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.
Browse full research report on Solar Tracker Market: https://www.grandviewresearch.com/industry-analysis/solar-tracker-industry
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.
Browse more reports of this category
by Grand View Research: https://www.grandviewresearch.com/industry/renewable-energy
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)
- Utility
- Non-utility
Regional
Outlook (Capacity, Megawatts, 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- Spain
- Germany
- Asia Pacific
- China
- India
- Japan
- Central &
South America
- Brazil
- MEA
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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