Solar Tracker Market is Projected to Hit $3.3 Bn by 2025
The Solar Tracker Market is set to grow from its current market value of more than $1.7 billion to over $3.3 billion by 2025; as reported in the latest study by Global Market Insights, Inc.
Solar Tracker Market by 2025 is expected to expand over 30 GW. Rising electricity demand on account of rapid urbanization & ongoing commercialization across globe will fuel the adoption of solar energy systems.
Some major findings of the solar tracker market report include:
- The demand for solar tracker is increasing owing to their benefits such as high CUF and energy cost reduction.
- Positive outlook toward adoption of PV system across North America is anticipated to propel the solar tracker industry growth.
- Companies are focused toward developing efficient & low-cost products to gain a competitive advantage over other industry participants.
- The rising installation of large-scale solar PV projects by utilities will augment the demand for solar trackers.
- Major players operating in the solar tracker market include Meca Solar, SunPower Array Technologies, Powerway and Abengoa Solar amongst others.
- Stringent environmental policies have obligated the utility and commercial sectors to deploy renewable energy systems on account of rising emission levels.
Increasing concern toward climate change along with growing regulatory norms to enhance the integration of clean energy sources will stimulate the demand for solar trackers. Several policies & reforms have been introduced to reduce the carbon emission with substantial focus toward effective utilization of sustainable energy systems. The government has further introduced renewable energy targets to increase the deployment of PV generation systems, which in turn will augment the solar tracker market.
Rising investment toward the development of commercial facilities including hospitals, shopping malls, and schools have fueled the adoption of solar panels to cater the demand for continuous electricity supply. Over the last few years, the end users are further deploying solar tracker with an objective to enhance the capacity utilization factor and avail benefits from incentives, subsidies, and tax credits. In addition, declining PV technology costs coupled with high electricity tariff for commercial establishment will drive the industry outlook.
Dual axis solar tracker is anticipated to witness strong upsurge owing to its capability to offer two-degree flexibility which enhances energy generation by 45% when compared to a conventional photovoltaic system. Consequently, these systems are observing strong demand across CPV (Concentrator Photovoltaics) and CSP (Concentrated Solar Power) power plants. Furthermore, these energy systems have observed wide scale installation on account of their high efficiency in comparison to alternative sources, which in turn will stimulate the solar tracker market growth.
Rapidly declining solar panel costs coupled with the ongoing implementation of stern environmental reforms have led to wide scale installation of solar tracker across North America. The PV tracker systems in the last few years have observed a significant increase in demand owing to their decreasing supply chain costs and increasing module efficiency. Manufacturers have been investing toward research and development activities to further improve the overall performance of the solar energy system, which will complement the industry landscape.
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