The Global Solar Tracker Market is expected to reach USD 2.14 billion by 2020. Solar photovoltaic (PV) technology dominated the solar tracking market accounting for over 49 % of the total installed capacity in 2013. Solar PV is employed for to minimize the angle of incidence between a PV panel and the incident sun rays.
Europe continued its dominance in global solar tracker market and accounted for over 28% of the total installed capacity in 2013. Increasing environmental norms and governmental regulations for using conventional fossil fuels were major factors that led to the development of solar power plants. The increasing acreages of solar power plants further boosted the solar tracker market growth. Latin America is anticipated to be the fastest growing regional market, at an estimated CAGR of 22.5% from 2014 to 2020. Increasing demand for electricity and rising concerns for sustainable and renewable energy, especially in Brazil, Mexico and Argentina is anticipated to augment the solar tracker market growth over the next six years.
Further key findings from the study suggest:
Concentrated photovoltaic (CPV) is expected to be the fastest growing technology for solar tracker market and is anticipated to grow at a CAGR of 18.1% from 2014 to 2020. Increasing demand for accurate tracking and capture of maximum solar energy in solar power plants is expected to fuel the demand for CPV technology over the next few years.
Browse More Energy Market Research Related Reports:
• Global Marine Power System Consumption Industry 2016 Market – http://www.hexareports.com/report/global-marine-power-system-consumption-industry-2016/details
• Europe Solar Photovoltaic Industry 2016 Market – http://www.hexareports.com/report/europe-solar-photovoltaic-industry-2016/details
• United States Nuclear Turbine Generators Industry 2016 Market – http://www.hexareports.com/report/united-states-nuclear-turbine-generators-industry-2016/details
Single axis solar trackers are the most widely used products in the market. Increasing applications of these trackers owing to their flexibility to align in any direction and advancements in technology have been the key factors responsible for the increase in demand.
Utility was the largest application segment for the solar tracker market and accounted for over 80% to the total installed capacity. Increasing capacities of solar powered large scale industries have been the key driving factor for the growth of solar tracker market for utility applications. Non-utility applications are expected to have the fastest growth rates over the next six years.
The global solar tracker market is moderately fragmented with the top four companies including Haosolar Co. Ltd, Abengoa Solar, Sun Power and Grupo Clavijo accounting for just over 45% of the global installed capacity in 2013. Other significant companies include PV Powerway, Energia Ercam, Mecasolar, First Solar, AllEarth Renewables, Array technologies, DEGERenergie, Titan Tracker, SmartTrak, Mechatron and Soitec.
About Us:
Hexa Reports is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe.We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
Our Website: http://www.hexareports.com
Media Contact
Company Name: Hexa Reports
Contact Person: Ryan Shaw
Email: sales@hexareports.com
Phone: 1-800-489-3075
Address:Felton Office Plaza, 6265 Highway 9
City: Felton
State: California
Country: United States
Website: http://www.hexareports.com/report/solar-tracker-market-analysis-by-technology-solar-pv-cpv-csp-by-product-single-axis-dual-axis-by-application-utility-non-utility-and-segment-forecasts-to-2020/details