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

LONDON–(BUSINESS WIRE)–#Power–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.

The report categorizes the global solar photovoltaic tracker market by
technology (solar photovoltaic and concentrated solar power (CSP)) 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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solar photovoltaic tracker market report free of cost

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