Solar Tracker Market Will Touch US$27bn by 2024 | Regional Analysis Trends & Applications Outlook Report

As per a recent industry report put forward by Global Market Insights Inc., Solar Tracker Market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 27 billion by 2024.

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.

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Decline in component costs have led to fall in the overall levelized solar power tariff in the recent years which have established a favorable business scenario for the solar tracker market. 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.

National renewable targets abided by the countries across the globe along with rising investments from private and public institutions will propel the solar tracker market growth. Favorable government norms relating to renewable integration including subsidies, FIT, and leveraging schemes for the installation across residential establishments will comprehensively foster the product penetration. Growing investments towards sustainability of optimum resource utilization and establishment of renewable energy mix has instituted a competitive industrial framework. Low levelized cost of energy owing to EPC programs and Independent Power Project bids across the Middle East will positively impact the product deployment in the region.

Speaking along the similar lines, a diversified range of strategies implemented by international organizations pertaining to the reduction of greenhouse gas emissions has catered solar tracker market commercialization. For instance, the Energy Star Program initiated by the United States EPA demonstrates the profitability potential by the reduction of GHG emission and energy consumption. The program deals with providing the consumers and the organizations enough technical information regarding the benefits of choosing energy efficient solutions. 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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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.

Glimpse of Table of Content (ToC)

Chapter 3. Solar Tracker Industry Insights

3.1. Industry segmentation

3.2. Industry landscape, 2013 – 2024

3.3. Industry ecosystem analysis

3.3.1.   Vendor matrix

3.4. Innovation & sustainability

3.5. Technology landscape

3.5.1.   Solar Photovoltaic (PV)

3.5.2.   Concentrated Photovoltaic (CPV)

3.5.3.   Concentrated Solar Power (CSP)

3.6. Regulatory landscape

3.6.1.   U.S.

3.6.2.   UK

3.6.3.   France

3.6.4.   Germany

3.6.5.   China

3.6.6.   India

3.6.7.   Australia

3.6.8.   Chile

3.6.9.   South Africa

3.7. Feed in tariff landscape

3.8. Price trend analysis

3.8.1.   North America

3.8.2.   Europe

3.8.3.   Asia Pacific

3.8.4.   Middle East

3.8.5.   Africa

3.8.6.   Latin America

3.9. Leading investment scenario across the solar industry

3.10.    Industry impact forces

3.10.1. Growth drivers    Favorable government initiatives    Growing deployment of solar PV systems    Growing demand for sustainable energy

3.10.2. Industry pitfalls & challenges    High initial cost

3.11.    Growth potential analysis

3.12.         Porter’s analysis

3.13.         Competitive landscape, 2016

3.13.1. Strategy dashboard

3.14.  PESTEL analysis

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