India and China are embracing solar energy, which will allow them to reduce air pollution caused by fossil fuel plants and make the most of their countries natural attributes.
LONDON, UK 24 June 2013 - The solar power industry is spreading from matured developed economies into emerging nations further afield, states new analysis by research and consulting firm GlobalData.
The new report* looks at solar trackers, which work by directing solar panels towards the sun's rays, allowing electricity to be generated for the longest period possible during daylight, increasing the efficiency of fixed structure solar power plants by up to 30%.
Global installation of trackers in solar power projects increased from 434 MW in 2009 to 1,997 MW in 2012, and is expected to explode to 5,139 MW by 2020. Spain was the largest market for tracker installations last year, accounting for a 42.6% share, and the US followed with a share of 26.4%.
Spain has used its abundant sunlight resources to become a global leader in the PV market, after initiatives were started in the late 1990's to promote solar power use, but future installations are predicted to slow dramatically in this mature market. Accordingly, Spain peaked in 2012, installing 742 MW of solar trackers, and this figure is set to steadily drop over the coming years, almost reaching 300 MW by 2015.
In contrast, the proactive attitude of the US government and ambitious development plans are expected to drive the nation's solar energy industry forward in the coming years. The US is one of the major markets for solar trackers outside of Europe, with installations reaching 460.5 MW in 2012, and expected to top 2,038.6 MW by 2020.
However, emerging economics such as India and China are also embracing solar energy, which will allow them to reduce air pollution caused by fossil fuel plants and make the most of their countries natural attributes. Solar PV installed capacity in China is expected to increase almost tenfold over the next eight years, thanks to numerous support programs, and solar tracker installations are expected to increase in turn, from 85 MW in 2012 to 735 MW in 2020. India is also an emerging country for solar PV, with cumulative installed capacity expected to increase to the same high degree, as a result of financial incentives. With increasing solar power capacity in the country, the number of trackers installed is expected to increase steadily from 103.5 MW in 2012 to 312.3 MW in 2020.
Solar PV power is one of the fastest-growing energy sources in the world, with global installed capacity increasing from a cumulative installed base of 5,792 MW in 2006 to 96,549 MW in 2012 at a Compound Annual Growth Rate (CAGR) of 59.8%. The global solar PV market is driven by supportive mechanisms being offered by various government organizations worldwide, which include feed-in tariffs and other financial incentives, and supportive renewable energy policies.
*Solar Trackers - Global Market Size, Average Price, Competitive Landscape and Key Country Analysis to 2020