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Global Solar Tracker Market (2017-2023): Driven by Increasing Smart City Projects

(MENAFN Editorial) DUBLIN, Dec. 29, 2017 /PRNewswire/ --

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The global solar tracker market is expected to grow with the CAGR of approximately 18.3% during the forecast period (2016-2023).

The factors that are supporting to drive the growth of the solar tracker market are increasing smart city projects, innovations in solar trackers, increasing awareness regarding renewable energy sources and reducing cost of solar energy. According to Eurostat, the gross electricity generation from renewables in 2015 grew by 4.0 % as compared to 2014. In 2015, the renewable electricity generation held to 29 % of overall gross electricity generation. Solar power electricity generation has grown rapidly in the recent years. In 2015, it has accounted for 12 % of total renewable electricity. The primary production of renewables in 2015 increased by 3.8 % as compared to 2014. Renewables generate over 20% of the UK's electricity and EU targets signify that it is expected to rise to 30% by 2020. Since 2020, renewable energy will remain to be a vital part of the strategy in order to decline carbon emissions.

Current installed capacity of solar PV surpasses 8.7GW and is growing rapidly, with Year-Over-Year (YOY) growth increasing 80% in 2015. In the UK, several schemes that offer financial support for renewable energy. Such schemes support technological development and broad adoption of renewables as a result which leads to high economies of scale and lower costs. For example: The Feed-in Tariff (FiT) is intended to encourage small-scale renewable installations which are up to 5MW. By FiTs, the generators are funded a tariff for each unit of electricity they generate. Thus, such rise in renewable power generation leads to high growth in solar industry, which in turn aids in the growth of solar tracker market. Geographically, in 2015, Europe occupied major share due to increasing use of renewable energy sources along with increasing solar PV installations in the region.

However, Asia Pacific is expected to be the fastest growing region due to increasing government support to renewable energy sources in the China & India along with increasing demand for electricity in these countries. The presence of major players such as Abengoa Solar S.A. (Spain), Array Technologies Inc. (U.S.), First Solar Inc. (U.S.), GrupoClavijo Spain, Mechatron (U.S.), NEXTracker Inc. (U.S.) etc. Mergers & Acquisitions, product launches etc. are increasing opportunities for high number of innovations in the region.

Companies Mentioned

  • Arm Holdings
  • Cisco System
  • Cradle Point
  • Dell
  • Fog Horn System
  • Fujitsu
  • GE
  • Hitachi
  • IBM
  • Intel
  • Microsoft Corporation
  • Nebbiolo
  • Prismtech Corporation
  • Schneider
  • Toshiba
    • Key Topics Covered:

    1. Introduction

    2. Market Overview

    3. Market Determinants

    4. Market Segmentation

    5. Competitive Landscape

    6. Geographical Analysis

    7. Company Profiles

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