SAN FRANCISCO, June 4, 2021 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Dual Axis Solar Trackers – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 5; Released: January 2021
Executive Engagements: 416
Companies: 78 – Players covered include Abengoa Solar S.A.; AllEarth Renewables, Inc.; Array Technologies, Inc.; DEGERenergie GmbH & Co. KG; Haosolar Co. Ltd.; Mechatron S.A.; NEXTracker Inc.; Shandong Huayue New Energy Co., Ltd.; STI Norland; Sun Action Trackers LLC and Others.
Coverage: All major geographies and key segments
Segments: Application (Utility, Non-Utility)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.
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Global Dual Axis Solar Trackers Market to Reach $9.5 Billion by 2026
Dual axis solar trackers offer more benefits than the single-axis trackers. Solar panels could be oriented towards sun at all times, notwithstanding the time of the day and also the season, which maximizes the amount of energy produced by a solar power generation system. With dual axis trackers a solar energy project can produce around 45 percent more energy providing greater return on investment. Dual axis trackers follow sun more directly compared to single-axis trackers that follows the east-west path. While single-axis trackers follow sun across the horizontal plane, dual axis trackers tend to move in a circular and therefore a more direct path. These trackers employ GPS signals for determining their longitude and latitude and also date & time and use the information to know sun position at all times. They orient themselves to directly face the sun with the help of the hydraulic drive systems.
Amid the COVID-19 crisis, the global market for Dual Axis Solar Trackers estimated at US$4.2 Billion in the year 2020, is projected to reach a revised size of US$9.5 Billion by 2026, growing at a CAGR of 14.3% over the analysis period. Utility, one of the segments analyzed in the report, is projected to grow at a 14.6% CAGR to reach US$8.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Non-Utility segment is readjusted to a revised 13.2% CAGR for the next 7-year period. This segment currently accounts for a 18.8% share of the global Dual Axis Solar Trackers market.
The U.S. Market is Estimated at $994.8 Million in 2021, While China is Forecast to Reach $1.8 Billion by 2026
The Dual Axis Solar Trackers market in the U.S. is estimated at US$994.8 Million in the year 2021. The country currently accounts for a 21.17% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$1.8 Billion in the year 2026 trailing a CAGR of 18.1% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 11.4% and 13% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 12.7% CAGR while Rest of European market (as defined in the study) will reach US$2.2 Billion by the close of the analysis period.
Urgent need for reducing power generation cost from renewables is fueling growth for dual axis tracker systems in solar power plants. By the year 2023, the installed capacity of dual axis solar trackers is anticipated to increase and reach 9500 MW. Development would be higher in the European and North American markets. In Europe, environmental norms and governmental regulations favor increased use of RE sources creating a strong demand growth scenario for solar trackers, especially the more advanced dual axis trackers. Many countries in the region also have plans in place to completely eliminate generation using conventional sources owing to growing environmental concerns. Awareness about the various benefits of RE is also higher in European countries, which is boosting growth for the solar power sector and thereby for the trackers market in the region. Europe is witnessing rapid development of solar projects, both rooftop installations and ground mounted systems. In North America, the US is the largest market for dual axis solar trackers. Supportive governmental norms are expected to fuel long term market growth in the country. More
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SOURCE Global Industry Analysts, Inc.