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A new report published by Technavio suggests that the global market for solar PV trackers will record a 39% growth between 2019 and 2024 owing to increased investments in renewable energy.

Up to 102.11GW of solar PV capacity is expected to be added to the global portfolio with 37% of the installed projects coming from North America.

The competitive cost of producing energy has led to increased investments in renewable energy globally.

For instance, India has set a target of 175GW of installed clean energy capacity by March 2022 and China’s National Development & Reform Commission is set to increase the renewable energy target from 20% to 35% by 2030.

Governments are encouraging the use of renewable energy by offering various incentives, grants, FiTs, and others.

The continued decline in solar energy is also expected to drive the market growth.

The year-over-year growth rate is expected to be at 35% during the forecast period.

Renewable energy has accounted for one-quarter of the global power generation in recent years and will reach 28.15% of the total global energy mix by 2030, according to the US Energy Information Administration.

Click here for more information about the report.