Sellbyville, DE -- (SBWIRE) -- 10/08/2018 -- Solar tracker market in Germany is projected to surpass 1.5 GW by 2024. Strict government reforms relating to the reduction of carbon footprints along with advancing product applicability will positively influence the product penetration. Government initiatives towards replacement of fossil fuels with sustainable energy resources will drive the business outlook. The market premium schemes lay favorable mechanism for the financial assistance and ease of adoption of supplement renewable based installations. In 2017, the Regulators introduced the German Renewable Energy Act which targets 2.5 GW PV installations in a year.

Asia Pacific solar tracker market is projected to witness substantial growth owing to the adoption of decentralized generation technologies along with the continuous expansion of off-grid electricity networks. Government aided funding towards the expansion of renewables coupled with intervention of financial institutions across the region will stimulate the product demand.

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Solar Tracker Market is expected to surpass USD 27 billion by 2024. Paradigm shift towards sustainable electricity generation technologies from depleting conventional resources will embellish the global solar tracker market. Rising concerns pertaining to greenhouse gas emissions along with favorable regulatory measures for energy conservation have instituted a promising business scenario. In January 2016, British Columbia passed the Greenhouse Gas Industrial Reporting and Control Act which lays abiding standards and norms concerning emission control from industries across the region.

Decline in component costs have led to fall in the overall levelized solar power tariff in the recent years which have established a favorable business scenario for the solar tracker market. Manufacturers' adoption of economies of scale along with technological advancements to develop efficient and cost-effective products will positively influence the solar tracker market. The levelized cost of energy has been valued at USD 144.3/MWh for solar PV installations across the globe compared with 221.5/MWh for wind for the plants under operation by 2018.

National renewable targets abided by the countries across the globe along with rising investments from private and public institutions will propel the solar tracker market growth. Favorable government norms relating to renewable integration including subsidies, FIT, and leveraging schemes for the installation across residential establishments will comprehensively foster the product penetration.

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Growing investments towards sustainability of optimum resource utilization and establishment of renewable energy mix has instituted a competitive industrial framework. Low levelized cost of energy owing to EPC programs and Independent Power Project bids across the Middle East will positively impact the product deployment in the region.

Key players across the solar tracker market include NEXTracker, Array Technologies, SunPower, Abengoa, Mecasolar, GRUPO CLAVIJO, SOITEC, Scorpius Trackers, Powerway, Smarttrak, AllEarth Renewables, Wuxi Hao Solar Technology, DEGERenergie, Titan Tracker, and Grupo Clavijo.