Solar Tracker Market Analysis
Escalating demand for sustainable energy systems across the commercial landscape to bolster solar tracker market outlook over 2019-2025
Global solar trackers market is anticipated to accumulate commendable proceeds over the forecast spell owing to emerging concerns pertaining to changes in climate condition. These changes have given rise to numerous government mandates encouraging the adoption of solar energy systems to cater to the growing demand for electricity due to rapid commercialization and urbanization, in turn boost industry demand.
Additionally, many regulatory norms regarding the mitigation of carbon emissions and specific emphasis on efficient and sustainable energy consumption are likely to add impetus to solar tracker market growth in the coming years.
Several targets for sustainable energy have been put forth by governments worldwide in order to proliferate the implementation of photovoltaic (PV) generation systems, thereby fueling solar tracker industry dynamics.
Moreover, industry demand is further bolstered by the product’s beneficial characteristics including reduction in energy costs and high CUF. As per estimates from credible sources, global solar tracker installations are expected to surpass 30GW by 2025.
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As environmental concerns continue to surge, myriad policies and strict mandates have been established across the commercial and utility sectors, encouraging industry players to inhibit their carbon footprints through the adoption of sustainable energy systems.
Growing expenditure towards the construction of commercial infrastructure, including hospitals, shopping centers, and schools has accelerated the deployment of solar panels to accommodate the demand for continuous supply of electricity.
Consumers, over the recent years, are beginning to make higher use of solar trackers in efficient energy systems, with the goal of augmenting the capacity utilization factor and reaping the benefits through tax credits, incentives, and subsidies.
Furthermore, solar tracker market forecast will be further driven by diminishing PV engineering costs combined with high electricity rates for commercial organizations.
Taking into consideration the product spectrum, the dual axis solar tracker segment is poised to amass hefty proceeds in the years ahead, given its strong capability for providing two-degree flexibility, leading to a nearly 45% improvement in energy generation as compared to its traditional PV counterpart. As a result, dual axis solar tracker systems are witnessing robust demand across Concentrated Solar Power (CSP) and Concentrator Photovoltaics (CPV) power plants.
In fact, these energy systems observe widespread acceptance across many industries due to their high-performance level as opposed to alternative energy sources, which in turn would impel solar tracker industry growth.
Dwindling solar panel costs alongside the enactment of ongoing strict environmental initiatives have resulted in extensive installation of solar trackers in North America. Due to their declining supply chain costs and enhanced module performance, PV tracker systems have seen a substantial rise in demand over the past few years. Manufacturing companies are making heavy investments towards R&D endeavors to further enhance the overall efficiency of the solar power system, thereby complementing industry outlook.
Optimistic outlook towards the deployment of photovoltaic systems across North America is expected to bolster solar tracker market size. In order to achieve a competitive edge over other market players, enterprises are largely focused on producing low-cost and efficient energy products.
Author Name : Saloni Walimbe