Rising Electricity Prices to Drive Global Solar Trackers Market During Forecast Period 2010 to 2020
According to a recently published study by Transparency Market Research (TMR), the global solar trackers market is expected to reach an installed capacity of 6998.8 MW by 2020. TMR, a U.S.-based market research firm, states in its report that the global solar trackers market, which had an annual installed capacity of 1188.5 MW in 2010, is anticipated to reach an annual installed capacity of 6998.8 MW by 2020. The report is titled ‘Solar Trackers Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2010 – 2020’.
The TMR report states that the global solar trackers market is primarily driven by rising electricity prices. Solar trackers are mainly used to enhance the capacity and efficiency of installed solar systems. Rising electricity prices are driving the market for photovoltaics, which in turn fuel the market for solar trackers. Solar trackers ensure that the operational cost of the installed solar system proves to be economical in the long run. Devices that are used for orienting photovoltaic panels towards the sun in order to harness more sunlight are known as solar trackers. They ensure that the solar panels are positioned in such a way that there is maximum accumulation of solar energy. The various parts and components that make up a solar tracker are positioning system, sensing devices, sun-tracking algorithms, tubes, rods, control unit, drive mechanism system, guards, and control unit.
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According to this market research report, the global solar trackers market is segmented on the basis of technology, product type, application, and geography. Some of the main technologies applied in the global solar trackers market are concentrated solar thermal (CSP), flat-panel photovoltaic (PV), and concentrated photovoltaic (CPV). The two types of solar trackers that are used extensively all across the globe are single axis, and dual axis. Solar trackers are applied extensively in utility-scale solar projects, and other commercial and residential projects. Presently, the solar energy market mostly uses the concentrated photovoltaic technology because of the various benefits offered by it. Single axis trackers are more economical than the dual axis trackers. Energy generation at low cost is ensured by the low manufacturing cost of the concentrated photovoltaic technology.
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Geographically, this research study has classified the global solar trackers market into North America, the Asia Pacific, Latin America, and Europe. As per industry estimates, it is expected that Europe’s share in the overall solar trackers market will decline in the forthcoming years. Also, the global solar trackers market will get a significant boost due to greater demand for solar trackers from countries like Japan, China, India, and the U.S. In 2010, this market was led by Europe, with a market contribution of more than 60% of the global annual installed capacity. It is also expected that the solar trackers markets in Spain and China will witness robust growth during the forecast period owing to greater government support towards energy generation.
The prominent companies operating in the global solar trackers market are Amonix, Energia Ercam, Frontier Technology Group Ltd., Mechatron, Ideematech Deutschland GmbH, Haosolar Co. Ltd., and SmartTrak Solar Systems Pvt. Ltd.