Articles

How is Rising Usage of Solar Energy Driving Solar Tracker Market?

by Manish Kumar Digital Analyst

Owing to the rapidly increasing population across the globe, the demand for energy is also increasing. However, the traditional resources for generating energy are not only becoming insufficient to cater to the needs of this rising number of people, they are also causing grave harm to the environment. Because of all these reasons, the adoption of alternate ways of generating power has become almost mandatory. Solar, wind, and nuclear are the major alternative resources which are currently being used for complementing the conventional fossil fuels, out of which, solar energy is the cleanest, as it causes the least harm.


Get a sample copy of this report:
https://www.psmarketresearch.com/market-analysis/solar-tracker-market/report-sample

 

Now, a major problem with solar energy is that it is diluted in nature, and even in the hottest regions on the planet, the available solar radiation flux is insufficient for technological utilization. This problem can be taken care of by making use of solar trackers, which make sure that the maximum intensity of sun rays hits the surface of the solar panel from dawn to dusk. The device follows the movement of the sun as it rotates, thereby improving the energy output that is generated. Solar trackers can aid in increasing the output of solar panels by almost 20–30%, which further enhances the economies of solar panel projects.

 

Due to all these reasons, the global solar tracker market is predicted to advance at a significant pace in the near future. There are two types of solar trackers, namely single-axis and dual-axis, between which, the demand for single-axis variants is higher at the present time. This can be attributed to their extensive utilization in utility solar project, as these projects are located on large lands without the tight constraints of a commercial or residential roof space. Moreover, the lower installation and maintenance cost of single-axis solar trackers, as compared to dual-axis solar trackers, is also resulting in their increasing adoption.



Among the different regions, North America is one of the major solar tracker markets, on account of the swiftly declining cost of solar panels and the implementation of strict rules and regulations for reducing the carbon emission levels that are being generated by the use of non-renewable resources. For example, according to the National Renewable Energy Laboratory, the module costs for photovoltaic systems reduced from $1.88/W in 2017 to $1.83/W in 2018, registering a declining of approximately 3%.


Sponsor Ads


About Manish Kumar Freshman   Digital Analyst

19 connections, 0 recommendations, 48 honor points.
Joined APSense since, August 5th, 2019, From Noida, India.

Created on Jun 24th 2020 09:15. Viewed 272 times.

Comments

No comment, be the first to comment.
Please sign in before you comment.