Global Solar Trackers Market to Reach 6998.8 MW by 2020 owing to Increasing Prices of Electricity
A new Transparency Market Research report states that the global solar trackers market had an annual installed capacity of 1,188.5 MW in 2010 and is predicted to reach 6,998.8 MW by 2020. The title of the report is, “Solar Trackers Market (Single Axis and Dual Axis) for Solar PV, CPV, CSP Technology in Utility and Non-Utility Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2010 - 2020”.
Browse the full Solar Trackers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2010 - 2020 report at https://www.transparencymarketresearch.com/solar-trackers-market.html
According to the report, the market for solar trackers is stimulated by the increasing demand for photovoltaic (PV) and the increasing feed-in tariff (FIT) and incentive schemes by governments. In addition, the increasing prices of electricity are augmenting the photovoltaic market which is further fuelling the solar trackers market. Furthermore, the solar cells’ efficiency is boosted by tracking systems, thus impacting the market positively. On the other hand, the capital-intensive technology is predicted to restrain the growth of the market in the coming years.
On the basis of technology, the solar trackers market is segmented into solar photovoltaic PV, concentrated solar power (CSP), and concentrated photovoltaic (CPV). Amongst these, the segment of CPV is amongst the prime segment within the market for solar trackers owing to a number of advantages associated with this concentrated photovoltaics.
On the basis of product, the market is segmented into dual axis and single axis. Amongst these, single axis trackers are majorly utilized in solar PV systems owing to their cost-friendly nature as well as high electricity output in comparison to dual axis trackers. Single axis trackers comprise a single axis for rotation and they can be vertical, polar or tilted, and horizontally aligned. On the other hand, dual axis trackers comprise two axes for rotation and vertically trap maximum of the solar radiations. In terms of application, the solar tracker market is segmented into non-utility and utility.
On the basis of geography, the market is segmented into Europe, Latin America, North America, the Middle East and Africa (MEA), and Asia Pacific. Amongst these, in 2010, Europe led the market and constituted over 60% share in the market on the basis of annual installed capacity. North America trailed Europe on the basis of annual installed capacity and represented 26% in the market in the same year. In Europe, Germany, Italy, Greece, and Spain are the prime markets for solar trackers. Spain, within the European region, and China, within Asia Pacific, are predicted to exhibit the swiftest growth as compared to all other countries owing to government support provided for energy generation via renewable sources.
As stated in the report, the market for solar trackers is fragmented in nature, but still some companies have maintained their foothold since the past few years. The chief companies operating in the market are Frontier Technology Group Ltd., Amonix, Energia Ercam, Mechatron, Ideematech Deutschland GmbH, SmartTrak Solar Systems Pvt. Ltd, and Haosolar Co. Ltd. Amongst these, in 2010, Haosolar Co. Ltd. emerged as the largest producer of solar trackers and represented 23% on the basis of annual installed capacity and was trailed by companies such as Abengoa and SunPower, as per this study.
The solar trackers market has been segmented as follows:
- Solar Tracker Market: Technology Analysis
- Solar PV
- Concentrated Photovoltaic (CPV)
- Concentrated Solar Power (CSP)
- Solar Tracker Market: Product Analysis
- Single Axis
- Dual Axis
- Solar Tracker Market: Application Analysis
- Solar Tracker Market: Regional Analysis
- Solar Tracker Market: Regional Analysis
- Europe (Spain, Italy, Germany and Greece
- Asia Pacific (China, India and Japan)
- Latin America (Brazil and Chile)
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