North America Solar Tracker Market size in 2017, was valued over USD 2 billion and is set to surpass an annual installation of 13 GW by 2024. Large-scale integration of sustainable and clean energy resources along with favorable government regulations for widespread utilization of solar energy will boost the North America solar tracker market. Provision of federal tax credits, fiscal incentives, leveraging schemes and evolving renewable energy grid interconnection policies will further enhance the industry growth. For instance, the federal Business Energy Investment Tax Credit (ITC) amended in February 2018, offers a 30% investment tax credit for qualified utility, residential and commercial solar projects through 2019.
Paradigm shift from conventional sources to sustainable energy sources along with national renewable integration targets pertaining to environmental sustainability will drive the North America solar tracker market. In 2016, the District of Columbia established the Renewable Portfolio Standard that requires 50% of electricity generation to be produced by renewable sources by the year 2032.
North America dual axis solar tracker market will witness growth on account of the product’s ability to track in both horizontal and vertical axis. The product enables optimum utilization of the sunlight thereby enhancing its adoption across utility scale installations.
Rapid deployment of solar energy systems for an effective energy mix along with declining cost of solar energy technologies will fuel the North America solar tracker market growth. According to IRENA, the total weighted average installation cost of utility scale solar PV projects reduced by approximately 56% between the year 2010 to 2015.
North America solar tracker market from photovoltaic (PV) will grow on account of cost competitive structure, ease of installation and compact size of these systems. Widespread adoption of PV systems across industrial, commercial and residential establishments will further propel the industry landscape.
The U.S. solar tracker market will witness robust growth on account of increasing investments to replace the existing conventional plants with sustainable energy sources. For instance, the U.S. Army signed a contract worth USD 500 million with Apex in 2016 for the installation of 15.4 MW photovoltaic plant in Texas. Introduction of government objectives to decarbonize the energy sector will further fuel the industry outlook.
Notable industry players operating in the North America solar tracker market consist of NEXTracker, SunPower, Abengoa Solar, Array Technologies, AllEarth Renewables, Smarttrak Solar Systems, DEGERenergie GmbH & Co and Titan Tracker among others.
Segments Covered in This report:
North America Solar Tracker Market Analysis, By Application
The above information is provided on a country basis for the following: