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December 31, 2018 | Business WireEstimated reading time: 2 minutes
The global single axis solar PV tracker market research report by Technavio predicts the market to post a CAGR of close to 28% during the period 2019-2023. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
A key driver for the global single axis solar PV tracker market is the declining cost of solar power generation. Solar power generation has emerged as one of the cheapest sources of clean energy among all the renewable sources of energy. The intermittent nature of solar energy can be overcome through energy storage. This not only bridges the gap between solar power generation and supply during the non-productive hours (generally in the night) but also helps in increasing the adoption of renewable energy in hybrid systems.
This global single axis solar PV tracker market research report also provides an analysis of the most important trends expected to impact the market outlook during the period 2019-2023. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the increased adoption of microgrids as one of the key trends in the global single axis solar PV tracker market:
Global Single Axis Solar PV Tracker Market: Increased Adoption of Microgrids
The microgrids are small-scale power grids, which have their own generation and storage resources. The microgrids can operate independently or collaboratively with other small power grids. A microgrid can connect and disconnect from the main power grid to operate in both grid-connected mode as well as in island mode. It is referred to as a hybrid microgrid when integrated with the main power grid.
“The power grids are not always stable in many countries. Microgrids play a vital role in protecting consumers from outages in some regions that have frequent power outages owing to the relatively unstable power grids. The microgrids are used in regions where the grid-connected power is not accessible or has limited availability. These microgrids can function autonomously or operate parallelly with the conventional grid,” says a senior research analyst at Technavio.
Global Single Axis Solar PV Tracker Market: Segmentation Analysis
This single axis solar PV tracker market analysis report segments the market by application (utility and distributed generation) and geography (the Americas, APAC, and EMEA).
The utility segment held the largest single axis solar PV tracker market share in 2018, accounting for nearly 86% of the market. This application segment is expected to dominate the global market throughout the forecast period.
The Americas led the market in 2018 with more than 47% of the market share, followed by APAC and EMEA respectively. The Americas is expected to dominate the market throughout the period 2019-2023.
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