The global solar tracker market is expected to grow with the CAGR of approximately 18.3% during the forecast period (2016-2023), says Research and Markets.

The research firm has recently launched the “Global Solar Tracker Market Insights, Opportunity, Analysis, Market Shares And Forecast 2017 – 2023” report.

The report highlights that key factors supporting the growth of the solar tracker market include the increasing smart city projects, innovations in solar trackers, increasing awareness regarding renewable energy sources and reducing cost of solar energy.

Global solar tracker market

According to Eurostat, the gross electricity generation from renewables in 2015 grew by 4.0 % as compared to 2014, the research firm said on their website.

The report brief added: “In 2015, the renewable electricity generation held to 29% of overall gross electricity generation. Solar power electricity generation has grown rapidly in the recent years. In 2015, it has accounted for 12% of total renewable electricity.

“The primary production of renewables in 2015 increased by 3.8% as compared to 2014. Renewables generate over 20% of the UK’s electricity and EU targets signify that it is expected to rise to 30% by 2020. Since 2020, renewable energy will remain to be a vital part of the strategy in order to decline carbon emissions.”

Solar growth markets

Current installed capacity of solar PV surpasses 8.7GW and is growing rapidly, with Year-Over-Year (YOY) growth increasing 80% in 2015.

In the UK, several schemes that offer financial support for renewable energy.

The research firm added that Asia Pacific is expected to be the fastest growing region due to increasing government support to renewable energy sources in China and India along with increasing demand for electricity in these countries. Read more…

Research and Markets explained on their website: “The global solar tracker market is segmented on the basis of product, technology and application. The product segment is further classified into single axis and dual axis.”

The firm added: “The technology segment is further classified into solar photovoltaic (PV), Concentrated Photovoltaic (CPV) and Concentrated Solar Power (CPV).The application segment is further classified into utility and non-utility.”