Asia Pacific Solar Tracker Market 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.
U.S. Solar Tracker Market is driven by a favorable government participation in the deployment of energy efficient solutions. 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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The growth of solar tracker market 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.
Paradigm shift towards sustainable electricity generation technologies from depleting conventional resources will embellish the global solar tracker market. Rising concerns pertaining to greenhouse gas emissions along with favorable regulatory measures for energy conservation have instituted a promising business scenario. In January 2016, British Columbia passed the Greenhouse Gas Industrial Reporting and Control Act which lays abiding standards and norms concerning emission control from industries across the region.
Alongside, increasing global concern regarding the detrimental consequences of greenhouse gas emission has brought a renewed attention to the solar power sector, with a subsequent demand for solar tracker industry as well. As per Global Market Insights, Inc. global solar tracker market is forecast to exceed a revenue of USD 27 billion by the end of 2024, exceeding an annual installation of 70 GW over the coming seven years.
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Solar power has emerged from a niche segment to mainstream electricity source, the prime factor that has upscaled solar tracker market demand immensely. Solar trackers help in improving the energy output by orienting the payloads toward the sun. In fact, estimates claim that these trackers are capable of increasing the power output by almost 10-25% than their conventional counterparts, depending upon the geographic location of the tracking systems. Undoubtedly, technological innovations have played a pivotal role proliferating the overall market trends.
Key players across the solar tracker market include NEXTracker, Array Technologies, SunPower, Abengoa, Mecasolar, GRUPO CLAVIJO, SOITEC, Scorpius Trackers, Powerway, Smarttrak, AllEarth Renewables, Wuxi Hao Solar Technology, DEGERenergie, Titan Tracker, and Grupo Clavijo.
Solar Tracker Market, By Technology
Solar Tracker Market, By Product
- Single Axis
- Dual Axis
Solar Tracker Market, By Application
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