Dual Axis Solar Tracker Market size forecast to grow at 15% CAGR by 2023
Dual axis solar tracker market size is estimated to exceed USD 7 billion by 2023 and is likely to grow at a CAGR of over 15%. These trackers are mainly integrated with solar panels and thus it aids in enhancing the power generation efficiency over 20% to 40% when compared to fixed solar array.
The solar tracker industry can be segregated in terms of application, product as well as technology concentrated photovoltaics (CVP), concentrating solar power (CSP) and solar photovoltaics (PV) are key technologies involved in this sector. Utility and non-utility are the two key applications in the industry. On the basis of product, the industry can be segregated into single axis as well as dual axis.
Dual axis solar tracker market demand growth can be attributed to the accuracy as well as efficiency offered by these devices. These devices are expected to be the fastest growing market segment due to the super-efficient mechanism offered by the device. These trackers enable dual degree freedom that helps in axis of rotation. It is including two axis, primary axis is the one fixed to the ground and the second one is called as secondary axis. It is use in reference with primary axis.
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Dual axis solar trackers are estimated to grow at a CAGR of over 14% from 2016 to 2023. It is expected to reach the installed capacity of over 9,600 MW by 2023. High land requirements accompanied by high cost involvement in these devices are the key reasons for its growth in developed regions such as Europe as well as North America. The industry is anticipated to experience positive surge due to rising demand for these devices from emerging countries over the several upcoming years.
Single axis solar tracker market anticipated to be the biggest segment in 2014 due to low cost offered by this equipment. Proliferating usage in commercial as well as residential sector might positively impact the industry growth. Furthermore, this sector is anticipated to lose its industry share owing to increasing adoption of dual axis trackers that offer better precision along with advanced efficiency over the forecast period. These trackers also offer numerous implementation methods such as horizontal single axis with tilted modules, horizontal single axis, vertical single axis, polar aligned single axis and tilted single axis. These devices aids in maximizing potential output. However, it also involves high capital expenditure (CAPEX) as well as high operating expenditures (OPEX).
Asia Pacific is anticipated to witness substantial gains owing growing awareness of trackers. In addition, these devices are expected to experience tremendous rise in demand owing to rising electricity demands from emerging regions such as China and India dual axis solar tracker market.
North America, especially U.S. dual axis solar tracker market is expecting to witness significant gains. The surge can be subjected to supportive regulatory norms in the region over the forecast period. As of 2014, the annual capacity was 1,184 Mega Watts and it is anticipated to exceed 7,550 by 2023 growing at a CAGR of over 16% from 2016 to 2023. Flourishing demand from Mexico and U.S is expected to drive the industry over the several forthcoming years. Low cost of conventional energy sources namely coal and crude oil accompanied by huge initial investment might hamper the industry growth for these trackers.
A large number of industry players are likely to shift their manufacturing units to developing nations. The shift can be attributed to low labor cost along with low production costs offered by developing nations such as India and China. Increasing research and development in the industry is likely to aid industry players in gaining competitive advantage over the forecast period.
Major industry partners occupying substantial dual axis solar tracker market share include Array Technologies, AllEarth Renewables, DEGERenergie, First Solar, Energia Ercam, Grupo Clavijo, Mecasolar, Hao, Mechatron, SmartTrak, PV Powerway, Soitec, Titan Tracker and SunPower among others. The market is moderately consolidated and majorly accumulated by key five industry participants. Top five industry players are anticipated to hold more than 40% of the overall installed capacity as of 2014.
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