Solar tracker market size is projected to take a leap of 12% CAGR in the year 2016 to 2023.
Solar tracker market size is projected to take a leap of 12% CAGR in the year 2016 to 2023 and will touch USD 7.54 billion till 2023, as per the research done by Global Market Insights. This growth is because of increasing demand for energy conservation combined with switching from traditional to alternative strategies.
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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.
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 reportis 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.