North America solar tracker market 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.
Global Market Insights predicts that the North America solar tracker market would record an annual installation of 13GW by the end of 2024.
In line with these, the 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% investment tax credit for residential, utility, and commercial solar projects.
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.
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 product 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% 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 US Army inked a contract worth $500 million with Apex in 2016, aimed at the installation of 15.4MW PV plant in Texas. Furthermore, the 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.
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 754MW 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.
Learn more about the analysis.