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Category: Science and Technology
Date Submitted: 05/23/2016 03:10 AM
PV and CSP installations to drive the global solar
tracker market size to USD 7.54 billion by 2023
Solar tracker market size was calculated at 8.8 GW in 2015, as per the latest research report by
Global Market Insights, Inc. Growth in energy conservation techniques coupled with preference for
renewable power generation sources may boost industry demand.
Global solar tracker market size is set to register USD 7.54 billion by 2023. Rising concerns
pertaining to greenhouse gas & CO2 emissions accompanied by favorable government policies to
install PV cells as a medium for sustainable energy generation are expected key industry trend to
positively influence demand.
Utility solar tracker market size was dominant with total installation of over 7.5 GW in 2015 and is
estimated to grow at above 16.5% CAGR up to 2023. Single axis tracking systems are widely
preferred in utility applications and are mostly concentrated in the U.S., Germany and Spain.
Photovoltaic (PV) solar tracker accounted for more than 65% of the demand in 2015 and is projected
to witness highest gains up to 2023. The PV technology trackers do not require any additional lenses,
mirrors or sterling energy to generate electricity, thereby making them suitable for use in non-utility
applications.
Government incentives to support renewable energy have driven demand in residential and
commercial sector. Feed in Tariff (FIT) scheme initiated in April 2010 under which electricity supplier,
mainly in residential constructions, will give payments for each kW generated which is known as
generation-tariff. However, High initial investment cost and installation charges may restrain the
market growth.
India Solar Tracker Market Size, By Product, 2013-2023 (USD Million)
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To access sample pages or view this report in detail along with the table of contents, please click
on the link below: https://www.gminsights.com/industry-analysis/solar-tracker-market
Key report insights...