Solar Tree Market: Introduction
- Solar power tree is an assembly that is designed akin a tree with branches made of steel to hold photovoltaic panels. It is an independent unit that produces green energy and provides energy for a range of services.
- It is a ground mounted solar system with a pole that supports many individual panels up in the air
- Solar trees can be placed in residential and urban areas, schools and universities, courtyards, parks, and along hiking trails
Key Drivers and Restraints of Solar Tree Market
- Increase in awareness about the use of solar energy and favorable initiatives toward promotion of renewable energy are major factors driving the global solar tree market
- Solar tree possesses unique properties in terms of height and multi-angle orientation parameters. Solar tree requires less space compared to traditional solar farm due to the height parameter. This can lower the installation cost. At the same time, this parameter eliminates the necessity to install solar trackers. This further reduces the operational cost.
- Implementation of stringent regulations to support environmental conservation is prompting the power industry to shift to clean and eco-friendly energy resources. Furthermore, the cost of electricity generated using solar energy is expected to decline in the near future owing to technological developments. This is anticipated to create substantial opportunities for the solar tree market in the near future. However, high initial investments and lack of skilled professionals are major factors restraining the global solar tree market.
Schools & Universities Segment to Offer Lucrative Opportunities
- The global solar tree market can be segmented in terms of connectivity, component, application, and region
- In terms of connectivity, the global market can be bifurcated into on-grid and off-grid.
- Based on component, the global solar tree market can be divided into solar PV modules, battery, cables & connectors, and others
- In terms of application, the global solar tree market can be classified into residential areas, schools & universities, recreational parks, mountainous regions, and others. The schools & universities segment dominated the global market in 2018, owing to large-scale installation of solar trees in the U.S. and Europe-based universities.
- Based on end-user, the global solar tree market can be segregated into residential, commercial & industrial, and utilities
North America to Hold Major Share of Global Solar Tree Market
- Based on region, the global solar tree market can be split into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- North America dominated the global solar tree market in 2018. This trend is estimated to continue during the forecast period. Growth in investments in solar installation is the major factor driving the market in the region.
- The U.S. led the solar tree market North America in 2018. In November 2019, Pace University of New York installed a solar tree on its Pleasantville campus with the support of Consolidated Edison Company of New York.
- The market in Asia Pacific is expected to expand at a rapid pace during the forecast period. In terms of revenue, China, Japan, India, and Australia are major contributors to the solar tree market in Asia Pacific.
- Europe is estimated to contribute significantly to the global solar tree market during the forecast period
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Key Players in Global Market
The global solar tree market is highly concentrated, with top manufacturers accounting for approximately 40% to 45% share. Key players operating in the global solar tree market include:
- Spotlight Solar
- JIP Tech
- Envision Solar