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Global Solar Photovoltaic Tracker Market - Reduction in Solar Energy Cost Fuels Growth | Technavio
[December 13, 2017]

Global Solar Photovoltaic Tracker Market - Reduction in Solar Energy Cost Fuels Growth | Technavio


The global solar photovoltaic (PV) tracker market is expected to grow at a CAGR of around 22% during the period 2017-2021, according to a new market research study by Technavio.

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Technavio has published a new market research report on the global solar PV tracker market 2017-2021 ...

Technavio has published a new market research report on the global solar PV tracker market 2017-2021 under their energy library. (Graphic: Business Wire)

The report categorizes the global solar photovoltaic tracker market by technology (solar photovoltaic and concentrated solar power (CSP (News - Alert))) and by product (single-axis trackers and dual-axis trackers). The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.

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Market driver: declining cost of solar energy

Previously, the high cost and intermittent nature of renewables were the major hurdles to the adoption of solar energy. Energy storage technologies not only bridge the gap but also increases the penetration of renewable energy in hybrid systems. For instance, a typical solar PV normally converts approximately 15% of power. However, with the addition of a battery system, the power generated from solar PVs can go beyond 50%. Renewable penetration means the number of renewables that can be added to the system output. For instance, a renewable penetration of 20% means that for 1 MW of installed generator capacity, 200 kW of renewable power can be added.

According to Thanikachalam Chandrasekaran, a lead analyst at Technavio for power research, "Over the last decade, the solar power industry has witnessed a price decline of more than 40%. With the reduction in solar power prices, PV adoption has gained traction. This has led to the increase in the number of installations over the years. The declining prices of solar PV systems will drive the demand for solar PV trackers during the forecast period."



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Market trend: emergence of microgrid and green telecom

There has been a tremendous development in the global telecom sector. Telecom operators have been installing new base transceiver stations (BTS) to support the explosion in data traffic. The continuous increase in global population has increased the number of mobile subscriptions. The growing mobile technology, particularly in rural pockets, has demanded the setting up of telecom towers in remote and rural areas. Here, most telecom towers are powered by diesel generators due to unreliable grid connections. Solar PVs are increasingly being used in remotely located telecom towers that are not connected to grids. These microgrids run on solar power or solar hybrid systems and eliminate the need to transport diesel to remote locations, thereby reducing the cost of operations.

Market challenge: intermittency in solar power generation

Solar power prices have been declining. This has resulted in the extensive adoption of solar PV systems. This has increased the number of solar power installations over the years. However, the intermittent nature of solar power is a major challenge. Power output from solar PVs is not continuous and depends on many factors such as panel efficiency, the degree of shade, and solar irradiation that vary over the duration of the day and under overcast conditions.

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Some of the vendors in the market

  • Abengoa
  • AllEarth Renewables
  • Arctech
  • Array Technologies
  • Convert Italia

The global solar PV tracker market is highly concentrated with the top five players comprising approximately three-fourths of the market as of 2016. Solar power faces issues such as intermittency in supply and low conversion efficiency. However, the growth in the adoption of renewables as a clean source of energy will drive the expansion of solar power during the forecast period.

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About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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