Solar Tracker Market Size By Product (Dual Axis, Single Axis), By Technology (CPV, Solar PV, CSP), By Application (Utility, Non-utility), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, Spain, China, India, Japan, Brazil), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023

Published Date: March 2016 | 114 Pages | Report ID: GMI364 Report Format: PDF

Summary Table of Contents Industry Coverage Methodology

Industry Analysis

Solar tracker market size is forecast to reach USD 7.54 billion by 2023, with growth expectation of 12% CAGR from 2016 to 2023.

India Solar Tracker Market Size, By Product, 2013-2023 (USD Million)

India Solar Tracker Market Size, By Product, 2013-2023 (USD Million)

In terms of installed capacity, solar trackers market size was calculated to be 8,800 MW in 2015, with industry expectations of 29,526 MW by 2023. Rising concerns regarding GHG and CO2 emissions is expected to have a positive impact on the global solar tracker industry growth over the forecast period.

Growing demand for energy conservation coupled with transition from traditional to alternative sources is expected to be a key industry growth driver. Increasing electricity cost, owing to supply demand gap is expected to augment solar PV use in commercial and residential establishments, with global PV capacity exceeding 190 GW in 2015.

Favorable government initiatives are expected to have a further positive impact on the industry. North America and Europe are expected to witness significant solar tracker market size gains on account of political and legal support in the U.S., Germany, and the UK. In addition, a declining solar tracker market price trend should provide industry participants with broader product penetration, especially for cost sensitive applications.

Solar PV technology has been one of the fastest growing renewable energy sources over the last five years. These systems are employed in residential, commercial, and utility applications on account of various factors including decreasing cost and high efficiency.

Increasing government focus on renewable energy has resulted in the development of PV cells as a sustainable and continuous source of energy generation. Rising capacity expansion across regions has resulted in levelized cost of electricity (LCOE), making solar PV competitive with other conventional forms of energy. Europe and Asia Pacific together accounted for over 84% of PV capacity and represent critical regional markets for solar trackers.

Product Analysis

Traditionally, single axis trackers have dominated the industry, with just over 64% installed capacity share in 2015. Competitive price and increasing usage, particularly for residential and commercial avenues is likely to drive demand for these products, although they do lose out in terms of accuracy and efficiency. Use of these products maximizes potential output, but also comes with higher CAPEX and OPEX considerations.

Dual axis solar tracker market size is forecast to USD 3.8 billion by 2023, with estimated gains at 13.7% CAGR. Dual axis products have modules that are that are oriented parallel to the secondary axis of rotation. These allow maximum absorption of the sun rays on account of their ability to follow the sun both horizontally and vertically.

Large land requirements and highly sophisticated technology hike coupled with initial development costs and requirement to maintain motors and control systems is likely to raise operating expenditure for these products.

Technology Analysis

With respect to technology, PV solar tracker market size was estimated at 5,946.2 MW in 2015. High PV cell compatibility with standard photovoltaic module technologies owing to simple design has been a key factor for demand evolution.

CPV solar tracker technology should gain significant ground over the forecast period, with expectations of over 20% CAGR from 2016 to 2023. CPV system produces low cost solar power owing to low manufacturing cost and fewer raw material requirements.

Regional Analysis

Western developed economies dominate the industry at present, owing to evolved energy policies and strong awareness levels. Europe, with Germany and Spain solar tracker market share leading the way, is likely to achieve 7,210.2 MW installed capacity by 2023.

U.S. solar tracker market size should reach 3,229.8 MW installed capacity by 2023. APAC, MEA and Latin America are relatively under developed regional markets and should offer significant potential for industry participants.

Solar tracker market size in India should exceed USD 60 million by 2023.

Competitive Market Share

With a number of regional participants with domestic presence, the global solar tracker market share is moderately fragmented, with just over 40% commanded by the top four players.

Hao solar, Abengoa, Grupo Calvijo, Mecasolar, SunPower Energia and PV Powerway are some widely known industry participants, catering to a significant chunk of demand in 2015.

Questions addressed by this report?
What was the historic market data from 2012 to 2015, what is the industry growth forecast from 2016 to 2023?
A detailed analysis of regulatory trends, growth drivers, industry pitfalls, challenges and opportunities for participants
Which are the leading market products, applications & regions and how will they perform by 2023?
What are the technology & innovation trends, how will they evolve by 2023?
Which companies lead the industry, how are they positioned in the market in terms of sustainability, competency, production capacity and strategic outlook?
Need more information?
Get in touch with our team to assist you with the best possible deal
Schedule a free analyst report briefing call prior to buying
Share your specific requirements to ensure the report covers all your needs
Inquire about ancillary information on country level data, novel applications and products

Select User Licence

Benefits we offer

Assured Quality

Commitment on delivering excellence,through authentic data & penetrative insights

Customer Satisfaction & Support

Access to industry experts for resolving queries, available 365 days a year

Security Commitment

Your personal information is kept secure & confidential

Tailor this report

Customize this report to suit your needs, speak to our research team to avail these benefits

Connect with our sales team