Dual Axis Solar Trackers Market Size, Share, Growth, And Industry Analysis, By Type (Manual Dual Axis Solar Trackers, Passive Dual Axis Solar Trackers and Active Dual Axis Solar Trackers), By Application (Residential, Small Commercial Solar Projects and Others), and Regional Forecast to 2028

Updated On: 15 May 2023

Report Overview

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The global dual axis solar trackers market size was USD 5556.2 million in 2022. As per our research, the market is expected to reach USD 11270 million in 2028, exhibiting a CAGR of 12.5% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the dual axis solar trackers market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Solar panels may follow the sun's path across the sky with the help of dual-axis solar trackers, which increases the amount of sunlight they receive. Dual axis trackers let solar panels spin both horizontally and vertically so that they constantly face the sun, in contrast to fixed solar panels, which are immobile and face only one direction. The azimuth axis spins the panel horizontally to follow the sun's movement across the sky on a daily basis, and the elevation axis leans the panel upward and downward to follow the sun's varying angles of elevation at all times throughout the seasons.

The market for dual axis solar trackers is expanding as a result of rising need for sources of clean energy and the requirement to increase the output and efficiency of solar panels. When compared to stationary solar panels, dual-axis solar systems can boost solar panel energy production by up to 40%. Due to this, they are a desirable solution for business and industrial uses where optimum energy production is important. Dual-axis trackers are now more dependable and economical thanks to technological developments, which has boosted market acceptance.

COVID-19 Impact: Restrictions on International Trade Delayed the Manufacture and Delivery of Solar Equipment

The market for dual axis solar trackers has suffered a number of setbacks as a result of the COVID-19 epidemic. Lockdowns and restrictions on international trade had delayed the manufacture and delivery of solar equipment, which had one of the biggest effects on global supply chains. Due to these delays in solar project production and installation, projects had been canceled or delayed, which had a detrimental effect on the market for solar trackers. Economic uncertainty brought on by the pandemic had decreased investments in new solar installations, particularly in underdeveloped nations. Due to the need for many businesses to reduce their investments in renewable energy and concentrate on more urgent financial issues, the market for the trackers had experienced a slowdown in growth.

Latest Trends

"Utilization of Tracking Technologies to Boost Energy Production and Provide Real-Time Analysis"

The use of cutting-edge tracking technologies such as artificial intelligence (AI) and machine learning (ML) is one of the most recent trends in the market for dual axis solar trackers. These innovations can improve the positioning and tracking of solar panels, minimizing energy losses brought on by obstructions involving dirt or shade. Real-time analyses of weather information, solar radiation, and other characteristics can be performed by AI and ML algorithms, and the solar panels can then be positioned appropriately. The generation of energy can be greatly increased while maintenance expenditures are decreased. These systems also offer predictive maintenance, which allows for proactive maintenance and repair by identifying potential problems in advance of them.

Segmentation

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• By Type Analysis

According to type, the market can be segmented into Manual Dual Axis Solar Trackers, Passive Dual Axis Solar Trackers and Active Dual Axis Solar Trackers

• By Application Analysis

Based on application, the market can be divided into Residential, Small Commercial Solar Projects, and Others

Driving Factors

"Favorable Government Incentives are Encouraging the Use of the Solar Trackers"

One of the main market-moving drivers for dual-axis solar trackers is government rules and incentives. The use of legislation and policies by governments around the world to encourage the use of renewable energy sources and lessen reliance on fossil fuels is on the rise. The adoption of renewable energy sources is encouraged by these laws and policies, which may include feed-in tariffs, tax credits, and other regulations. Since more solar power plants are now being built as a result, the market for trackers is growing. The market for solar trackers is also being boosted by governments' current promotion of using renewable energy in both the household and commercial sectors.

"Concerns Over Damaging Effects of Fossil Fuels is Increasing the Demand for Solar Energy"

Another reason propelling the dual axis solar trackers market growth is the rising demand for clean energy. The negative environmental effects of fossil fuels are causing significant concern, which is driving up demand for renewable energy sources such as solar. The demand for solar energy is also rising as people become more conscious of the importance of energy security and the rising expense of conventional energy sources. The energy output of solar panels is increased by solar trackers, making them a desirable choice for satisfying this demand. The trackers market has grown as a result of the rising need for clean energy, and this development is anticipated to continue in the years to come.

Restraining Factors

"Significant Installation and Maintenance Cost Connected with the Trackers Might Limit the Market Expansion"

The substantial installation and maintenance costs connected with these systems are one of the main reasons limiting the market for dual axis solar trackers. Compared to fixed-tilt solar systems, installing and maintaining dual-axis solar trackers is more expensive. They necessitate a more intricate and advanced control system in addition to extra mechanical parts such as motors and sensors, which raises the cost of initial installation. Furthermore, due to their moving parts, dual axis trackers need maintenance more frequently, which might raise the overall maintenance expenses.

Regional Insights

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"Increased Demand for Clean Energy and Technological Advances have Strengthened the Regional Market"

Concerns about climate change and energy security have led to an increase in demand for renewable energy sources in North America. Dual axis trackers are a desirable alternative for satisfying this requirement since they can boost solar panel energy output. Solar trackers are a desirable alternative for both residential and commercial consumers due to their enhanced energy production, which can aid in lowering carbon emissions and reliance on fossil fuels. Dual axis tracker technology, for instance, was invented in the North American region, which has led the way in technological developments in the solar sector. Solar trackers are now more efficient, dependable, and cost-effective thanks to sophisticated control systems, real-time monitoring, and predictive maintenance technology. These developments have raised the allure and stimulated the dual axis solar trackers market share expansion in the area.

Key Industry Players

"Key Players Focus Investing in R&D to Increase their Market Share"

Market participants are spending in R&D to create cutting-edge solar trackers that provide greater efficiency, dependability, and performance. In order to expand the use of solar trackers into new areas, they are also concentrating on creating trackers that can operate in adverse weather situations. In order to be more competitive in the industry, the market participants are also concentrating on lowering the price of dual axis solar trackers. Process optimization, automation, and supply chain management are used to accomplish this.

List of Market Players Profiled

• AllEarth Renewables (U.S.)
• Sun Action Trackers (U.S.)
• SunPower (U.S.)
• DEGERenergie GmbH (Germany)

Report Coverage

This report covers the dual axis solar trackers market. The CAGR expected to be in during the forecast period, and also the USD value in 2022 and what it is expected to be in 2028. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.