Dublin, April 09, 2024 (GLOBE NEWSWIRE) -- The "Dual Axis Solar Trackers - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Dual Axis Solar Trackers Market to Reach $16.4 Billion by 2030
The global market for Dual Axis Solar Trackers estimated at US$6.3 Billion in the year 2023, is projected to reach a revised size of US$16.4 Billion by 2030, growing at a CAGR of 12.7% over the analysis period 2023-2030.
Solar trackers play a pivotal role in maximizing the efficiency of solar energy systems by orienting solar panels to track the sun's movement throughout the day. This prelude introduces the concept of solar trackers, focusing particularly on dual-axis solar trackers that offer enhanced precision in solar panel positioning. These trackers feature rotation axes that enable both horizontal and vertical movement, allowing for optimal alignment with the sun's position at any given time. The application markets for dual-axis solar trackers span various sectors, with a notable emphasis on utility applications driving market growth.
Utility application, one of the segments analyzed in the report, is projected to record 12.9% CAGR and reach US$13.6 Billion by the end of the analysis period. Growth in the Non-Utility application segment is estimated at 11.8% CAGR for the next 8-year period.
In terms of competition, the landscape for dual-axis solar trackers is dynamic, with various players vying for market share and actively engaging in innovation and product development. Recent market activity reflects ongoing developments and initiatives within the industry aimed at enhancing product efficiency and expanding market reach. Assessing the competitive scenario and market presence of key players provides valuable insights into the evolving dynamics of the dual-axis solar trackers market in 2023.
The U.S. Market is Estimated at $1.3 Billion, While China is Forecast to Grow at 15.9% CAGR
The global market outlook for dual-axis solar trackers appears promising, with utility applications expected to spearhead market expansion. Developed regions currently lead the market, but developing nations show promise for future growth opportunities. Regional analysis highlights the dominance of developed regions in the dual-axis solar trackers market, while developing regions offer potential for significant growth. China, Asia-Pacific, and the USA rank among the top geographic regions poised for substantial CAGR in the dual-axis solar trackers market from 2020 to 2027.
The Dual Axis Solar Trackers market in the U.S. is estimated at US$1.3 Billion in the year 2023. China, the world's second largest economy, is forecast to reach a projected market size of US$3.6 Billion by the year 2030 trailing a CAGR of 15.9% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 10% and 11.2% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 10.9% CAGR.
Exciting New Report Features
- Full access to influencer engagement stats
- Complimentary report updates for one year
- Competitor coverage with global market shares of major players
- Player market presence analysis (Strong/Active/Niche/Trivial) across multiple geographies
- Access to curated YouTube video transcripts of domain experts/influencer interviews, podcasts, press statements and event keynotes
MARKET OVERVIEW
- Solar Trackers: A Prelude
- Introduction to Dual Axis Solar Trackers
- Rotation Axes
- Application Markets
- An Overview of the Solar Trackers Market
- Global Market Prospects & Outlook for Dual Axis Solar Trackers
- Utility Application Sector to Spearhead Market Growth
- World Dual Axis Solar Trackers Market by Application (2020 & 2027): Percentage Breakdown of Sales for Utility and Non-Utility
- Regional Analysis: Developed Regions Lead Dual Axis Solar Trackers Market, Developing Nations Promise Future Growth
- World Dual Axis Solar Trackers Market by Region (2020 & 2027): Percentage Breakdown of Sales for Developed and Developing Regions
- Global Dual Axis Solar Trackers Market: Geographic Regions Ranked by CAGR (Value) for 2020-2027: China, Asia-Pacific, Rest of World, USA, Canada, Europe, and Japan
- Competitive Scenario
- Recent Market Activity
- Dual Axis Solar Trackers - Global Key Competitors Percentage Market Share in 2023 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2023 (E)
MARKET TRENDS & DRIVERS
- Increasing Solar Power Capacity Augurs Well for Market Expansion
- Rising Global Electricity Demand Creates Conducive Environment for Solar Power Industry
- Projected Global Demand for Electricity (MWh): 2015, 2020, 2025, 2030 & 2035
- Global Primary Energy Consumption (Billion toe): Growth Trajectory for the Period 1990-2040
- Global Energy Consumption (in Billion toe) by Country/Region (1995, 2017 and 2040)
- Estimated Global Power Generation Infrastructure Requirement (in US$ Billion) for China, India, Latin America, and North America over the Period 2010-2030
- Emphasis on Renewable Energy Sources Bodes Well for the Market
- Domestic Targets for Greenhouse Gas Emissions of Select Regions/Countries
- Global CO2 Emissions: Percentage Breakdown of Volume Emissions by Fuel Type (2015, 2020, 2040 & 2050)
- Leading Countries with Renewable Energy as % of Total Energy
- Targets for Electricity Production from Renewable Energy Sources in Select Countries
- Government Boost to Solar Energy Adoption to Spur Market Momentum
- Demographic Trends & Urbanization Drive Favor Growth
- World Population (in Thousands) by Geographic Region for the Years 2019, 2030, 2050, 2100
- Degree of Urbanization Worldwide: Urban Population as a % of Total Population by Geographic Region for the Years 1950, 1970, 1990, 2018, 2030 and 2050
- Non-Utility Segment Offers Robust Opportunities
- Growing Opportunities in Utility Vertical
- Uptrend in Commercial Solar Power Sector Enhances Demand
- Technology Advancements & Innovations
FOCUS ON SELECT PLAYERS(Total 78 Featured)
- Soitec
- First Solar, Inc.
- Trina Solar Co. Ltd.
- Reutech Radar Systems
- Targray Technology International Inc.
- AllEarth Renewables
- DEGERenergie GmbH & Co. KG
- Energia Ercam S.A.
- Haosolar Co. Ltd
- Mecasolar (Mecanizados Solares S.L.)
- NEXTracker, Inc.
- SunTactics
- Kirchner Solar Group GmbH
For more information about this report visit https://www.researchandmarkets.com/r/o897zr
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