Solar Tracker Market 2016 Industry Size, Shares, Segment & Forecast up to 2020

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Global demand for solar tracker market was valued at over USD 2.40 million in 2014 and is expected to reach around USD 6.0 billion in 2020, growing at a CAGR of slightly above 17% by 2020

Solar Tracker (Single Axis and Dual Axis) Market by Technology (Solar PV, CPV and CSP) for Utility and Non-utility Applications: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2014 – 2020

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Zion Research has published a new report titled “Solar Tracker (Single Axis and Dual Axis) Market by Technology (Solar PV, CPV and CSP) for Utility and Non-utility Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 – 2020”. According to the report, global demand for solar tracker market was valued at over USD 2.42 billion in 2014 and is expected to reach around USD 6.37 billion in 2020, growing at a CAGR of slightly above 17.6% between 2015 and 2020. Global solar tracker market installed capacity was 2,389.56 MW in 2014.

Solar trackers are devices that increase the energy production and lowers levelized cost of electricity. They are designed to harness maximum amount of solar energy by aligning payloads orientation towards sun. Trackers help to generate more energy as mirrors or solar panels are fully exposed to sunlight. At present, novel designs are developed to track the movement of the sun in a more efficient manner instead of using existing active and passive trackers available.

Browse the full “Solar Tracker (Single Axis and Dual Axis) Market by Technology (Solar PV, CPV and CSP) for Utility and Non-utility Applications: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2014 – 2020” report at http://www.marketresearchstore.com/report/solar-tracker-market-z41807

There is a growing demand for PV systems, which in turn is driving the demand for solar trackers. The rising demand of solar PV in commercial and residential organization is the key driver of solar tracker market. Increased cost of electricity on account of depleting non-renewable sources is expected to boost the market for PV installation systems in households plus commercial applications. Solar tracker is widely used in the various application areas like utility and non-utility. Government incentive schemes and Feed-in-tariffs (FIT) is anticipated to fuel the market growth in the years to come.

The solar tracker market has been segmented based on technology, product types, application and key regions. Solar PV, CPV and CSP are the technology segments of the solar tracker market. Flat-panel photovoltaic (PV), Concentrated Photovoltaic (CPV) and Concentrated Solar Thermal (CSP) are some of the major technologies where solar trackers are implemented. Solar trackers have distinctive functionalities in all application such as orienting the optics in CPV and CSP systems, minimizing the angle of incidence among the photovoltaic panel and incoming sunlight in PV applications. In terms of technology, solar PV dominated the market followed by CSP and CPV in 2014. This segment accounted for over 45% of the global solar trackers installed capacity.

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