solar Co. Ltd., First Solar Inc., NEXTracker Inc., SunPower Corporation, Array Technologies Inc., Soitec S.A., Soltec Power Holdings S.A., Arctech Solar Holding Co. Ltd., DEGERenergie GmbH & Co. KG, ADES International Holding plc, Sun Action Trackers LLC, Reutech Radar Systems Pty Ltd., Energia Ercam S.A., Abengoa Solar India Pvt. Ltd., AllEarth Renewables Inc., Mecasolar SL, Titan Tracker Ltd., Powerway Corporation, Haosolar Co. Ltd, Kirchner Solar Group GmbH, Mechatron LLC, Moser LLC, Shandong Huayue New Energy Co. Ltd., Targray Technology International Inc., SunTactics Inc., Cabanillas Ingenieros S.L., Amberroot Systems Inc., HeliosLite SAS
Table of Contents
1. Executive Summary
2. Dual Axis Solar Tracker Market Report Structure
3. Dual Axis Solar Tracker Market Trends And Strategies
4. Dual Axis Solar Tracker Market – Macro Economic Scenario
5. Dual Axis Solar Tracker Market Size And Growth
…..
27. Dual Axis Solar Tracker Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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