According to the Technavio Research report on the dual-axis solar tracker market, the market is forecast to grow $432.75 million, at a CAGR of 14% from 2019 to 2023.
CSP and CPV
The use of solar energy has been increasing rapidly with the introduction of many new technologies that boost electricity production efficiency using solar energy. CSP and CPV are two solar energy technologies that are gaining traction in the solar industry. CSP plants use mirrors to reflect the received sunlight and concentrate on a central receiver. Similarly, CPV uses concentrating optics with significantly lower cell area when compared with the traditional flat plate PV modules. As these technologies require continuous sunlight at the optimum angle, the mirrors or modules in these plants use dual-axis solar trackers for two axes rotation to track the sun. Therefore, the rising installation of CSP and CPV solar plants will fuel the dual-axis solar tracker market growth during the forecast period.
“Apart from the rising installations of CSP and CPV solar plants, other factors such as the advances in power electronics used in solar PV systems, and the increasing adoption of microgrids will have a significant impact on the growth of the dual-axis solar tracker market size during the forecast period,” says a senior analyst at Technavio.
This market research report segments the global dual-axis solar tracker market by application (utility, and non-utility) and geographic regions (APAC, EMEA, and the Americas).
The EMEA region led the dual-axis solar tracker market in 2018, followed by APAC, and the Americas respectively. The growth of the dual-axis solar tracker market revenue in EMEA can be attributed to the increasing government support and a shift from traditional sources of energy such as fossil fuels and nuclear power to renewables-based power generation in the region. The dual-axis solar tracker market analysis identifies Germany and Turkey as the major contributors to the growth of the market in the EMEA region in 2018.
Factors driving the industry
Solar power generation has witnessed significant growth over the last decade and has emerged as one of the low-cost sources of electricity generation. This is mainly due to factors such as increased production scale of components, and intense competition among vendors in the global solar power market. Moreover, ongoing developments around ESS have also led to an increase in the adoption of solar technology. As a result, there has been a significant increase in the number of solar PV installations globally. This, in turn, is expected to increase the demand for dual-axis solar tracker during the forecast period.
Major vendors in the dual-axis solar tracker market are:
- AllEarth Renewables, Inc.
- DEGERenergie GmbH & Co. KG
- Mechatron SA
- Qingdao Eternal Electronic Co. Ltd.
- Titan Tracker SL