Solar Tracker Market size is forecast to reach USD 7.54 billion by 2023, with growth expectation of 12% CAGR from 2016 to 2023, driven by growing PV cells demand.
Solar Tracker market is poised to grow significantly over the period of 2016 to 2023, owing to the growing preferences for renewable energy along with rising concerns pertaining to the environmental pollution. Supportive government norms regarding the installation of solar cells to curb pollution and save energy, will generate lucrative opportunities for the global solar tracker industry over the coming years, according to Global Market Insights, Inc. Photovoltaic (PV) solar trackers dominated the technology landscape, accounting for over 65% of the overall share in 2015
Solar tracker technology comprises PV, CPV, and concentrated solar power (CSP). CPV solar tracker technology is projected to grow at CAGR of 20% over the period of 2016 to 2023. The growth can be attributed to the lower manufacturing cost along with the lesser raw material requirement while deployment of this technology. Con-centrated solar power technology market, mainly led by China, is anticipated to exhibit annual growth rate of 24% over the coming six years.
Based on the product trends, single axis tracker dominated over dual axis trackers, by accounting for 64% of the total installed capacity share in 2015. Single axis based solar tracker market size is expected to surge noticeably over the coming years, owing to its growing demand across commercial and residential sectors. Single axis tracker is widely used in utility application, which is estimated to register a CAGR of 16.5% over the coming six years. The dual axis solar tracker industry is anticipated to register an annual growth rate of 13.7% over the coming six years, due to its ability to absorb sun rays horizontally as well as vertically, thereby maximizing the absorption capacity.
Geographically, Europe will reach 7,210.2 MW installed capacity by 2023, driven by the growing awareness and favorable norms to promote renewable energy strategies. Germany and Spain are likely to contribute significantly towards regional growth.
US solar tracker industry is expected to attain 3229.8 MW installed capacity by 2023. In 2015, the Asia Pacific solar plant installed capacity reached up to 2GW, which was higher than the global average. India, China, and Japan are the major contributors towards the APAC market growth. Solar tracker market in India is expected to surpass a revenue of USD 60 million by 2023.
APAC, Latin America, MEA will be the prominent regions participating in the solar tracker business space over the coming years. Wuxi Hao Solar, Abengoa, SunPower, and Grupo Clavijo are some leading market player, which account for more than 40% of overall industry share. Mecasolar, PV Powerway, and C.I. Energia Solar are the other notable industry players in solar tracker market.