According to a new research report by the market research and strategy consulting firm, Global Market Insights, Inc, the Solar Tracker Market to exceed $27 billion by 2024.
Paradigm shift from depleting conventional resources toward sustainable electricity generation technologies will drive the global solar tracker market. Furthermore, rising concerns pertaining to GHG emissions coupled with favorable regulatory measures to sustain energy conservation have instituted a favorable business scenario. In 2016, British Columbia enacted the Greenhouse Gas Industrial Reporting and Control Act. The Act lays abiding norms and standards concerning emissions from industries across the region.
Germany solar tracker market size is set to reach over 1.5 GW by 2024. Government initiatives subject to the replacement of fossil fuels with renewable energy resources will comprehensively augment the business landscape. In 2017, German Regulators introduced the Renewable Energy Act targeting 2.5 GW PV installations annually. Stringent reforms pertaining to the reduction of carbon footprints coupled with advancing product applicability will further complement the solar tracker market outlook.
Rampant decline in component costs in the recent years have led to the fall in overall levelized solar electricity tariff which in turn have instituted a favorable business scenario across the solar tracker market landscape. Rapid adoption of economies of scale by manufacturers coupled with high-end technological enhancements to develop cost effective and efficient products will foster the solar tracker market growth. The levelized cost of energy across the globe has been valued at USD 221.5 /MWh for wind in comparison to that of USD 144.3 /MWh for solar PV installations for the plants entering service by 2018.
National renewable targets abided by the governments across the globe coupled with rising investments from public and private institutions will augment the solar tracker market. Growing consent in line with the integration of an effective energy mix to sustain the growing energy demand will further complement the solar tracker market landscape. Thereby, the existing industrial scenario adhered by rising emissions concern from conventional plants will considerably boost the product demand.
UAE solar tracker market share is anticipated to gain over 20% by 2024. Escalating investments to sustain optimum resource utilization and establish a sustainable energy mix has integrated a competitive industrial framework. Low LCOE’s subject to Independent Power Project bids and EPC programs across Middle East will positively stimulate the product deployment.
Asia Pacific solar tracker market is set to witness significant growth subject to the rapid adoption of decentralized generation technologies coupled with the ongoing expansion of off-grid electricity networks. Intervention of financial institutions coupled with government aided funding towards renewable expansion across the region will boost the product penetration. In 2017, Regulators across China declared an investment worth USD 360 Billion to proliferate its expanding renewable energy sector.
— Solar Builder magazine