Global Solar Tracker Market Trends, Segments And Forecasts To 2022: Grand View Research, Inc

Published: Fri 29 May 2015
A blog entry by Devesh Billore

Contributed by:

Devesh Billore
SEO
Grand View Research Inc

Devesh Billore's Blog

The global solar tracker market is expected to reach USD 2.14 billion by 2020, according to a new study by Grand View Research, Inc. Solar photovoltaic (PV) technology dominated the solar tracking market accounting for over 49 % of the total installed capacity in 2013. Solar PV is employed for to minimize the angle of incidence between a PV panel and the incident sun rays.

Europe continued its dominance in global solar tracker market and accounted for over 28% of the total installed capacity in 2013. Increasing environmental norms and governmental regulations for using conventional fossil fuels were major factors that led to the development of solar power plants. The increasing acreages of solar power plants further boosted the solar tracker market growth. Latin America is anticipated to be the fastest growing regional market, at an estimated CAGR of 22.5% from 2014 to 2020. Increasing demand for electricity and rising concerns for sustainable and renewable energy, especially in Brazil, Mexico and Argentina is anticipated to augment the solar tracker market growth over the next six years.

To request a sample copy or view summary of this report, click the link :
http://www.grandviewresearch.com/industry-analysis/solar-tracker-industry

Further key findings from the study suggest:

  • Global solar tracker market installed capacity was 2,874.2 MW in 2013 and is expected to reach 6,998.8 MW by 2020, growing at a CAGR of 12.2% from 2014 to 2020.
  • Concentrated photovoltaic (CPV) is expected to be the fastest growing technology for solar tracker market and is anticipated to grow at a CAGR of 18.1% from 2014 to 2020. Increasing demand for accurate tracking and capture of maximum solar energy in solar power plants is expected to fuel the demand for CPV technology over the next few years.

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