Dual Axis Solar Trackers Market Scope
A dual axis solar trackers is an automated solar panel which can be used to boost the net energy generation from solar power plants. The dual axis are usually at a normal of each rotate both east to west (zenithal) and north to south (azimuthally). The demand of electricity and its price is continuously increased over the time. Hence, residential customers turn to dual-axis trackers often because they have the land-space available and want to maximize their output.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Array Technologies (United States), NEXTracker (United States), First Solar, Inc. (United States), SunPower (United States), Mecasolar (Spain), Sun Action Trackers (United States), AllEarth Renewables (United States), Haosolar (China), Chiko Solar (China), PARU Technology (South Korea), LINAK Group (Denmark), ArcelorMittal (Exosun) (France) and Solar FlexRack (United States) |
CAGR | % |
The global market is highly competitive and consists of a limited number of providers who compete with each other. The intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant opportunities for market growth. Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Dual Axis Solar Trackers market throughout the predicted period.
Array Technologies (United States), NEXTracker (United States), First Solar, Inc. (United States), SunPower (United States), Mecasolar (Spain), Sun Action Trackers (United States), AllEarth Renewables (United States), Haosolar (China), Chiko Solar (China), PARU Technology (South Korea), LINAK Group (Denmark), ArcelorMittal (Exosun) (France) and Solar FlexRack (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Poulek Solar (Canada), GameChange Solar (United States), DEGERenergie (Germany) and Soltec Renewable Energies (Spain).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Dual Axis Solar Trackers market by Type , by Application (Utility, Commercial and Residential) and Region with country level break-up.
On the basis of geography, the market of Dual Axis Solar Trackers has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
On December 12, 2023, NexTracker, a leading provider of solar tracking systems, announced its merger with Arc Solar Holdings, a developer and owner of utility-scale solar projects. The combined entity will create the world's largest solar tracker company, with a presence in over 40 countries and a capacity to supply trackers for over 8 GW of solar projects annually.
On September 20, 2023, NEXTracker unveiled its new NX Horizon tracker, designed specifically for large-scale solar projects. The tracker features a single-axis design with increased ground clearance and enhanced wind resistance, making it suitable for challenging terrain and high-wind environments.
Under the new Governance regulation, which is also part of the Clean energy for all Europeans package, EU countries are required to draft 10-year National Energy & Climate Plans (NECPs) for 2021-2030, outlining how they will meet the new 2030 targets for renewable energy and for energy efficiency.
Influencing Trend:
Rising Environmental Concerns have led to Rapid Adoption of Solar Energy in the European Countries and Key Players are Continuously Focusing on Development of Self-Adjusting and an Intelligent Solar Tracker
Market Growth Drivers:
Increasing Awareness About Clean Energy Across the Globe, Surge in Demand for Energy Due to Rise in Industrialization in Developing Countries and The Growth of Sustainable Green Energy Worldwide
Challenges:
Low Adoption rate in Underdeveloped Economies
Restraints:
High Initial Investment in Renewable Energy Projects and Dearth of Killed Technical Operators
Opportunities:
Stringent Environmental Norms is Likely to Promulgate the Solar Energy Development, Increasing Adoption of IoT and Artificial Intelligence in Renewable Energy Sector and Rising Concern Regarding Pollution Caused from Conventional Sources of Energy Worldwide
Key Target Audience
Dual Axis Solar Trackers Manufacturers, Raw Material Suppliers, Product Suppliers/Distributors, Technology Providers, System Integrator, Government & Private Organisations and Others