Rise in solar PV panel installations will create ample growth opportunities for vendors in the single axis solar PV tracker market. Solar power generation is gaining importance among all other renewable sources of energy as it is one of the not expensive sources of clean energy. During non-productive hours, the intermittent nature of solar energy can be overcome by using energy storage systems. In addition, the cost of solar energy generation is declining due to factors such as competitive bidding processes and government initiatives and subsidies. These factors have led to an increase in the number of solar PV panel installations, especially in economies such as India, China, and the US.
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Governments around the world are focusing on the generation of emission-free energy to bring about a change in the energy mix. As a result, they are providing tax benefits, incentives, and subsidies to promote the adoption of renewable technologies, including solar energy. Thus, supportive government initiatives toward the adoption of clean energy system along with rising concerns pertaining to climate change will augment the solar tracker market growth.
The global single axis solar PV tracker market is studied across major four regional markets, including North America, Europe, Asia-Pacific, and LAMEA. North America is expected to be the largest market over the coming years in response to the rising emphasis on renewable energy and the Paris Agreement on Climate Change that has recommended the usage of renewable energy in the nation’s energy supply.
In addition to this, The government in the U.S. is also targeting to increase the usage of solar power in the economy through various initiatives, such as, in 2011 they launched the SunShot Initiative with an aim to make the solar industry cost-competitive with conventional energy sources by reducing charges to less than 1 USD/watt by 2020, this is further expected to complement the growth of this region. Besides this, Middle East and Africa is expected to register significant growth due to high potential and increase in investments in the projects in the region, particularly in UAE and Saudi Arabia.
Major players analyzed include SmartTrak Solar Systems, Scorpius Trackers, AllEarth Renewables, DEGERenergie, Titan Tracker, Arctech Solar, First Solar, Convert Italia, PV Hardware, and STI Norland.
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COVID-19 impact
The global market for single axis solar PV tracker is severely impacted by the outbreak of the COVID-19 pandemic.
The COVID-19 pandemic saw a decline in the economic growth in almost all the major countries, thus affecting consumer spending patterns.
Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap.
Thus, insufficiency in raw material supply is expected to hamper the production rate of single axis solar PV tracker, which negatively impact the market growth.
However, this situation is expected to improve as government has started relaxing norms around the world for resuming business activities.
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