According to a recent study conducted by Future Market Insights (FMI), the global dual-axis solar tracker market is expected to witness significant growth, reaching a valuation of US$ 24.8 billion by 2033. This market is projected to exhibit a remarkable compound annual growth rate (CAGR) of 14.8% from 2023 to 2033. The rising concerns regarding environmental issues and the growing adoption of renewable energy sources are key factors driving the market’s expansion.
North America is anticipated to lead the global dual-axis solar tracker market, with a predicted CAGR of 14.7% over the forecast period. The region is expected to accumulate a total market value of approximately US$ 4.5 billion during this time. Government focus on renewable energy sources and the increasing installation of solar photovoltaic (PV) systems are significant drivers for market growth.
Dual-axis solar trackers are gaining prominence in large-scale solar power projects worldwide due to their ability to generate more energy per installed capacity. This makes them suitable for utility-scale installations and commercial solar farms. The increased energy output of dual-axis solar trackers helps meet the growing electricity demand and contributes to grid stabilization, driving their demand in large-scale solar projects.
Continuous technological advancements in North America are expected to fuel market growth, as these advancements have improved energy output and reliability. These advancements have made dual-axis solar trackers more reliable, cost-effective, and easier to integrate into solar power systems.
The market report highlights that the single-axis segment is projected to account for a CAGR of 14.4% based on type, while the utility segment is expected to expand at a CAGR of 14.1% by application. The United Kingdom’s dual-axis solar tracker industry is predicted to reach US$ 1 billion by 2033, while South Korea’s market revenue is estimated to be US$ 1.3 billion by the same year. Asia Pacific is identified as an opportunistic market, capturing a CAGR of 14.6% during the forecast period.
In conclusion, the dual-axis solar tracker market is poised for significant growth in the coming years. Increased power demand, technological innovation, supportive government policies, and the growing adoption of renewable energy sources are key factors driving this market’s expansion.
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