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Solar Tracker Market to hit $18bn by 2023: Global
Market Insights Inc.
The Solar Tracker Market trends are analyzed from recent past with an eye on
coming years in this report that also offers projections for Solar Tracker industry
targeted at helping in business decisions.
Solar Tracker Market size is set to cross USD 18 billion by 2023, according to a new
research report by Global Market Insights, Inc.
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
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.
U.S. Solar Tracker Market size, by technology, 2015 & 2023 (GW)
Browse key industry insights spread across 114 pages with 98 market data tables &
16 figures & charts from the report, “Solar Tracker Market Size By Product (Dual
Axis, Single Axis), By Technology (CPV, Solar PV, CSP), By Application
(Utility, Non-utility), Industry Analysis Report, Regional Outlook (U.S., Canada,
Germany, Spain, China, India, Japan, Brazil), Application Potential, Price
Trends, Competitive Market Share & Forecast, 2016 – 2023” in detail along with
the table of contents:
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.
Key participants in solar tracker market are NexTracker, Grupo Calvijo, SunPower,
Abengoa, First Solar, Array Technologies and Wuxi Hao Solar.
Segmentation of Solar Tracker Market:
Solar Tracker market research report includes in-depth coverage of the industry with
estimates & forecast in terms of MW and USD from 2013 to 2023, for the following
Global Solar Tracker Market, By Product
Global Solar Tracker Market, By Technology
Global Solar Tracker Market, By Application
The above information is provided on a regional and country basis for the following:
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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