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Dual Axis Solar Tracker Market is anticipated to grow rapidly over the predicted years due to the super-efficient mechanism

Author : Ronak Bora | Published Date : 2019-04-01 

Dual axis solar tracker market 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 in includes 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 tracker market 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.

Dual axis solar tracker market in single axis solar tracker industry 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.

Dual axis solar tracker market 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.

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North America, especially U.S. dual axis solar tracker market is expects 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.

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.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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