Global Dual Axis Solar Tracker Industry Size is Expected to Increase Significantly by 2023
The market is anticipated to witness substantial growth owing to the significantly growing installations of photovoltaic systems across the world.
The global dual axis solar tracker industry size is expected to increase significantly over the next seven years on account of shifting focus towards non-renewable energy sources. Furthermore, significant demand for photovoltaic and concentrated solar power systems will drive industry growth. The market is anticipated to witness substantial growth owing to the significantly growing installations of photovoltaic systems across the world.
Solar trackers increase the energy production capability and lower the cost of electricity and are expected to fuel the industry growth over the upcoming years. Growing demand for photovoltaic systems is anticipated to drive the industry growth on account of rising demand for solar photovoltaic systems in industrial and infrastructure sector. Rising cost of electricity owing to depletion of non-renewable sources is likely to propel the market for photovoltaic systems in commercial and residential applications. Favorable government policies and regulations in countries including India, China, U.S., France and Brazil for the production of energy from renewable sources is expected to promote the industry growth. Moreover, government incentive schemes and feed-in tariff promoting the production and usage of solar power are anticipated to augment the market growth over the upcoming years. However, high installation costs and maintenance costs are likely to restraint solar tracker industry expansion. Moreover, the market growth for solar trackers is expected to be hampered over the upcoming years on account of huge investment costs coupled with low cost of conventional sources of energy. However, increased spending on R&D and innovation by global players is anticipated to create immense growth opportunities for the industry.
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Single axis solar tracker was the largest segment of the industry on account of its low cost. The increasing usage of these trackers, particularly for commercial and residential projects, is likely to promote the market growth. However, these trackers are expected to lose market share as key players prefer dual axis solar trackers owing to their accuracy and efficiency.
Dual axis solar trackers are anticipated to be the fastest growing over the upcoming years owing to improved performance, accuracy and efficiency. These trackers have two degrees freedom that helps in rotation about an axis. The two axes are primary axis and secondary axis. Primary axis is fixed to the ground, and the secondary axis is used with reference to the primary axis. Solar trackers used majorly in North America and Europe on account of installation land requirements and higher installation costs but are likely to witness a positive surge in developing nations over the next seven years.
Photovoltaic system was the largest segment of the solar tracker industry in 2014. Electricity generation problems coupled with increasing cost and fluctuation in the provision of electricity is expected to augment the implementation of photovoltaic systems further in the future. Concentrator photovoltaic technology is likely to observe industry growth over the upcoming years in light of high demand for utility-scale power generation. Concentrated solar power technology was the second most widely used technology within the global market. However, CSP technology is likely to witness a downfall in market share in the future on account of fewer installations annually owing to high installation and maintenance costs.
Dual axis solar trackers find application in utility and non-utility sector. Utility sector was the largest market on account of increasing cost of electricity coupled with growing demand for renewable sources for energy production is anticipated to drive the usage of these products in the utility sector. Photovoltaic systems are used majorly in residential applications in light of lower costs and space consumptions as compared to that of a tracker. Usage of solar trackers in the non-utility sector is comparatively less owing to high cost and space constraints and is expected to witness less growth over the forecast period.
Europe was dominant in global dual axis solar tracker market owing to increasing governmental regulations and environmental norms for usage of conventional nonrenewable sources were chief factors that led to the improvement of solar power technology and plants. The development of solar power technology and facilities augmented the dual axis solar tracker industry growth. Latin America is expected to grow the fastest in light of growing concerns about sustainable & renewable energy and increasing demand for electricity, especially in Brazil, Peru and Argentina are anticipated to expand the dual axis solar tracker industry growth over the next seven years. Asia Pacific is expected to observe significant industry growth on account of growing awareness of renewable energy and solar trackers. Moreover, the market is expected to experience remarkable growth in light of increasing electricity demand from developing countries such as India, China, and South Korea. Industry participants are likely to shift their production units to developing countries on account of low manpower cost coupled with low production costs. North America dual axis solar tracker market is anticipated to see substantial improvements owing to supportive regulatory policies and norms in the region over the upcoming years.
The top five companies captured the dual axis solar tracker market share. Key industry players include Abengoa Solar, Array Technologies, AllEarth Renewables, EnergiaErcam, DEGERenergie, GrupoClavijo, First Solar, Hao, Mechatron, Mecasolar, PV Powerway, SmartTrak, SunPower, Soitec, and Titan Tracker. Abengoa Solar manufactures trackers that generate maximum power through a minimum angle of incidence and are engaged in the company’s power stations. In addition, the company utilizes trackers along with its photovoltaic systems to generate optimal energy.
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