Industry Trend Analysis
In 2014, the global solar trackers market was evaluated around USD 5.24 billion and is expected to reach approximately USD 24.19 billion by 2023 while registering itself at a compound annual growth rate (CAGR) of 18.53% over the forecast period. Solar trackers are equipment that assists in escalating the installed payloads efficiency like panels, fresnels, mirrors and parabolic mangers. Solar trackers have the capability to augment the competence of these payloads by over 30%. The market demand is propelled by growing awareness regarding renewable energy and undesirable effects ensuing owing to weather change. The encouraging regulations in emerging countries, as well as actions taken by governments across the globe to trim down dependency on energy generation that ensues in emission, is anticipated to fuel the solar tracker's demand. Growing government emphasis on alternative energy sources has ensued as the progress of solar PV cells since a sustainable and continuous energy production source. The speedy rise in a number of PV installations in Spain has condensed the levelized price of electricity, ensuing in solar PV being competitory with other traditional energy forms.
Technology Outlook and Trend Analysis
In 2015, the photovoltaic technology (PV) was the major segment reporting for around 75% of the overall capacity. The ease of application linked with regular module PV cell technologies due to simple design is expected to drive the demand. Growing electricity cost due to the supply-demand gap is anticipated to boost usage in utility and non-utility applications. Other technologies are concentrated solar power (CSP) and concentrated photovoltaic (CPV). CSP technology is projected to experience a gradual turn down in market share during the forecast years owing to decrease in many installations because of elevated costs involved. Though, since 2004, installed CSP capacity worldwide has amplified tenfold and has been rising at a standard of 30% during the last few years.
Product Outlook and Trend Analysis
In 2015, single axis trackers were the key product section reporting for around 60% of the overall market. The rising usage of single trackers for residential and commercial applications is expected to fuel the market growth. This section is expected to progressively lose share in the coming years since key companies have initiated installing dual axis trackers due to their efficiency and accuracy. The elevated land requirement, advanced technology, and the need to preserve motors & control systems are expected to raise O&M spending.
Application Outlook and Trend Analysis
In 2015, utility section was the major reporting for almost 85% of the global market share. Increasing cost of electricity along with elevated demand for energy production from alternative sources is anticipated to impact the market growth positively. Trackers have restricted application in the non-utility application owing to the space constraints and high installation cost. Residential applicants favor installing an additional PV panel rather than a tracker as it is cost proficient and aids in generating higher energy.
Regional Outlook and Trend Analysis
European region held the leading share of around 36% in the global industry. The global industry in this area is propelled by countries like Germany and Spain owing to the existence of a large number of market players. The growth of the European regional market can be assigned to tactical geographic location ensuing in highest quantity of sunlight in the entire Europe, over the year. Asia Pacific region is expected to be the highest-growing region during the forecast years. This region is anticipated to grow with the courtesy of growing investment in alternative energy by countries like India Chin, and Japan. The emerging countries of this region have been promoting their energy base to fulfill growing demand for power as well as taking actions to limit prospective energy utilization. South & Central America is anticipated to experience considerable growth during the next few years owing to elevated potential in this region, especially in Chile, Brazil, Colombia, and Argentina. A prominent number of PV installations in this region are anticipated to fuel the demand during the forecast years.
Competitive Outlook and Trend Analysis
The global market is fairly fused as major five competitors are accountable for around 40% of the global market share. Key companies have initiated the expansion in Asia Pacific region to furnish to the rising demand for alternative energy in this region. The major market participants are AllEarth Renewables, Array Technologies, Energia Ercam, Grupo Clavijo, DEGERenergie, First Solar, Hao, Mecasolar, Soitec, SmartTrak, Mechatron, Powerway Renewable Energy Co. Ltd, Sun Power Corporation and Titan Tracker.
The global solar trackers market is segmented as follows –
Solar Photovoltaic (PV)
Concentrated Solar Power (CSP)
Concentrated Photovoltaic (CPV)
Rest of Europe
Rest of Asia Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
· What was the market size in 2014 and forecast from 2015 to 2023?
· What will be the industry market growth from 2015 to 2023?
· What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
· What are the major segments leading the market growth and why?
· Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?