Global Solar Tracker Market size is expected to reach 25.86 GW by 2022, according to a new study by Grand View Research, Inc. Increasing focus on renewable energy coupled with growing demand for solar PV and CSP systems is expected to augment demand for trackers. In addition, rising awareness regarding energy conservation and transition from traditional to renewable sources is expected to be a key driver for solar trackers market.
Increasing cost of electricity owing to supply demand gap is expected to augment use of solar PV in commercial and residential establishments. Furthermore, favorable government initiatives are expected to have a positive impact on the market. North America and Europe are expected to witness high demand for solar trackers on account of encouraging regulatory scenario. Solar PV was the largest technology segment for the market with capacity over 2,500 MW in 2014.
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Further key findings from the study suggest:
- PV was the largest technology segment accounting for over 65% of the global solar trackers installed capacity. Design simplicity coupled with cost effectiveness make these trackers ideally suited for utility applications. In addition, trackers installed on PV modules occupy less space as compared to the CPV and CSP technologies.
- Single axis trackers witnessed high demand in 2014 accounting for over 60% of global capacity. These trackers are cheaper as compared to dual axis trackers and are widely used in commercial and residential applications. The segment generated USD 903.8 million in 2014.
- Utility application was the largest and fastest growing segment with estimated capacity of over 3,400 MW in 2014. The segment held a high share on account of increasing need for solar trackers in large scale solar power projects. Trackers are operational in large, wide areas, and therefore, it is more favorable to install them in utility projects than non-utility projects.
- Asia Pacific is expected to be the fastest growing market, owing to emerging economies upgrading energy infrastructure to meet rising demand for power and taking measures to control future energy consumption. In addition, countries including India and China have high exposure to sun energy and are investing heavily in the solar trackers business. The region is expected to grow at a CAGR of 20.4% from 2015 to 2022.
- Solar trackers market is fragmented in nature, on account of numerous companies present globally. In May 2015, Array Technologies, Inc launched a new product named DuraTrackHZ v3 which is a single axis solar tracking system. In August 2014, DEGERenergie GmbH developed and introduced two new products including DEGERtracker D60H and TOPtracker S60H.
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For the purpose of this study, Grand View Research has segmented the global solar trackers market on the basis of technology, product, application and region:
Solar Trackers Technology Outlook (Capacity, MW, 2012 – 2022)
Solar Trackers Product Outlook (Capacity, MW, Revenue, USD Million 2012 – 2022)
- Single axis
- Dual Axis
Solar Trackers Application Outlook (Capacity, MW, 2012 – 2022)
Solar Trackers Regional Outlook (Capacity, MW, 2012 – 2022)
- North America
- Asia Pacific
- Latin America
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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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