Solar Tracker Market size worth over $3.5bn by 2026

Solar Tracker Market size is set to exceed USD 3.5 Billion by 2026, as reported in the latest study by Global Market Insights, Inc.
 

The market growth is attributed to strong inclination toward the adoption of sustainable energy technologies to effectively cater the surging energy demand. The ability of solar trackers to enhance the efficiency of photovoltaic panels has created a favorable market outlook.

 

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Recently, the global economy has been hit by an unforeseen outbreak of the COVID-19 virus. Due to this, the solar PV industry growth has witnessed a decline in Q1 2020 and may continue to witness impact over the coming months of the lockdown imposed by respective governments prevails.
 

High efficiency index of dual axis trackers fueling the market demand

Dual axis solar tracker market is anticipated to expand at over 8% during the forecast timeframe led by ongoing R&D initiatives aimed toward increasing the operational efficiency along with growing demand for flexible solar tracker operations.
 

The ability of dual axis trackers to utilize both horizontal and vertical axis for solar energy tracking has positively influenced the product installation. Dual-axis tracker produces high-power output on account of two-degree flexibility and are witnessing wide acceptance across several regions. In addition, the system can enhance the performance of a solar panel by 5% to 10% as compared with single axis solar trackers, which will further augment the market growth.
 

The dual axis trackers are considered as a high efficiency technology with a higher return on investment (ROI) in the long run. The ROI for such trackers is usually 65% higher for 20 years when compared to single-axis systems, making it more viable for commercial consumers. Developers mostly choose single-axis due to its ease of availability and high versatility. However, manufacturers are working aggressively to develop high-quality dual-axis systems with minimum cost, propelling the industry growth.
 

Browse key industry insights spread across 235 pages with 520 market data tables & 40 figures & charts from the report, “Solar Tracker Market By Product (Single Axis {Horizontal, Vertical}, Dual Axis), By Application (Residential, Commercial, Utility), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/solar-tracker-market-report
 

Growing installation of rooftop solar systems across commercial establishments will stimulate the market growth

Commercial sector is witnessing significant upsurge in adoption of solar tracker owing to rising demand of PV system across schools, shopping malls, hospitality, and healthcare sector. These system installations utilize dual axis along with single axis trackers, which primarily depends on the plant size and electricity cost. It further provides additional benefits in terms of improved Capacity Utilization Factor (CUF) and green energy credits along with enhanced energy security.
 

The solar industry is poised to witness robust growth on account of growing investments toward development of commercial facilities along with the implementation of stringent environmental norms and efficiency standards. Additionally, high commercial electricity tariff and declining technology costs will further augment commercial trackers market demand by over 10% during the forecast timeline.
 

Presence of a favorable regulatory framework will drive the Latin America market share

The ongoing grid upgradation activities with the integration of sustainable energy sources have strengthened the business portfolio for solar power industry across Latin America. The high solar intensity, abundant availability of land along with regulatory measures to reduce GHG emissions will boost the solar tracker deployment across the region. In June 2019, Chile introduced its plan to completely phase out coal-based power generation by 2040 and aims towards carbon-neutrality by 2050. Fiscal incentives, investment tax credits and renewable energy grid policies are some of the indispensable factors that are contributing to the market growth.
 

Brazil is estimated to hold a leading share of over 50% in 2019 across the Latin America solar tracker market on account of commissioning of large-scale solar projects across the country. In addition, cost effectiveness, reliability, and higher lifespan of solar trackers when compared to other alternatives offers a competitive edge. For instance, in 2019, NEXTracker, announced to install True Capture, the smart optimization technology for solar tracker across Atlas Renewable Energy’s solar areas in Brazil, Uruguay, and Chile. Moreover, PV industry across the region has a strong government support & private player which will further complement the market demand over the forecast timeline.
 

Eminent players operating across market comprise of NEXTracker, Inc., Abengoa Solar, Array Technologies, Inc., Meca Solar, SunPower Corporation, Powerway, Haosolar Co. Ltd., Trina Solar, SmartTrak Solar Systems Pvt. Ltd, SOLTEC, and Scorpius Tracker amongst others. Advanced technological innovations along with strategic alliances are among the key strategies followed by market leaders to gain a competitive edge over other market players in the industry.
 

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