Solar Tracker Market to Reach $3.5 Billion by 2026
According to Global Market Insights, Solar Tracker Market is expected to exceed USD 3.5 billion by 2026. Persistent increase in carbon emissions across the globe along with rapidly depleting fossil fuels are anticipated to complement industry growth.
Various federal bodies across the world have started to shift their focus towards adopting clean energy technologies as a primary source of energy. Surging demand for electricity due to rapid urbanization and development of advanced commercial structures has driven the adoption of solar powered systems.
The need to increase the performance of solar systems has led to the adoption of solar trackers. Increasing concerns over climate change have encouraged various governments to implement new initiatives to drive the adoption of clean energy sources. For instance, numerous nations have inked the Paris climate agreement, pledging to reduce global carbon footprint. This agreement requires countries to form reforms & policies that focus on minimizing carbon emission with the help of effective use of sustainable energy systems.
Single axis trackers have grown into prominence due to their remarkable features and benefits like high reliability index and cost effectiveness. These trackers are generally categorized in vertical axis and horizontal axis. Factors like rapid integration of digital monitoring systems and minimal maintenance costs might positively impact the single axis solar tracker market growth.
The Middle East is considered as a lucrative region for solar tracker companies owing to surging demand for uninterrupted power supply across the commercial sector. Estimates claim that the regional solar tracker market might observe growth of more than 15% within the projected timeframe. Governments along with private & commercial institutions across the region are heavily pouring investments towards expanding the renewable energy sector and developing new solar power units.
Middle East has also been working to transition into a decentralized energy generating region. Earlier in June 2019, the U.A.E. revealed its plans to invest nearly USD 163 billion on power generation projects to satisfy the nation's electricity demand. The proposed developments include clean energy projects like nuclear, solar, waste-to-energy and geothermal.
Recently, there have been some significant strides in the global solar tracker market. Particularly, dual-axis solar trackers are the ones that have turned out to become an attractive alternative for a conventional photovoltaic system. The technology is expected to see a strong growth due to its ability to provide two-degree flexibility that offers enhanced energy generation by 45% compared to a conventional PV system. These systems are also witnessing strong demand across CSP (Concentrated Solar Power) and CPV (Concentrator Photovoltaics) power plants.
In essence, the global solar tracker market is poised to observe substantial demand owing to the product’s high CUF and energy generation capacity. Large scale adoption of PV systems across North America is supplementing industry size. Stringent environmental policies have encouraged utility and commercial sectors to deploy renewable energy systems. Furthermore, industry players such as SunPower Array Technologies, Meca Solar, Abengoa Solar and Powerway, are trying to develop more energy efficient & low-cost solar trackers.
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