Press release
Solar Tracker Market to grow at 17% CAGR from 2016 to 2023
Global Market Insights
Advancement in technology with shifting preference towards sustainable energy will drive the global solar tracker market size. Government initiatives including tax rebate, financial assistance and feed in tariff for residential and commercial applications will further complement the industry landscape. In the U.S., Renewable Energy Production Incentives program has been introduced to provide incentives to new renewable energy facilities that produce and sell electricity.
Climate change concerns associated with fluctuating fossil fuel prices will stimulate the solar tracker market size. Growing electricity prices coupled with demand and supply gap will positively influence the industry growth by 2023. High initial and installation cost coupled with large land requirement may hinder the business growth.
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Utility solar tracker market size was over 11 GW in 2015. Increasing spending towards infrastructure development and growing government supports to encourage renewable energy adoption will stimulate the business growth.
Single axis accounted for over 65% of global solar tracker market share in 2015. Ability to enhance output power and its cost effectiveness over other alternates will propel the industry growth. It is suitable for both residential and commercial sector.
Europe solar tracker market size for 2015 was over 2 GW. Rising awareness towards solar products benefits coupled with introduction of various renewable energy directives including Directive 2009/28/EC to encourage renewable energy resource development are factor responsible to witness industry growth. Directive 2009/28/EC objectives to meet at least 27% of its energy consumption through renewable resource by 2030.
U.S. solar tracker market size is predicted to reach over USD 3 billion by 2023. Increasing solar system installation in commercial sector will positively influence the industry landscape. Declining solar system prices is also factor, responsible to boost the solar system demand in commercial sector. In 2015, solar system installation grew by 59%.
China accounted for over 15% of solar tracker market volume share in 2015. Growing investment towards electricity generation through renewable electricity may propel the industry growth. Increasing electricity demand will also complement the business growth. In China, according to National Development and Reform Commission electricity consumption was 552.3 billion kilo watt hours in 2016.
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Latin America solar tracker market size was over 1 GW in 2015. Increasing PV installation demand in Chile may propel the regional industry growth. In 2016, the country is expected to install approx. 1.4 GW of PV. The country has target to fulfil its need at least 20% through renewable energy resource by 2020 which is further expected to augment the business.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Global Market Insights, Inc.
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