San Francisco, California, Nov. 13, 2014 (GLOBE NEWSWIRE) -- The global solar tracker market is expected to reach USD 2.14 billion by 2020, according to a new study by Grand View Research, Inc. Solar photovoltaic (PV) technology dominated the solar tracking market accounting for over 49 % of the total installed capacity in 2013. Solar PV is employed for to minimize the angle of incidence between a PV panel and the incident sun rays.
Europe continued its dominance in global solar tracker market and accounted for over 28% of the total installed capacity in 2013. Increasing environmental norms and governmental regulations for using conventional fossil fuels were major factors that led to the development of solar power plants. The increasing acreages of solar power plants further boosted the solar tracker market growth. Latin America is anticipated to be the fastest growing regional market, at an estimated CAGR of 22.5% from 2014 to 2020. Increasing demand for electricity and rising concerns for sustainable and renewable energy, especially in Brazil, Mexico and Argentina is anticipated to augment the solar tracker market growth over the next six years.
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Further key findings from the study suggest:
- Global solar tracker market installed capacity was 2,874.2 MW in 2013 and is expected to reach 6,998.8 MW by 2020, growing at a CAGR of 12.2% from 2014 to 2020.
- Concentrated photovoltaic (CPV) is expected to be the fastest growing technology for solar tracker market and is anticipated to grow at a CAGR of 18.1% from 2014 to 2020. Increasing demand for accurate tracking and capture of maximum solar energy in solar power plants is expected to fuel the demand for CPV technology over the next few years.
- Single axis solar trackers are the most widely used products in the market. Increasing applications of these trackers owing to their flexibility to align in any direction and advancements in technology have been the key factors responsible for the increase in demand.
- Utility was the largest application segment for the solar tracker market and accounted for over 80% to the total installed capacity. Increasing capacities of solar powered large scale industries have been the key driving factor for the growth of solar tracker market for utility applications. Non-utility applications are expected to have the fastest growth rates over the next six years.
- The global solar tracker market is moderately fragmented with the top four companies including Haosolar Co. Ltd, Abengoa Solar, Sun Power and Grupo Clavijo accounting for just over 45% of the global installed capacity in 2013. Other significant companies include PV Powerway, Energia Ercam, Mecasolar, First Solar, AllEarth Renewables, Array technologies, DEGERenergie, Titan Tracker, SmartTrak, Mechatron and Soitec.
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For the purpose of this study, Grand View Research has segmented the solar tracker market on the basis of technology, product, application and region:
Global Solar Tracker Market Technology Outlook (Capacity, MW, 2012 - 2020)
• Solar PV
Global Solar Tracker Market Product Outlook (Capacity, MW, Revenue, USD Million, 2012 - 2020)
• Single Axis
• Dual Axis
Global Solar Tracker Market Application Outlook (Capacity, MW, 2012 - 2020)
Global Solar Tracker Market Regional Outlook (Capacity, MW, 2012 - 2020)
• North America
• Asia Pacific
• Latin America
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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Source:Grand View Research