Global Solar Tracker Market as a Renewable Power Generation Source.

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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