Market Growth - CAGR of 17.6% During 2015-2020, Market Size - $ 6.37 Billion by 2020, Market Trends -technological advancement and product innovation in solar tracker market
Global demand for solar tracker market was valued at over USD 2.42 billion in 2014 and is expected to reach around USD 6.37 billion in 2020, growing at a CAGR of slightly above 17.6% between 2015 and 2020. Global solar tracker market installed capacity was 2,389.56 MW in 2014.
Solar trackers are devices that increase the energy production and lowers levelized cost of electricity. They are designed to harness maximum amount of solar energy by aligning payloads orientation towards sun. Trackers help to generate more energy as mirrors or solar panels are fully exposed to sunlight. At present, novel designs are developed to track the movement of the sun in a more efficient manner instead of using existing active and passive trackers available.
There is a growing demand for PV systems, which in turn is driving the demand for solar trackers. The rising demand of solar PV in commercial and residential organization is the key driver of solar tracker market. Increased cost of electricity on account of depleting non-renewable sources is expected to boost the market for PV installation systems in households plus commercial applications. Solar tracker is widely used in the various application areas like utility and non-utility. Government incentive schemes and Feed-in-tariffs (FIT) is anticipated to fuel the market growth in the years to come.
The solar tracker market has been segmented based on technology, product types, application and key regions. Solar PV, CPV and CSP are the technology segments of the solar tracker market. Flat-panel photovoltaic (PV), Concentrated Photovoltaic (CPV) and Concentrated Solar Thermal (CSP) are some of the major technologies where solar trackers are implemented. Solar trackers have distinctive functionalities in all application such as orienting the optics in CPV and CSP systems, minimizing the angle of incidence among the photovoltaic panel and incoming sunlight in PV applications. In terms of technology, solar PV dominated the market followed by CSP and CPV in 2014. This segment accounted for over 45% of the global solar trackers installed capacity.
On the basis of product segment, solar tracker market segmented into single axis and double axis trackers. Single axis tracker holds the majority of the market and had an annual installation capacity of approximately 2000 MW in 2014. Single axis tracker is cheaper than double axis tracker and is widely used in commercial and residential applications.
The main key applications of solar tracker market include utility and non-utility applications. In 2014, utility segment accounted for majority of the solar tracker market for 82.5% of the overall share in 2014. The key reason for high demand for solar trackers in utility segment is its cost effectiveness, as utility applications deal with large scale projects as compared to non utility applications.
The global market was dominated by Europe, which accounted for approximately 38% of market share in 2014. This was due to huge demand for solar trackers in Italy, Spain, Germany, and Greece. Europe was followed by North America with great demand for solar tracker in the U.S.
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Global solar tracker market is highly competitive, with the presence of well-established global market vendors. Hao Solar Technology Co. Ltd., Abengoa Solar, S.A., Array Technologies, Inc., SunPower Corporation, Grupo Clavijo Elt SL, Mechatron S.A., Titan Tracker SL, AllEarth Renewables, Inc., Energia Ercam SL, Mecasolar Espana SL, First Solar, Inc., DEGERenergie GmbH, Soitec, Optimum Tracker and CM Tracker are some of the key participants in the market.