Striving for Remarkable Growth: Dual-Axis Solar Trackers Market Targets a Valuation of US$ 24.8 Billion by 2033, Driven by a Robust 14.8% CAGR from 2023 to 2033

The Dual Axis Solar Trackers Market is currently experiencing substantial growth, driven by increased government emphasis on renewable energy sources and the growing adoption of solar photovoltaic (PV) installations. Governments worldwide are redirecting their focus toward sustainable energy solutions, leading to a significant rise in demand for dual-axis solar trackers. These advanced tracking systems effectively enhance energy generation by dynamically aligning solar panels with the precise path of the sun, thereby optimizing solar exposure throughout the day.

Projections indicate that the global dual-axis solar tracker market is poised to reach a valuation of approximately US$ 6.3 billion by 2023. This growth can be attributed to the growing awareness of renewable energy sources, serving as a key driver for market expansion. Furthermore, estimations suggest that the market will achieve a total value of US$ 24.8 billion by 2033, reflecting a noteworthy compound annual growth rate (CAGR) of 14.8% from 2023 to 2033.

The increasing government focus on renewable energy sources, coupled with the rising deployment of solar PV systems, serves as significant catalysts for the upward trajectory of the dual-axis solar trackers market. Demonstrating their effectiveness, these dual-axis solar trackers are increasingly being embraced in large-scale solar power projects on a global scale. Their ability to yield higher energy output per unit of installed capacity makes them exceptionally well-suited for utility-scale installations and commercial solar farms.

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The surge in energy demand has led to an increased need for augmented electricity production. Within this context, the adoption of dual-axis solar trackers is experiencing a significant upswing, especially in extensive solar projects. The increased deployment of these trackers, along with their advanced tracking algorithms, sensor integration, and control mechanisms, has greatly improved their precision and operational efficiency. These technological advancements have also resulted in enhanced reliability, cost efficiency, and seamless integration capabilities for dual-axis solar trackers. This positive trend is expected to drive substantial market growth in the foreseeable future.

The North American region has emerged as a prominent hub for ongoing technological innovation, playing a key role in the development of dual-axis solar tracker systems. These innovations have been instrumental in boosting energy output levels and strengthening system reliability. Consequently, dual-axis trackers have become an increasingly attractive option for solar projects in the region.

Key Takeaways:

• The period from 2018 to 2022 experienced a substantial surge in demand for dual-axis solar trackers, demonstrating an impressive Compound Annual Growth Rate (CAGR) of 8.8%.

• When categorized by type, the single-axis segment exhibited remarkable growth, contributing significantly to a CAGR of 14.4%.

• An in-depth analysis based on application reveals that the utility segment is poised for substantial expansion, with a projected CAGR of 14.1% throughout the forecast duration.

• The North American region is strategically positioned to emerge as a promising market for dual-axis solar trackers, boasting an anticipated CAGR of 14.7%.

• Projections indicate that the dual-axis solar tracker industry in the United Kingdom is progressing steadily towards a significant milestone, expected to reach a valuation of US$ 1 billion by the year 2033.

• Meanwhile, the dual-axis solar trackers market in South Korea is predicted to achieve substantial market revenue of US$ 1.3 billion by 2033.

• The Asia Pacific region presents itself as an opportunistic market with an estimated CAGR of 14.6% during the projected forecast period.

"Increased power demand globally and increasing technological innovation are expected to drive the market in the forecast period. The supportive government policies and increased use of renewable energy sources play a vital role in strengthening the market" - comments a lead analyst at FMI.

Competitive landscape:

• Soitec,
• First Solar, Inc.,
• Reutech Radar Systems,
• Targray Technology International Inc.
• Trina Solar Co. Ltd.

among others are some of the market players operating in the dual-axis solar tracker market.

• SunPower: Renowned solar energy enterprise with a notable presence in the dual-axis solar tracker sector.

• Offers sophisticated dual-axis trackers seamlessly integrated with its premium high-efficiency solar panels.

• Tracker systems meticulously engineered to optimize energy yield and elevate overall system efficiency.

• SunPower's foray into the dual-axis solar tracker domain bolsters the industry with proven expertise and credibility.

• Arctech Solar: Prominent global manufacturer specializing in solar tracking and racking systems.
• Recognized for its provision of dual-axis trackers celebrated for exceptional precision and dependable performance.

• Extensively engaged in large-scale solar ventures across the globe, delivering tailored dual-axis tracking solutions for maximal energy production.

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Know More about this Market Report:
Future Market Insights offers an unbiased analysis of the global dual-axis solar trackers market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the dual-axis solar trackers market, the market is segmented based on type and application across five major regions.

Key Segments:

By Type:
• Single Axis
• Dual Axis

By Application:
• Utility
• Non-Utility

By Region:
• North American
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa

Explore this report from different publication
Dual axis solar tracker Market@ https://www.globenewswire.com/en/news-release/2023/06/08/2684474/0/en/The-Dual-Axis-Solar-Tracker-Market-is-projected-to-reach-a-valuation-of-US-24-8-Billion-by-2033-exhibiting-a-significant-CAGR-of-14-8-from-2023-to-2033-Future-Market-Insights.html

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