San Francisco, 15 October 2018 – The global solar tracker market is expected to reach 26.77 GW installed capacity by 2025, according to a new report by Grand View Research, Inc. Rising demand for renewable energy in developing countries is expected to drive demand for the solar tracker. The product exhibits the ability to generate electricity in the same amount of space needed for fixed-tilt systems which make them an ideal product for optimum land usage. Solar trackers have the ability to increase the direct exposure by around 20% – 30% as they improve the precision in sunlight tracking. The major restraining factor is the high costs involved in the installation of solar trackers.
Prevalence of supporting regulations in North America is expected to be a key factor responsible for the high growth. Reduction in feed-in tariff rate has hampered market growth, however, the incentive schemes under the Italian legislative regime, highest global subsidies for RES (Renewable Energy Sources) is expected to drive market demand.
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Further key findings from the report suggest
- Solar PV is the largest segment in the market growing at CAGR of over 18% in terms of capacity from 2016 to 2024 on account of simplicity in design and cost-effectiveness of the technology
- The demand for dual axis trackers is expected to grow rapidly at a CAGR of 18.7% from 2016 to 2024. The demand is driven by their ability follow the sun both horizontally and vertically.
- The demand from utility application is expected to grow at a significant CAGR reaching over 23.84 GW in 2025. These trackers are majorly used in wide areas, and therefore, it is more favorable to install them for large scale projects.
- The European capacity was 1.85 GW in 2015 and is anticipated to witness significant rise on account of numerous installations in France, Spain, Italy, Greece, and Germany.
- In April 2015, SunPower Corporation announced its plans to partner with Apple to construct two solar power projects totaling 40 MW in Qiang Autonomous Prefectures and ABA Tibetan, Sichuan Province in China.
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Grand View Research has segmented the global solar tracker market on the basis of technology, product, application and region:
Technology Outlook (Capacity, Megawatts,2014 – 2025)
- Solar Photovoltaic (PV)
- Concentrated Solar Power (CSP)
- Concentrated Photovoltaic (CPV)
Product Outlook (Capacity, Megawatts; Revenue, USD Million, 2014 – 2025)
- Single axis
- Dual axis
Application Outlook (Capacity, Megawatts, 2014 – 2025)
Regional Outlook (Capacity, Megawatts, 2014 – 2025)
- North America
- Asia Pacific
- Central & South America
Browse Press Release of this Report: www.grandviewresearch.com/press-release/global-solar-tracker-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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