North America Solar Tracker Market to exceed 13GW by 2024
The North America Solar Tracker Market is set to grow from its current market value of more than $2 billion to over $13 GW by 2024; as reported in the latest study by Graphical Research.
Favorable government mandates toward the deployment of solar technology along with large scale integration of clean and sustainable energy resources will drive the North America solar tracker market. Fiscal incentives, renewable energy grid policies and investment tax credits (ITC) are some indispensable factors that will further complement the business landscape. For instance, investment tax credit offers a 30% ITC for qualified commercial, residential and utility solar projects through 2019.
Paradigm shift toward renewable technologies for an effective energy mix along with introduction of national renewable integration targets and policies pertaining to environmental sustainability will propel the North America solar tracker market. For instance, the District of Columbia introduced the Renewable Portfolio Standard (RPS) in 2016, that requires 50% of electricity generation through renewable sources by 2032.
North America single axis solar tracker market size is anticipated to witness significant growth subject to its reliability, cost effectiveness and higher lifespan when compared with other alternatives. Although the system exhibits higher operational and capital expenditure, however it provides an electrical output which further enhances the product adoption.
Technological innovation in product design to reduce cost and improve efficiency will positively drive the North America solar tracker market growth. For instance, in September 2016, Edisun microgrids introduced PV booster solar tracker that enhances energy production by 30% when compared with conventional fixed tilt installations. The system offers less operation and maintenance cost on account of its gearless, reliable and lightweight design.
Cost competitiveness, compact size and ease of installation are some of the key parameters that will boost the photovoltaic (PV) solar tracker market in North America. Growing demand for PV systems across residential, commercial and industrial sector will further enhance the product demand across the region.
Rising concerns to reduce fossil fuel dependency along with favorable government measures to promote the adoption of renewable resources will stimulate the Mexico solar tracker market size. Increasing investment toward the deployment of solar technologies will further complement the industry growth. For instance, in March 2018, Enel group inaugurated Villanueva solar photovoltaic plant of 754 MW in Viesca, Mexico, worth USD 650 million. The plant will be able to generate over 1,700 GWh electricity annually, once fully operational.
Residential solar tracker market in North America is expected to witness growth on account of increasing investment toward infrastructure establishments. Favorable government measures to curb the greenhouse gas emissions and the need to replace conventional systems by renewable energy sources will further boost the product demand.
Key industry players in North America solar tracker market include Titan Tracker, SunPower, Array Technologies, Smarttrak Solar Systems, NEXTracker, AllEarth Renewables, DEGERenergie GmbH & Co and Abengoa Solar.