Global Dual-Axis Solar Tracker Market 2019-2023
Global Dual-Axis Solar Tracker Market: About this market
Dual-axis solar tracker enables two degrees of movement to solar PV modules for efficient tracking of sun throughout the day. Technavio’s dual-axis solar tracker market analysis considers sales generated from the adoption of dual-axis solar tracker for non-utility and utility applications. Our analysis also considers the sales of dual-axis solar tracker in the Americas, APAC, and EMEA. In 2018, the utility segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the growing focus on a clean and sustainable form of energy generation will play a significant role in the utility segment to maintain its market position. Also, our global dual-axis solar tracker market report looks at factors such as the declining cost of solar power generation, supportive government policies, and regulations about solar installations, and growing adoption of renewable energy. However, competition from alternatives of dual-axis solar trackers, challenges associated with solar PV modules and their disposal, and challenges posed by alternative sources of energy may hamper the growth of the dual-axis solar tracker industry over the forecast period.
Global Dual-Axis Solar Tracker Market: Overview
Growing adoption of renewable energy
Globally, the renewable energy sector is growing significantly due to the competitive price of power generation, subsidies provided by various governments, and favorable regulations. Also, the capital costs of solar PV declined. This decrease in capital costs spurred the number of solar PV installations and contributed to 25% year-over-year expansion in terms of installations in 2017. This trend was observed in several countries that are investing significantly in renewables, including solar PVs. These factors will boost the demand for solar PV panels and dual axis solar trackers across countries and consequently lead to the expansion of the global dual-axis solar tracker market at a CAGR of about 14% during the forecast period.
Rising installations of CSP and CPV solar plants
The solar industry is adopting new solar energy technologies such as CSP and CPV because they have high electricity production efficiency. This is encouraging an increase in investments in several new CSP and CPV projects around the globe. Consequently, the demand for dual axis solar trackers will increase as it is extensively used in CSP and CPV. In addition, rising investments will have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global dual-axis solar tracker market during the forecast period 2019-2023, click here.
With the presence of several major players, the global dual-axis solar tracker market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading dual-axis solar tracker manufacturers, that include AllEarth Renewables, Inc., DEGERenergie GmbH & Co. KG, Mechatron SA, Qingdao Eternal Electronic Co. Ltd., and Titan Tracker SL.
Also, the dual-axis solar tracker market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook