Solar Tracker Market to Hit $22.33 Billion by 2027; Increasing Investments in Solar Technologies Worldwide to Aid Market Growth: Fortune Business Insights™
August 25, 2020 at 03:11 AM EDT
Pune, Aug. 25, 2020 (GLOBE NEWSWIRE) -- The global solar tracker market size is projected to reach USD 22.33 billion by 2027, exhibiting a CAGR of 12.6% during the forecast period. Growing renewable generation capacity will be a key driving force for this market, states Fortune Business Insights™ in its report, titled “Solar Tracker Market Size, Share & COVID-19 Impact Analysis, By Type (Photovoltaic (PV), Concentrated Solar Power (CSP)), By Movement (Single Axis, Dual Axis), By Application (Utility, Non-Utility) and Regional Forecast, 2020-2027”. The International Renewable Energy Agency (IRENA) revealed in its latest publication that renewable capacity grew by 7.4% in 2019, with the total global capacity reaching 2,537 GW at the end of 2019. Solar energy witnessed some of the largest additions, increasing by 20% from 2018 levels to reach 586 GW. Expansion of solar energy generation bodes well for this market as these trackers play a critical role in maximizing the capturing of energy from sunlight into the solar panel, thereby augmenting its power generation efficiency. With solar technologies becoming more affordable, the demand for various solar devices is set to surge in the near future.
Initiation of Virtual Power Plant Projects Worldwide to Animate the Market
One of the leading developments in the solar industry that is fueling the solar tracker market growth is the initiation and implementation of virtual power plant (VPP) projects in major economic hubs worldwide. For instance, AGL Energy, an energy management company based in Australia, developed a VPP model in 2017 by installing and connecting a vast array of solar battery systems across 1000 commercial and residential spaces in Adelaide. The entire network will be managed by cloud-based control system. Similar projects have been initiated in the US as well, although on a smaller scale. In Colorado, for example, a cooperative utility named Holy Cross Energy developed a VPP comprising four homes that have rooftop solar panels, heat pumps, electric vehicle chargers, and energy storage. VPP and solar trackers are capable of increasing energy efficiency of solar panels by a substantial degree as the trackers can optimize energy capture, while the VPP can re-route stored energy that can get wasted if not utilized as well as provide flexibility and enhance grid reliability.
Extensive Solar Deployment to Support Market Growth in North America
In 2019, the market size of North America stood at USD 5.88 billion and the region is expected to dominate the solar tracker market share during the forecast period owing to widespread deployment of solar technologies. According to the Solar Energy Industries Association, in the First Quarter of 2020, solar PV capacity in the US stood at 3.6 GW.
The market in Latin America is anticipated to surge in the coming years as Brazil and Mexico have emerged as some of the largest importers of solar devices and solutions. In Asia Pacific, the market will be led by China and India, where investments in renewables have grown astronomically in the past couple of decades. Moreover, China is the dominant producer of solar components, which will provide an additional boost to the regional market.
Key Players to Focus on Fulfillment of Contracts
Major companies in this market are focused not just on securing large-scale contracts, but also on fulfilling them in a timely manner. Strict adherence to commitments is allowing these players to cement their position in the solar tracker market as well as diversify their operations in foreign markets.
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