March 18, 2020
As per the report titled ‘North America Solar Tracker Market Size By Technology, Application, Industry Analysis Report, Country Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, North America solar tracker market is set to surpass an annual installation of 13GW by the year 2024.
Favorable government regulations towards the deployment of solar technology coupled with a large-scale adoption of clean and sustainable energy sources will drive the growth of solar tracker market in North America. Federal incentives such as investment tax credits (ITC) and implementation of renewable energy grid policies are other factors contributing to the market growth. Shifting focus towards renewable technologies for an efficient energy mix along with the need to attain national renewable integration targets, and policies regarding environmental sustainability will further boost the product deployment in the coming years.
As per the product, the market is bifurcated into single axis and dual axis. The demand for single axis solar trackers is anticipated to escalate during the analysis period. The growth can be attributed to the several benefits of product such as high reliability, cost effectiveness, and extended lifespan as compared to its counterparts. Despite high operational and capital expenditure, improved electrical output of these products is encouraging the product adoption.
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Based on the technology, the market has been categorized into solar photovoltaic (PV), concentrated photovoltaic (CPV), and concentrated solar power (CSP). Solar photovoltaic (PV) segment is expected account for significant market share by the end of the forecast period. Cost competitiveness, small footprint, and easy installations are the benefits encouraging the product adoption. Technological advancements in new product design such as PV booster solar tracker by Edisun microgrids which enhance energy production by 30% as compared to conventional technology will bolster the product demand in the coming years. Low operational and maintenance costs due to gearless, reliable and lightweight design of these advanced PV will enhance the market outlook in the forthcoming years.
As per the regional analysis, growing concern over the exhaustion of fossil fuel coupled with government initiatives towards the adoption of renewable energy sources are driving the demand for solar trackers in Mexico. Inflowing investment towards infrastructure development is supplementing the adoption of solar trackers across the residential spaces.
Prominent players of North America solar tracker market are SunPower, Titan Tracker, Array Technologies, NEXTracker, Smarttrak Solar Systems, AllEarth Renewables, Abengoa Solar, and DEGERenergie GmbH & Co.
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