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), Price Trends, Competitive Market Share & Forecast, 2016 – 2023
Published Date: March 2016 | 114 Pages | Report ID: GMI364 Report Format: PDF
Global Solar Tracker Market size for 2015 was over 12 GW and is forecast to grow over 17% CAGR by 2023.
U.S. Solar Tracker Market size, by technology, 2015 & 2023 (GW)
Rising concern towards fossil fuel depletion coupled with shifting trends towards renewable energy resource utilization will stimulate the solar tracker market share over forecast timeframe. Introduction of various incentives including tax rebates, tax credits and financial supports to encourage the adoption of solar system which will further augment the industry landscape. Europe and North America are predicted to witness considerable growth owing to legal and political support in Germany, UK and the U.S.
Government measures to reduce greenhouse gas emission will drive the global solar tracker market size over the forecast timeline. Indonesia has developed presidential regulation to reduce greenhouse gas emission for national action plan. Under this plan, President set target to reduce GHG by 26% by 2020.
Technology advancement has resulted decrease in component price with improvement in its power output efficiency which will positively influence the solar tracker market share during the forecast timeframe. Solar PV Technology is the fastest growing renewable energy which find its application in utility, residential and commercial application. High efficiency and decreasing system cost are some of factors responsible to boost system demand.
Rising electricity prices coupled with growing demand for reliable and clean fuel energy will stimulate the solar tracker market share by 2023. High initial investment and maintenance cost associated with control system and motor over stationary system will raise the OPEX which may hamper the industry growth. Highly sophisticated technology and large land requirement may further hinder the industry growth.
Solar Tracker Market, By Product
The global solar tracker market size for 2015 from single axis was valued over USD 2900 million and is set to witness significant growth on account of its cost effectiveness as compared to other alternates. It finds application in commercial & residential sector. This product enhances the potential output but also generate higher operational and capital expenditure. Dual axis solar tracker market share for 2015 was 30% of the global volume and is predicted to witness substantiate growth from 2016 to 2023.These products help to absorb maximum sunlight as they can able to follow the sun vertically and horizontally.
Solar Tracker Market, By Technology
Solar tracker market size demand from PV is set to exceed 47GW by 2023. High solar cell compatibility with standard PV module technologies on account of its simple design is predicted to positively influence technology demand from 2016 to 2023. CPV was accounted for over 2% of global volume share in 2015.This technology offers low cost solar power due to requirement of fewer raw material and low manufacturing cost.
Solar Tracker Market, By Application
Global solar tracker market share for 2015 from utility application accounted for over 80% of global volume and is set to witness growth due to engagement of power purchase agreement with beneficiary. Increasing investment towards infrastructure development and introduction of government schemes & incentives to promote renewable energy technologies are some of factor may encourage the demand. Rising adoption of solar PV systems among residential and commercial applications may further complement the industry outlook.
Solar Tracker Market, By Region
U.S. solar tracker market share for 2015 was over 4 GW and is predicted to witness substantiate growth due to various financial supports and incentives introduced by government to encourage deployment of renewable technologies.
For Europe, Germany solar tracker market share was accounted for 9 % of regional volume in 2015 and will witness considerable growth owing to involvement of various energy polices including certification programs for RES-H installation and rising awareness regarding benefits of solar systems. In Germany, market premium scheme support the electricity generated from renewable resource.
Increasing electricity demand coupled with growing infrastructure development will drive the China solar tracker market share during the forecast period. Growing investment to generate clean fuel electricity will further complement the regional business growth. In 2015, China investment towards renewable energy grew by 17% i.e. reached USD 110.5 billion.
Competitive Market Share
Solar tracker market size is moderately fragmented in natures. The major industry players include Abengoa, Mecasolar, PV Powerway, SunPower Energia, Grupo Calvijo and Hao solar.
The manufacturers are investing heavily in technology innovation to maximize system energy efficiency. For instance, in 2016, NEXTracker launched solar plus storage solution which integrates the battery, software, inverter and solar tracker to provide better ROI to solar plant owner. By integrating battery storage technology into products, company is increasing product energy efficiency.
Solar Tracker Industry Background
Solar Tracker device is used to improve energy output by moving solar modules towards sun. It follows the sun moment in both direction horizontally and vertically. The solar modules receive the solar energy and are directly oriented towards sun. In solar system, device help to minimize the incidence angle between the panel and incoming light, which improves the amount of energy produced by installation. The tracker can generate 10 to 25% more efficient electricity as compared to stationary system depending on tracking system geographic location.
What Information does this report contain?
Why Global Market Insights?Comprehensive Research
- All-inclusive coverage
- In-depth and granular data (ex: information for 8 to 15 countries, with clients open to add to this list, in each report)
- Penetrative insights & latest trends
- Offers holistic understanding of the market
- Unique methodology
- Iterative in nature to eliminate errors
- Detailed methodology, scope, assumptions and data sources available for reference
- Committed to making a positive difference for our clients
- Given the nature of this industry, we are committed to ensure that our clients get maximum return on their investment in our services
- Every purchase comes with an option to obtain additional information:
- up to 10% of the original cost
- 45-minute analyst tele-call to obtain further clarity on the market.
- Global Market Insights, Inc. strictly adheres to PCI-DSS security norms.
- Only PCI-DSS compliant payment methods used for highest level of client data security