Grand View Research, Inc. - Market Research And Consulting.According to report published by Grand View Research, 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.
According to a report,"Solar Tracker Market Trend Analysis By Technology (Solar Photovoltaic (PV), Concentrated Solar Power (CSP), Concentrated Photovoltaic (CPV)), By Product (Single Axis, Dual Axis), By Application (Utility, Non-utility), And Segment Forecasts, 2018 - 2025", published by Grand View Research, Inc., the global solar tracker market is expected to reach 26.77 GW installed capacity by 2025. 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.
Key Takeaways from the report:
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.
Spain solar tracker market, by technology, 2014 - 2025 (Megawatt)
Browse More Reports in Renewable Energy Industry:
- Wind Energy Foundation Market: Increasing concerns over depleting petroleum resources has resulted in influencing growing demand for renewable energy. Increasing global population and industrialization have become major factors for moving towards non-conventional resources.
- Pressure Vessel Market: Increasing investment in energy sector is anticipated to be the major driving factor for the industry growth. These vessels are containers designed to hold liquids or gases at high pressure. They have wide applications across various industries including chemicals, oil & gas, petrochemicals, power in the form of compressed air receivers, distillation towers, hot water storage tanks, nuclear reactor vessels, and natural gas storage systems.
Global solar tracker market share, by application, 2015 (%)
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.
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
Explore the BI enabled intuitive market research database, Navigate with Grand View Compass, by Grand View Research, Inc.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
For more information: www.grandviewresearch.com
Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist - U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:201, Spear Street, 1100
City: San Francisco
State: California
Country: Switzerland
Website: www.grandviewresearch.com/industry-analysis/solar-tracker-industry
Source: www.abnewswire.com
