(MENAFN- GlobeNewsWire - Nasdaq) Selbyville, Delaware,, Aug. 20, 2023 (GLOBE NEWSWIRE) --
The dual axis solar tracker market valuation is predicted to surpass USD 13.9 billion by 2032, as reported in a research study by global market insights inc. The growing advancements in solar tracking technology is pushing the industry growth. The emergence of dual-axis solar trackers in the renewable energy sector has become a game-changer, offering increased efficiency and output.
As demand for clean energy solutions intensify along with the need to maximize power generation, the trackers will gain prominence as they align perfectly with the environmental and economic goals. Moreover, advancements in tracking technology have led to improved durability, reliability, and ease of maintenance. Dual-axis trackers pivot both horizontally and vertically, allowing them to follow the sun's path throughout the day. This precise tracking enhances energy capture by up to 40% compared to fixed panels, leading to higher power output and quicker return on investment for solar projects.
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Dual axis solar tracker market from the commercial & industrial application segment is expected to witness substantial growth from 2023 to 2032 as large-scale solar installations are used to power businesses, factories, and other commercial ventures. These installations benefit immensely from the increased energy capture enabled by dual-axis tracking. Furthermore, the commercial and industrial sectors are increasingly committing to sustainability and reducing their carbon footprint. Dual-axis solar trackers not only contribute to these environmental goals but also offer long-term cost savings by generating more energy per unit of installed capacity. As businesses worldwide strive to become more energy-efficient and environmentally responsible, the demand for dual-axis solar trackers will continue to rise.
Europe dual axis solar tracker market is anticipated to grow at a robust pace from 2023 to 2032, owing to the region's commitment to renewable energy. With ambitious renewable energy targets set under the European Green Deal, countries across Europe are actively seeking innovative ways to scale up solar energy production. The shift towards cleaner energy sources is driven by a combination of regulatory norms, incentives, and a growing awareness of the environmental impact of fossil fuels.
Countries like Germany, Spain, and Italy have been at the forefront of solar energy adoption, and dual-axis solar trackers play a crucial role in enhancing their solar energy generation capabilities. As the region continues to prioritize sustainable energy solutions, the dual-axis solar tracker market players in Europe will focus on developing cutting-edge technologies that deliver superior performance and reliability.
The major contenders in the global dual axis solar tracker market are DEGERENERGIE GMBH & CO. KG, Solar CenTex, Stracker Incorporated, Array Technologies, Inc., Haosolar Co. Ltd, Abengoa, Sun Action Trackers, Suntactics, PARU, Targay, Mechatron Solar, and All Earth Renewables. These behemoths are focused on refining their technologies to meet the increasing demands for cleaner and more efficient energy solutions. Through partnerships, mergers, and new product developments, companies are working on improving their standing in the market.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Dual axis solar tracker market 360° synopsis, 2019 - 2032
2.1.1 Business trends
2.1.2 Application trends
2.1.3 Regional trends
Chapter 3 Dual Axis Solar Tracker Market Insights
3.1 Industry ecosystem analysis
3.1.1 Vendor matrix
3.2 Regulatory landscape
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.1.1 Stringent clean energy targets
3.3.1.2 Increasing off grid electricity demand
3.3.1.3 Growing focus on utility scale projects
3.3.2 Industry pitfalls & challenges
3.3.2.1 High initial investment
3.4 Growth potential analysis
3.5 Porter's Analysis
3.5.1 Bargaining power of suppliers
3.5.2 Bargaining power of buyers
3.5.3 Threat of new entrants
3.5.4 Threat of substitutes
3.6 PESTEL Analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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