Dual Axis Solar Tracker Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (undefined)

Dual Axis Solar Tracker Market Trends

• Single-axis Trackers: Single-axis trackers are emerging as a promising technology owing to their simple design and lower costs compared to dual-axis trackers. Single-axis trackers rotate panels along the east-west axis, following the sun's daily movement. They are gaining traction for use in low latitude regions where seasonal tilt adjustments are not required. Single-axis tracker adoption is rising in the Middle East, India, and parts of the U.S. Further design advancements in single-axis trackers could boost adoption going forward.
• Bifacial PV Modules: Bifacial Photovoltaic modules are gaining popularity as they can generate power from both sides of the panel, increasing energy yield by up to 30% for trackers. Prominent tracker companies are now offering optimized solutions purpose-built for bifacial modules. Bifacial technology combined with the bidirectional tracking of dual-axis trackers can maximize power generation. Thus, the shift toward bifacial technology will influence tracker product offerings.
• AI and IoT Integration: Dual-axis trackers are incorporating artificial intelligence technologies and the internet of things solutions for real-time tracking, predictive analytics, and intelligent control. Built-in sensors, communication systems, and cloud connectivity help remotely monitor tracker operations and energy output. Integrated control systems adjust tracker movement based on weather forecasting data to minimize shading. Tracker vendors are collaborating with AI solution providers to integrate smart capabilities.
• Solar-agriculture Models: The solar-agriculture co-location concept that allows agricultural activities under and around solar installations is gaining interest. The elevated structure of trackers facilitates this approach. This model provides opportunities to promote sustainable solar farming. Dual-axis trackers would play a key role in enabling optimized land usage via these solar-agriculture systems.

Dual Axis Solar Tracker Market Regional Insights

• North America is expected to be the largest market for dual axis solar trackers during the forecast period, accounting for a market share of 35.6% in 2023. The growth of the market in this region can be attributed to the declining cost of solar energy, government support for renewable energy, and the increasing demand for clean energy from the commercial and industrial sectors.
• Europe is expected to be the second-largest market for dual axis solar trackers during the forecast period, accounting for a market share of 28.2% in 2023. The growth of the market in this region can be attributed to the increasing adoption of renewable energy targets by European governments and the growing demand for solar energy from the utility sector.
• Asia Pacific is expected to be the fastest-growing market for dual axis solar trackers during the forecast period, growing at a CAGR of 14.7% from 2023 to 2030 The growth of the market in this region can be attributed to the rapid growth of the solar energy sector, government support for renewable energy, and the increasing demand for clean energy from the commercial and industrial sectors.

Figure 1. Dual Axis Solar Tracker Market Share (%), by Region, 2023