Solar Tracker Market worth USD 7.54 Billion by 2023: Global Market Insights, Inc.

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

This growth in the Solar Tracker Market is because of increasing demand for energy conservation combined with switching from traditional to alternative strategies.

These devices accelerate energy generation and minimize levelized electricity cost. They are made to absorb maximum energy from the sun by arranging payload orientation in the direction of sun, thereby generating significant energy when solar panels are placed in sunlight. Talking about installed capacity, these appliances were computed to be 8,800 MW in the year 2015, and are expected to reach 29,526 MW by 2023.

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Let’s take a quick look at some of the attractive figures, reflecting the predictions of solar tracker market trends.

  • Dual axis solar tracker market report is estimated to touch 3.8 billion till 2023 with projected profit at 13.7% CAGR.
  • CPV technology is expected to gain exponential rise with projections of over 20% CAGR in the year 2016 to 2023.
  • Western developed economies like Europe, Germany and Spain are towards growing figure and are expected to reach 7,210.2 MW till 2023.
  • India will go beyond USD 60 million in the year 2023.

Don’t these figures represent the shining future of equipments? Yes, they do, significant government initiatives are estimated to give further boost to this industry.

Increase in electricity cost and supply demand gap is estimated to amplify the demand of PV systems both in commercial and residential areas, with the overall PV capacity crossing 190 GW in the year 2015. A good growth has been expected in North America and Europe because of political and legal support in U.S., Germany and UK. Apart from this, reduction in market price is going to result in more product penetration, particularly on cost sensitive devices.

As per product segment, market has been divided into single axis and double axis trackers, in which single axis ruled the market with 64% installed capacity share in the year 2015. Competitive price with considerable usage especially in residential and commercial sectors is expected to boost demand of this product, but yes, it is worth to notice that they may lose accuracy and efficiency. Talking about technology, PV cells were projected at 5,946.2 MW in 2015. Increasing electricity cost with the depletion of renewable resources is estimated to expedite the market of PV installation in residential as well as commercial areas.

Abengoa, SunPower Energia, Grupo Calvijo, PV Powerway, Hao solar and Mecasolar are some of the well known industries which had great demand of these devices in 2015.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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