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Solar Tracker Market size is set to exhibit a lucrative growth to 2024, Rising concerns pertaining to greenhouse gas emissions

Author : Ronak Bora | Published Date : 2019-06-07 

Solar Tracker Market size will be drievn by rising concerns pertaining to greenhouse gas emissions along with favorable regulatory measures for energy conservation have instituted a promising business scenario. Paradigm shift towards sustainable electricity generation technologies from depleting conventional resources will embellish the global solar tracker industry.

Manufacturers adoption of economies of scale along with technological advancements to develop efficient and cost-effective products will positively influence the solar tracker market. The levelized cost of energy has been valued at USD 144.3/MWh for solar PV installations across the globe compared with 221.5/MWh for wind for the plants under operation by 2018.

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Solar Tracker Market in Asia Pacific is projected to witness substantial growth owing to the adoption of decentralized generation technologies along with the continuous expansion of off-grid electricity networks. Government aided funding towards the expansion of renewables coupled with intervention of financial institutions across the region will stimulate the product demand. In 2017, Regulators across China announced to invest USD 360 Billion with an aim to expand renewable energy sector across the country.

Germany solar tracker market size is set to reach over 1.5 GW by 2024. Government initiatives subject to the replacement of fossil fuels with renewable energy resources will comprehensively augment the business landscape. In 2017, German Regulators introduced the Renewable Energy Act targeting 2.5 GW PV installations annually. Stringent reforms pertaining to the reduction of carbon footprints coupled with advancing product applicability will further complement the solar tracker industry outlook.

Driven by a favorable government participation in the deployment of energy efficient solutions, U.S. solar tracker industry is forecast to exceed an installation of 12GW by 2024. Indonesia has also profoundly enlisted its name in the global industry landscape, taking into consideration the country’s National Action Plan of greenhouse gas reduction. Under the presidential reduction plan, the country has set a target to reduce GHG emission by 26% by 2020. Solar tracker market is indirectly characterized by such exemplary initiations across the globe, in extension to which the market investors are betting big on the commercialization landscape.

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Growth Drivers:

  • Favorable government initiatives
  • Growing deployment of solar PV systems
  • Growing demand for sustainable energy

The growth of solar tracker industry is extremely dynamic and varies strongly with geographies. While many countries have already incorporated solar trackers in their solar panel for a more energy efficient output, there are many underdeveloped regions that are still hesitant about deploying this highly efficient technology. Subject to their inbuilt complex design and operation, these trackers are slightly more expensive than their stationary counterparts, which can be taken as a stumbling obstacle hindering the market penetration. However, ongoing electrification programs promoting deployment of energy efficient solutions along with several incentive benefits pertaining to clean energy power generation is expected to upswing solar tracker market demand in the coming years.

National renewable targets abided by the governments across the globe coupled with rising investments from public and private institutions will augment the solar tracker market. Growing consent in line with the integration of an effective energy mix to sustain the growing energy demand will further complement the solar tracker industry landscape. Thereby, the existing industrial scenario adhered by rising emissions concern from conventional plants will considerably boost the product demand.

For instance, NEXTracker, one of the pioneers of solar tracker industry, has recently launched a solar plus energy storage solution named NX Fusion Plus, reportedly in November 2016. This groundbreaking innovation integrates a self-powered single-axis tracker, battery, software, and inverter into a single platform to provide a better ROI to the solar plant owner. This is arguably one of the biggest breakthroughs of recent times in the solar tracker market landscape, given the fact it is claimed to be the first of its kind. Some of the other biggies involved in solar tracker industry include Grupo Calvijo, Abengoa, SunPower, First Solar, and Wuxi Hao Solar, and, Array Technologies.

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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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