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Dual Axis Solar Trackers - Global Market Trajectory & Analytics

  • ID: 5029918
  • Report
  • February 2022
  • Region: Global
  • 209 Pages
  • Global Industry Analysts, Inc

FEATURED COMPANIES

  • Abengoa Solar S.A.
  • AllEarth Renewables, Inc.
  • Array Technologies, Inc.
  • Haosolar Co. Ltd.
  • Mechatron S.A.
  • NEXTracker Inc.

Global Dual Axis Solar Trackers Market to Reach $9.5 Billion by 2026


Dual axis solar trackers offer more benefits than the single-axis trackers. Solar panels could be oriented towards sun at all times, notwithstanding the time of the day and also the season, which maximizes the amount of energy produced by a solar power generation system. With dual axis trackers a solar energy project can produce around 45 percent more energy providing greater return on investment. Dual axis trackers follow sun more directly compared to single-axis trackers that follows the east-west path. While single-axis trackers follow sun across the horizontal plane, dual axis trackers tend to move in a circular and therefore a more direct path. These trackers employ GPS signals for determining their longitude and latitude and also date & time and use the information to know sun position at all times. They orient themselves to directly face the sun with the help of the hydraulic drive systems.

Amid the COVID-19 crisis, the global market for Dual Axis Solar Trackers estimated at US$4.2 Billion in the year 2020, is projected to reach a revised size of US$9.5 Billion by 2026, growing at a CAGR of 14.3% over the analysis period. Utility, one of the segments analyzed in the report, is projected to grow at a 14.6% CAGR to reach US$8.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Non-Utility segment is readjusted to a revised 13.2% CAGR for the next 7-year period. This segment currently accounts for a 18.8% share of the global Dual Axis Solar Trackers market.



The U.S. Market is Estimated at $994.8 Million in 2021, While China is Forecast to Reach $1.8 Billion by 2026


The Dual Axis Solar Trackers market in the U.S. is estimated at US$994.8 Million in the year 2021. The country currently accounts for a 21.17% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$1.8 Billion in the year 2026 trailing a CAGR of 18.1% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 11.4% and 13% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 12.7% CAGR while Rest of European market (as defined in the study) will reach US$2.2 Billion by the close of the analysis period.

Urgent need for reducing power generation cost from renewables is fueling growth for dual axis tracker systems in solar power plants. By the year 2023, the installed capacity of dual axis solar trackers is anticipated to increase and reach 9500 MW. Development would be higher in the European and North American markets. In Europe, environmental norms and governmental regulations favor increased use of RE sources creating a strong demand growth scenario for solar trackers, especially the more advanced dual axis trackers. Many countries in the region also have plans in place to completely eliminate generation using conventional sources owing to growing environmental concerns. Awareness about the various benefits of RE is also higher in European countries, which is boosting growth for the solar power sector and thereby for the trackers market in the region. Europe is witnessing rapid development of solar projects, both rooftop installations and ground mounted systems. In North America, the US is the largest market for dual axis solar trackers. Supportive governmental norms are expected to fuel long term market growth in the country.

Select Competitors (Total 78 Featured) -

  • Abengoa Solar S.A.
  • AllEarth Renewables, Inc.
  • Array Technologies, Inc.
  • DEGERenergie GmbH & Co. KG
  • Haosolar Co. Ltd.
  • Mechatron S.A.
  • NEXTracker Inc.
  • Shandong Huayue New Energy Co., Ltd.
  • STI Norland
  • Sun Action Trackers LLC
The global analysis and forecast periods covered within the report are 2020-2027 (Current & Future Analysis) and 2012-2019 (Historic Review). Research estimates are provided for 2020, while research projections cover the period 2021-2027.
Frequently Asked Questions about the Global Market for Dual Axis Solar Trackers

What is the estimated value of the Global Market for Dual Axis Solar Trackers?

The Global Market for Dual Axis Solar Trackers was estimated to be valued at $4.2 Billion in 2020.

What is the growth rate of the Global Market for Dual Axis Solar Trackers?

The growth rate of the Global Market for Dual Axis Solar Trackers is 14.6%, with an estimated value of $9.5 Billion by 2026.

What is the forecasted size of the Global Market for Dual Axis Solar Trackers?

The Global Market for Dual Axis Solar Trackers is estimated to be worth $9.5 Billion by 2026.

Who are the key companies in the Global Market for Dual Axis Solar Trackers?

Key companies in the Global Market for Dual Axis Solar Trackers include Abengoa Solar S.A., AllEarth Renewables, Inc., Array Technologies, Inc., DEGERenergie GmbH & Co. KG, Haosolar Co. Ltd., Mechatron S.A., NEXTracker Inc., Shandong Huayue New Energy Co., Ltd. and Sun Action Trackers LLC.
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Abengoa Solar S.A.
  • AllEarth Renewables, Inc.
  • Array Technologies, Inc.
  • Haosolar Co. Ltd.
  • Mechatron S.A.
  • NEXTracker Inc.

I. METHODOLOGY


II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • Impact of Covid-19 and a Looming Global Recession
  • COVID-19 Leaves the World in Shambles & Industries and Markets Upended: World Economic Growth Projections (Real GDP, Annual % Change) for 2019, 2020 & 2021
  • Pandemic Impact on Solar Power Market
  • COVID-19 Impact on Solar Power Market: Solar PV Installed Capacity (in GW) in China for the Period Q1 2019 to Q1 2020
  • COVID-19 Pandemic Chokes Supply from China
  • Percentage of Companies Impacted by Supply Chain Delays Due to COVID-19 Worldwide as of August 2020
  • Impact of the COVID-19 Pandemic on the Global and Regional Solar Markets
  • Solar Trackers: A Prelude
  • Introduction to Dual Axis Solar Trackers
  • Rotation Axes
  • Application Markets
  • An Overview of the Solar Trackers Market
  • Global Market Prospects & Outlook for Dual Axis Solar Trackers
  • Utility Application Sector to Spearhead Market Growth
  • World Dual Axis Solar Trackers Market by Application (2020 & 2027): Percentage Breakdown of Sales for Utility and Non-Utility
  • Regional Analysis: Developed Regions Lead Dual Axis Solar Trackers Market, Developing Nations Promise Future Growth
  • World Dual Axis Solar Trackers Market by Region (2020 & 2027): Percentage Breakdown of Sales for Developed and Developing Regions
  • Global Dual Axis Solar Trackers Market: Geographic Regions Ranked by CAGR (Value) for 2020-2027: China, Asia-Pacific, Rest of World, USA, Canada, Europe, and Japan
  • Competitive Scenario
  • Recent Market Activity
  • Dual Axis Solar Trackers – Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

  • Increasing Solar Power Capacity Augurs Well for Market Expansion
  • Top 10 Countries Worldwide by Annual PV Installed Capacity (2019)
  • Top 10 Countries Worldwide by Cumulative PV Installed Capacity in GW (2019)
  • Global Cumulative PV Installation by Region/Country for 2019
  • Solar PV Capacity Additions (in GW) by Sector for China, Europe, USA and India: 2019
  • Rising Global Electricity Demand Creates Conducive Environment for Solar Power Industry
  • Projected Global Demand for Electricity (MWh): 2015, 2020, 2025, 2030 & 2035
  • Global Primary Energy Consumption (Billion toe): Growth Trajectory for the Period 1990-2040
  • Global Energy Consumption (in Billion toe) by Country/Region (1995, 2017 and 2040)
  • Estimated Global Power Generation Infrastructure Requirement (in US$ Billion) for China, India, Latin America, and North America over the Period 2010-2030
  • Emphasis on Renewable Energy Sources Bodes Well for the Market
  • Domestic Targets for Greenhouse Gas Emissions of Select Regions/Countries
  • Global CO2 Emissions: Percentage Breakdown of Volume Emissions by Fuel Type (2015, 2020, 2040 & 2050)
  • Global Investments (US$ Billion) in Renewable Energy by Source: 2018
  • Leading Countries with Renewable Energy as % of Total Energy
  • Targets for Electricity Production from Renewable Energy Sources in Select Countries
  • Government Boost to Solar Energy Adoption to Spur Market Momentum
  • Demographic Trends & Urbanization Drive Favor Growth
  • World Population (in Thousands) by Geographic Region for the Years 2019, 2030, 2050, 2100
  • Degree of Urbanization Worldwide: Urban Population as a % of Total Population by Geographic Region for the Years 1950, 1970, 1990, 2018, 2030 and 2050
  • Non-Utility Segment Offers Robust Opportunities
  • Growing Opportunities in Utility Vertical
  • Uptrend in Commercial Solar Power Sector Enhances Demand
  • Technology Advancements & Innovations

4. GLOBAL MARKET PERSPECTIVE

TABLE 1: World Recent Past, Current & Future Analysis for Dual Axis Solar Trackers by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
TABLE 2: World 7-Year Perspective for Dual Axis Solar Trackers by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets for Years 2021 & 2027
TABLE 3: World Recent Past, Current & Future Analysis for Utility by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
TABLE 4: World 7-Year Perspective for Utility by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2021 & 2027
TABLE 5: World Recent Past, Current & Future Analysis for Non-Utility by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
TABLE 6: World 7-Year Perspective for Non-Utility by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2021 & 2027

III. MARKET ANALYSIS

UNITED STATES

  • Dual Axis Solar Trackers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (E)
  • The United States: A Key Market for Solar Modules and Trackers
  • Cumulative Installed Solar PV Capacity (in MWdc) in the US for Years 2014, 2017 and 2020
  • US Annual Solar PV Installations (in MWdc) for Years 2010, 2015 and 2020
  • Electricity Generating Capacity in the US: Percentage Breakdown of Annual Additions by Type for 2010, 2015 & 2020
  • COVID-19 Crisis Puts Tremendous Pressure on the US Solar Industry
  • Residential Segment Characterized by Continued Diversification
  • Residential Solar PV Installations (in MWdc) for Years 2015, 2020 and 2025
  • Utility Investments on Solar PV to Drive Dual Axis Solar Trackers Market
  • Utility Solar PV Installations (in MWdc) for Years 2015, 2020 and 2025
  • Corporate Procurement and Community Solar Model Amplify Non-Utility and Non-Residential Dual Axis Solar Trackers Market
  • Non-Residential Solar PV Installations (in MWdc) for Years 2015, 2020 and 2025
  • Corporate Solar Capacity in the US: Installed Capacity (in MW) for Select Companies in H1 2020
  • Falling Prices Accelerate Market Expansion of Solar Trackers
  • Solar PV Prices (in $/Watt) in the US for Years 2010 through 2020
  • Prices of Residential Solar PV System by Segment (in $/Watt) for 2014, 2017 and 2020
TABLE 7: USA Recent Past, Current & Future Analysis for Dual Axis Solar Trackers by Application - Utility and Non-Utility - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
TABLE 8: USA 7-Year Perspective for Dual Axis Solar Trackers by Application - Percentage Breakdown of Value Sales for Utility and Non-Utility for the Years 2021 & 2027

CANADA

TABLE 9: Canada Recent Past, Current & Future Analysis for Dual Axis Solar Trackers by Application - Utility and Non-Utility - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
TABLE 10: Canada 7-Year Perspective for Dual Axis Solar Trackers by Application - Percentage Breakdown of Value Sales for Utility and Non-Utility for the Years 2021 & 2027

JAPAN

  • Dual Axis Solar Trackers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2022 (E)
  • Market Overview
  • Average Generation Costs of Residential Solar PVs and Average Residential Electricity Rates in Japan (JPY/kWh) (As of Aug 2020)
TABLE 11: Japan Recent Past, Current & Future Analysis for Dual Axis Solar Trackers by Application - Utility and Non-Utility - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
TABLE 12: Japan 7-Year Perspective for Dual Axis Solar Trackers by Application - Percentage Breakdown of Value Sales for Utility and Non-Utility for the Years 2021 & 2027

CHINA

  • Dual Axis Solar Trackers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2022 (E)
  • China: Most Vibrant Market for Solar Modules and Trackers
  • China’s Solar Power Installed Capacity in GW for the Years 2019 and 2025
TABLE 13: China Recent Past, Current & Future Analysis for Dual Axis Solar Trackers by Application - Utility and Non-Utility - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
TABLE 14: China 7-Year Perspective for Dual Axis Solar Trackers by Application - Percentage Breakdown of Value Sales for Utility and Non-Utility for the Years 2021 & 2027

EUROPE

  • Dual Axis Solar Trackers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)
  • Market Overview
  • Cumulative Installed Solar PV Capacity (in GW) in EU for Years 2010, 2015, 2020, 2025 and 2030
  • Cumulative Grid-Connected PV Capacity (in GWp) in EU for Years 2010, 2015, and 2020
  • Favorable Policy Framework to Stimulate Adoption of PV Systems, Driving Demand for Solar Trackers
TABLE 15: Europe Recent Past, Current & Future Analysis for Dual Axis Solar Trackers by Geographic Region - France, Germany, Italy, UK and Rest of Europe Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
TABLE 16: Europe 7-Year Perspective for Dual Axis Solar Trackers by Geographic Region - Percentage Breakdown of Value Sales for France, Germany, Italy, UK and Rest of Europe Markets for Years 2021 & 2027
TABLE 17: Europe Recent Past, Current & Future Analysis for Dual Axis Solar Trackers by Application - Utility and Non-Utility - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
TABLE 18: Europe 7-Year Perspective for Dual Axis Solar Trackers by Application - Percentage Breakdown of Value Sales for Utility and Non-Utility for the Years 2021 & 2027

FRANCE

  • Dual Axis Solar Trackers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2022 (E)
TABLE 19: France Recent Past, Current & Future Analysis for Dual Axis Solar Trackers by Application - Utility and Non-Utility - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
TABLE 20: France 7-Year Perspective for Dual Axis Solar Trackers by Application - Percentage Breakdown of Value Sales for Utility and Non-Utility for the Years 2021 & 2027

GERMANY

  • Dual Axis Solar Trackers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2022 (E)
  • Germany: A Prelude to the Solar Market
TABLE 21: Germany Recent Past, Current & Future Analysis for Dual Axis Solar Trackers by Application - Utility and Non-Utility - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
TABLE 22: Germany 7-Year Perspective for Dual Axis Solar Trackers by Application - Percentage Breakdown of Value Sales for Utility and Non-Utility for the Years 2021 & 2027

ITALY

TABLE 23: Italy Recent Past, Current & Future Analysis for Dual Axis Solar Trackers by Application - Utility and Non-Utility - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
TABLE 24: Italy 7-Year Perspective for Dual Axis Solar Trackers by Application - Percentage Breakdown of Value Sales for Utility and Non-Utility for the Years 2021 & 2027

UNITED KINGDOM

  • Dual Axis Solar Trackers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2022 (E)
TABLE 25: UK Recent Past, Current & Future Analysis for Dual Axis Solar Trackers by Application - Utility and Non-Utility - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
TABLE 26: UK 7-Year Perspective for Dual Axis Solar Trackers by Application - Percentage Breakdown of Value Sales for Utility and Non-Utility for the Years 2021 & 2027

REST OF EUROPE

TABLE 27: Rest of Europe Recent Past, Current & Future Analysis for Dual Axis Solar Trackers by Application - Utility and Non-Utility - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
TABLE 28: Rest of Europe 7-Year Perspective for Dual Axis Solar Trackers by Application - Percentage Breakdown of Value Sales for Utility and Non-Utility for the Years 2021 & 2027

ASIA-PACIFIC

  • Dual Axis Solar Trackers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2022 (E)
  • Asia-Pacific Leads Solar PV Installations, Driving Dual Axis Solar Trackers Market
  • Focus on Renewable Energy Mix and Favorable Government Policies Bodes Well for Market Growth
  • COVID-19 Impact on Indian Solar Industry
  • Lockdowns Help Produce More Solar Power
TABLE 29: Asia-Pacific Recent Past, Current & Future Analysis for Dual Axis Solar Trackers by Application - Utility and Non-Utility - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
TABLE 30: Asia-Pacific 7-Year Perspective for Dual Axis Solar Trackers by Application - Percentage Breakdown of Value Sales for Utility and Non-Utility for the Years 2021 & 2027

REST OF WORLD

TABLE 31: Rest of World Recent Past, Current & Future Analysis for Dual Axis Solar Trackers by Application - Utility and Non-Utility - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
TABLE 32: Rest of World 7-Year Perspective for Dual Axis Solar Trackers by Application - Percentage Breakdown of Value Sales for Utility and Non-Utility for the Years 2021 & 2027

IV. COMPETITION

  • Total Companies Profiled: 78
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • Abengoa Solar S.A.
  • AllEarth Renewables, Inc.
  • Array Technologies, Inc.
  • DEGERenergie GmbH & Co. KG
  • Haosolar Co. Ltd.
  • Mechatron S.A.
  • NEXTracker Inc.
  • Shandong Huayue New Energy Co., Ltd.
  • STI Norland
  • Sun Action Trackers LLC
Note: Product cover images may vary from those shown