Solar Panel Tracking Mounts Market to Exhibit Impressive Growth During 2017 - 2027
Solar panel tracking mounts have been gaining popularity over past few years as they improve the efficiency and increase the yield. These mounts are one of the most effective add-on products for solar power. Increasing penetration is expected to drive the growth of the solar panel tracking mounts market over the forecast period.
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Solar Panel Tracking Mounts Market: Dynamics
Increasing environmental concerns, such as greenhouse gas emission, growing energy demand, especially from emerging countries (India, China, etc.) and increasing investment for renewable energy are expected to drive the solar power market and subsequently, are contributing towards the growth of the solar panel tracking mounts market. Moreover, solar trackers boost the return on solar investment as they increase the production capacity of the solar panel. Hence, they are gaining popularity among solar power units, which will drive the demand for solar panel tracking mounts.
However, the solar panel tracking mounts market is expected to be retrained by the slightly high cost of tracking mounts as compared to fixed mounts. Solar panel tracking mounts are much more complex and generally require more maintenance as compared to traditional fixed mounts as they involve a larger number of moving parts. As the solar industry progresses, key players are increasingly emphasizing on improving the performance of solar panels, especially with regard to cost saving and generating higher output. With the evaluation of solar industries, players are focusing on developing products to reduce the installation cost and optimize production. As the installation cost reduces, the demand for solar panel tracking mounts is expected to boost.
Solar Panel Tracking Mounts Market: Segmentation
On the basis of tracking systems, the solar panel tracking mounts market can be segmented as:
Active Solar Panel Tracking Mounts
Passive Solar Panel Tracking Mounts
On the basis of axis rotation, the solar panel tracking mounts market can be segmented as:
Single Axis Tracking Mounts
Dual Axis Tracking Mounts
On the basis of end use, the solar panel tracking mounts market can be segmented as:
Solar Panel Tracking Mounts Market: Regional Outlook
North America and Europe are expected to dominate the solar panel tracking mount market. The shifting trend towards the use of renewable energy is expected to boost the growth of the solar panel tracking mounts market with a significant rate. Further, implementation of schemes such as Renewable Energy Investment Tax Credit (REITC) in the U.S. and implantation of stringent environmental regulations by the European Union are expected to be the key driving factors for the growth of the market in these regions. Asia Pacific is expected to be the fastest growing region and is anticipated to outpace other regions over the coming years. Rapid increase in the demand for power due to industrialization and urbanization in economically developing nations, such as India and China, is expected to be the key factor fuelling the growth of the solar panel tracker mounts market in the region. Latin America and MEA are expected to grow at a slower pace as compared to other regions.
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Solar Panel Tracking Mounts Market: Market Participants
Examples of some of the key players identified in the global solar panel tracking mounts market are as follows:
GM Industries, Inc.
WattSun - Energy India Private Ltd
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