Solar Tracker Market size worth over USD 27bn by 2024
Published Date: October 16, 2017 Author: Global Market Insights, Inc.
Solar Tracker Market size will exceed USD 27 billion by 2024, as reported in the latest study by Global Market Insights, Inc.
Paradigm shift from depleting conventional resources toward sustainable electricity generation technologies will drive the global solar tracker market. Furthermore, rising concerns pertaining to GHG emissions coupled with favorable regulatory measures to sustain energy conservation have instituted a favorable business scenario. In 2016, British Columbia enacted the Greenhouse Gas Industrial Reporting and Control Act. The Act lays abiding norms and standards concerning emissions from industries across the region.
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 market outlook.
Rampant decline in component costs in the recent years have led to the fall in overall levelized solar electricity tariff which in turn have instituted a favorable business scenario across the solar tracker market landscape. Rapid adoption of economies of scale by manufacturers coupled with high-end technological enhancements to develop cost effective and efficient products will foster the solar tracker market growth. The levelized cost of energy across the globe has been valued at USD 221.5 /MWh for wind in comparison to that of USD 144.3 /MWh for solar PV installations for the plants entering service by 2018.
Browse key industry insights spread across 300 pages with 817 market data tables & 11 figures & charts from the report, “Solar Tracker Market Size By Technology (CSP, PV, CPV (LC,HC)), By Product (Single-Axis (Horizontal, Vertical), Dual-Axis), By Application (Residential, Commercial, Utility), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, UK, France, Netherlands, Sweden, Spain, Russia, Austria, China, Australia, India, Japan, South Korea, UAE, Saudi Arabia, Jordan, Israel, South Africa, Egypt, Algeria, Nigeria, Morocco, Brazil, Argentina), Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
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 market landscape. Thereby, the existing industrial scenario adhered by rising emissions concern from conventional plants will considerably boost the product demand.
UAE solar tracker market share is anticipated to gain over 20% by 2024. Escalating investments to sustain optimum resource utilization and establish a sustainable energy mix has integrated a competitive industrial framework. Low LCOE’s subject to Independent Power Project bids and EPC programs across Middle East will positively stimulate the product deployment.
Asia Pacific solar tracker market is set to witness significant growth subject to the rapid adoption of decentralized generation technologies coupled with the ongoing expansion of off-grid electricity networks. Intervention of financial institutions coupled with government aided funding towards renewable expansion across the region will boost the product penetration. In 2017, Regulators across China declared an investment worth USD 360 Billion to proliferate its expanding renewable energy sector.
Notable players across the solar tracker market include Array Technologies, NEXTracker, SunPower, Mecasolar, Abengoa, GRUPO CLAVIJO, Powerway, SOITEC, Scorpius Trackers, Smarttrak, Wuxi Hao Solar Technology, AllEarth Renewables, Titan Tracker, DEGERenergie, and Grupo Clavijo.
Solar tracker market research report includes in-depth coverage of the industry with estimates & forecast in terms of Volume & Revenue from 2013 to 2024, for the following segments:
Solar Tracker Market, By Technology
Solar Tracker Market, By Product
- Single Axis
- Dual Axis
Solar Tracker Market, By Application
The above information is provided on a country basis for the following:
- North America
- Asia Pacific
- South Korea
- Middle East
- Saudi Arabia
- South Africa
- Latin America