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North America Solar Tracker Market To Garner Brimming Revenues by 2024
North America Solar Tracker Market To Garner Brimming Revenues by 2024
Paradigm shift toward renewable technologies for an effective energy mix along with introduction of national
renewable integration targets and policies pertaining to environmental sustainability will propel the North America
solar tracker market. For instance, the District of Columbia introduced the Renewable Portfolio Standard (RPS) in 2016,
that requires 50% of electricity generation through renewable sources by 2032.
North America single axis solar tracker market size is anticipated to witness significant growth subject to its reliability,
cost effectiveness and higher lifespan when compared with other alternatives. Although the system exhibits higher
operational and capital expenditure, however it provides an electrical output which further enhances the product
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adoption.
Technological innovation in product design to reduce cost and improve efficiency will positively drive the North
America solar tracker market growth. For instance, in September 2016, Edisun microgrids introduced PV booster solar
tracker that enhances energy production by 30% when compared with conventional fixed tilt installations. The system
offers less operation and maintenance cost on account of its gearless, reliable and lightweight design.
Cost competitiveness, compact size and ease of installation are some of the key parameters that will boost the
photovoltaic (PV) solar tracker market in North America. Growing demand for PV systems across residential,
commercial and industrial sector will further enhance the product demand across the region.
Rising concerns to reduce fossil fuel dependency along with favorable government measures to promote the adoption
of renewable resources will stimulate the Mexico solar tracker market size. Increasing investment toward the
deployment of solar technologies will further complement the industry growth. For instance, in March 2018, Enel
group inaugurated Villanueva solar photovoltaic plant of 754 MW in Viesca, Mexico, worth USD 650 million. The plant
will be able to generate over 1,700 GWh electricity annually, once fully operational.
Residential solar tracker market in North America is expected to witness growth on account of increasing investment
toward infrastructure establishments. Favorable government measures to curb the greenhouse gas emissions and the
Segments We Covered:
North America Solar Tracker Market Statistics, By Technology
• CSP
• PV
• CPV
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