Solar Tracker Market Size in North America Industry Research Report by Technology, Application and Forecast to 2024
Category: #energy-and-environment  By Ronak Bora  Date: 2021-05-04
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Solar Tracker Market Size in North America Industry Research Report by Technology, Application and Forecast to 2024

The North America solar tracker market size is anticipated to foresee a massive momentum over the span of 2018 to 2024, on the grounds of large scale integration of sustainable and clean energy resources in conjugation with favorable government regulations for extensive use of solar energy. In line with these, provision of federal tax credits, leveraging schemes, fiscal incentives, and transforming renewable energy grid interconnection policies will also propel the overall market dynamics in the years to come. Say for instance, the federal Business Energy Investment Tax Credit (ITC) put forth in 2018, offers a 30 per cent investment tax credit for residential, utility, and commercial solar projects.

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Also, a paradigm shift from traditional sources to sustainable energy sources along with national renewable integration targets subject to environmental sustainability would further drive the market progression by 2024 end.

Global Market Insights, Inc., predicts that solar tracker market in North America would record an annual installation of 13 GW by the end of 2024, in lieu of the below mentioned trends:

Heightened demand for single axis solar tracker

North America single axis solar tracker market is poised to observe tremendous growth owing to its cost effectiveness, reliability, and higher lifespan when compared to other counterparts. Although the system depicts increased capital expenditure and higher operational properties, its robust electrical output would further augment the production adoption.

An upsurge in PV solar tracker systems

The demand for photovoltaic solar tracker systems across North America has been escalating over the years, courtesy- the product’s compact size, easy installation, and cost competitiveness. In addition to these, rising demand for these systems across industrial, commercial, and residential sectors would further accentuate the market dynamics across various economies in the region.

On top of this, technological innovation in product design to combat the concerns pertaining to associated costs and efficiency would potentially impact the North America solar tracker market progression. Say for example, Edisun microgrids in 2016, launched PV booster solar tracker that improves energy production by over 30 per cent compared to traditional tilt installations. As per news reports, the system offers less operation and maintenance cost on account of its reliable, lightweight, and gearless design.

Adding further, according to IRENA, the average installation cost of utility scale solar photovoltaic projects reduced by over 56% between 2010 to 2015.

Booming demand for solar tracker systems across U.S

The United States solar tracker market will observe massive gains on grounds of increasing investments to replace the current conventional plants with sustainable energy sources.

For instance, the U.S Army inked a contract worth $500 million with Apex in 2016, aimed at installation of 15.4 MW PV plant in Texas.  Furthermore, intervention of governmental norms to decarbonize the energy sector would also propel the market trends in the overall business space.

Rising concerns regarding increased carbon footprint in Mexico

Mexico has been largely dependent on fossil fuels for various industrial and commercial operations. However, the rising concerns including expanding carbon footprint pertaining to their use are expected to propel the demand for solar tracker systems in the nation.

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Not to mention, increasing investment towards deployment of solar technologies would further complement the industry statistics over the foreseeable time frame. An exemplary model for the same is offered by Engel Group’s 2018 launch of Villanueva solar PV plant of 754 megawatts in Viesca at $650 million. As per various reports, the plant holds the capability of generating over 1, 700 GWH electricity annually, once fully operational.

Browse Related Report:

Asia Pacific Solar Tracker Market Share By Product (Single-Axis, Dual-Axis), By Application (Residential, Commercial, Utility), Industry Analysis Report, Country Outlook (China, Australia, India, Japan, South Korea), Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026

https://www.graphicalresearch.com/industry-insights/1373/asia-pacific-solar-tracker-market

Table of Contents (ToC) of the report:

Chapter 3 Solar Tracker Industry Insights

3.1  Industry segmentation

3.2  Industry landscape, 2013 – 2024

3.3  Industry ecosystem analysis

3.3.1    Vendor Matrix

3.4  Innovation & sustainability

3.5  Technology landscape

3.5.1    Solar Photovoltaic (PV)

3.5.2    Concentrated Photovoltaic (CPV)

3.5.3    Concentrated Solar Power (CSP)

3.6  Regulatory landscape

3.7  Feed in tariff landscape

3.8  Price trend analysis

3.9  Leading investment scenario across the solar industry

3.10     Industry impact forces

3.10.1      Growth drivers

3.10.2      Industry pitfalls & challenges

3.11     Growth potential analysis

3.12     Porter's analysis

3.13     Competitive landscape, 2017

3.14     PESTEL Analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.graphicalresearch.com/table-of-content/1039/north-america-solar-tracker-market

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Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.

 

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About Author

Ronak Bora

Ronak Bora    

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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