Solar Tracker Market to Witness Substantial Growth

Solar Tracker Market is expected to surpass 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.

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.

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Germany solar tracker market is projected to surpass 1.5 GW by 2024. Strict government reforms relating to the reduction of carbon footprints along with advancing product applicability will positively influence the product penetration. Government initiatives towards replacement of fossil fuels with sustainable energy resources will drive the business outlook. The market premium schemes lay favorable mechanism for the financial assistance and ease of adoption of supplement renewable based installations. In 2017, the Regulators introduced the German Renewable Energy Act which targets 2.5 GW PV installations in a year.

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 research report includes in-depth coverage of the industry with estimates & forecast in terms of Volume & Revenue from 2013 to 2024, for the following segments:
Solar Tracker Market, By Technology
• CSP
• PV
• CPV
o LC
o HC
Solar Tracker Market, By Product
• Single Axis
o Horizontal
o Vertical
• Dual Axis
Solar Tracker Market, By Application
• Residential
• Commercial
• Utility
The above information is provided on a country basis for the following:
• North America
o U.S.
o Canada
o Mexico
• Europe
o UK
o France
o Netherland
o Germany
o Sweden
o Russia
o Spain
o Austria
• Asia Pacific
o China
o Australia
o India
o Japan
o South Korea
• Middle East
o Israel
o Saudi Arabia
o UAE
o Jordan
o South Africa
o Egypt
o Algeria
o Nigeria
o Morocco
• Latin America
o Brazil
o Argentina

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