Rise in awareness about using renewable energy and increase in demand for solar energy from emerging economies propel the global solar tracker installation market
PORTLAND, Oregon, Feb. 6, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Solar Tracker Installation Market by Type (Single Axis and Dual Axis) and End-Use Industry (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global solar tracker installation industry was estimated at $162.8 billion in 2018 and is expected to hit $379.1 billion by 2026, registering a CAGR of 11.1% from 2019 to 2026.
Drivers, restraints, and opportunities-
An increase in awareness about using renewable energy and rise in demand for solar energy from emerging economies propel the global solar tracker installation market. On the other hand, huge investment costs curtail down the growth to some extent. Nevertheless, surge in government initiatives and programs is expected to pave the way for a number of opportunities in the industry.
The single-axis segment to lead the trail by 2026-
Based on type, the single-axis segment contributed to three-fourths of the global solar tracker installation market share in 2018 and is expected to retain its dominance throughout the forecast period. Surge in use of single-axis trackers in both tropical and high-altitude regions is expected to fuel the segment growth. The dual-axis segment, on the other hand, would showcase the fastest CAGR of 12.1% during 2019–2026.
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The industrial segment to dominate during the estimated period-
Based on end-user industry, the industrial segment held the major share in 2018, generating more than half of the global solar tracker installation market. The same segment is also projected to grow at the fastest CAGR of 12.1% throughout the study period. Rise in use of dual-axis tracking in solar power towers and dish systems boosts the growth of the segment. The report includes analysis of the other segments such as residential and commercial.
Asia-Pacific, followed by North America, to rule the roost-
Based on geography, the region across Asia-Pacific accounted for more than two-thirds of the global solar tracker installation market revenue in 2018 and is anticipated to maintain its top status till 2026. Increase in government investment in R&D of satellite technology for civil and military uses is expected to propel the demand for PV energy in this province. At the same time, North America held the second major share in the year 2018. However, Europe would cite the fastest CAGR of 12.3% by 2026. As activity-related to CSP is expected to rise, it is predicted that the demand for solar trackers will increase in the region.
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Frontrunners in the industry-
- First Solar, Inc.
- Abengoa SE
- Trina Solar Co. Ltd.
- Siemens AG
- BrightSource Energy, Inc.
- Tata Power Solar Systems Limited
- Arctech Solar
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