According to Technavio Research Report “Dual-Axis Solar
Tracker Market by application (utility and non-utility) and geographic
regions (APAC, EMEA, and the Americas) is witnessed to grow USD
432.75 million, at a CAGR of 14% from 2019 to 2023.
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Technavio has published a new market research report on the global dual-axis solar tracker market from 2019-2023. (Graphic: Business Wire)
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Global Dual-Axis Solar Tracker Market: Rising
installations of CSP and CPV solar plants
The utilization of solar energy has been increasing rapidly with the
introduction of many new technologies that boost electricity production
efficiency using solar energy. CSP and CPV are two solar energy
technologies that are gaining immense traction in the solar industry.
CSP plants use mirrors to reflect the received sunlight and concentrate
on a central receiver. Similar, CPV uses concentrating optics with
significantly lower cell area when compared with the traditional flat
plate PV modules. As these technologies require continuous sunlight at
the optimum angle, the mirrors or modules in these plants use dual-axis
solar trackers for two axes rotation to track the sun. Therefore, the
rising installation of CSP and CPV solar plants will fuel the dual-axis
solar tracker market growth during the forecast period.
“Apart from the rising installations of CSP and CPV solar plants,
other factors such as the advances in power electronics used in solar PV
systems, and the increasing adoption of microgrids will have a
significant impact on the growth of the dual-axis solar tracker market
size during the forecast period,” says a senior analyst at Technavio.
Global Dual-Axis Solar Tracker Market:
This market research report segments the global dual-axis solar tracker
market by application (utility, and non-utility) and geographic regions
(APAC, EMEA, and the Americas).
The EMEA region led the dual-axis solar tracker market in 2018, followed
by APAC, and the Americas respectively. The growth of the dual-axis
solar tracker market revenue in EMEA can be attributed to the increasing
government support and a shift from traditional sources of energy such
as fossil fuels and nuclear power to renewables-based power generation
in the region. The dual-axis solar tracker market analysis identifies
Germany and Turkey as the major contributors to the growth of the market
in the EMEA region in 2018.
Global Dual-Axis Solar Tracker Market: Increase
in the number of solar PV installations
Solar power generation has witnessed significant growth over the last
decade and has emerged as one of the low-cost sources of electricity
generation. This is mainly due to factors such as increased production
scale of components, and intense competition among vendors in the global
solar power market. Moreover, ongoing developments around ESS have also
led to an increase in the adoption of solar technology. As a result,
there has been a significant increase in the number of solar PV
installations globally. This, in turn, is expected to increase the
demand for dual-axis solar tracker during the forecast period.
Few Major Vendors in the Dual-Axis Solar Tracker Market are:
- AllEarth Renewables, Inc.
- DEGERenergie GmbH & Co. KG
- Mechatron SA
- Qingdao Eternal Electronic Co. Ltd.
- Titan Tracker SL
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