Deerfield Beach, FL -- (SBWIRE) -- 10/05/2017 -- 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. Zion Market 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".

A solar tracker is a device used to enhance energy output by moving the solar panels or modules towards the sun. Solar tracker follows the moment of sun throughout the day to as it rotates from east to the west. The solar energy collectors or solar panels are the devices which receive the solar energy and are directly oriented towards the sun. In photovoltaic systems, trackers help minimize the angle of incidence (the angle that a ray of light makes with a line perpendicular to the surface) between the incoming light and the panel, which increases the amount of energy the installation produces.

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The rising demand of solar PV in the commercial and residential organization is the major growth driver for solar tracker market. The efficiency of solar cells increases due to the solar trackers, which is also likely to drive the demand for the solar tracker. A solar tracker is widely used in various application areas like utility and non-utility. Government incentive schemes and feed-in-tariffs (FIT) is anticipated to drive the market during the forecast period. However, solar trackers are slightly more expensive than their stationary counterparts, due to the more complex technology and moving parts necessary for their operation. High maintenance cost as compared to stationary systems is another factor expected to hamper the growth of this industry.

Solar photovoltaic, CPV (Concentrated Photovoltaic) and CSP (Concentrated Solar Power) are the technology segments of the solar tracker market. Solar PV was the largest technology segment and accounted for over 47.25% share of the global solar trackers installed capacity in 2014. Concentrated photovoltaic (CPV) is expected to be the fastest growing technology for solar tracker market over the forecast period, growing at a CAGR of slightly above 36.71% from 2014 to 2020.

Single axis and double axis are the major product segments of solar tracker market. Single axis tracker dominated the solar tracker market in 2014 and it accounted for over 85.45% share of the total market in 2014. Single axis tracker is cost effective as compared to double axis tracker and is widely used in commercial and residential applications due to which single axis dominate the market. However, double axis tracker is expected to be the fastest-growing segment of the market.

Key application markets for solar tracker include utility and non-utility applications. The utility was the largest and fastest growing application segment and accounted for over 82.50% share of the total installed capacity in 2014. Non-utility applications are also expected to have the robust growth in years come.

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Europe dominated the solar tracker market with around 38.50% share of the total installed capacity in 2014. Increasing demand for power and taking measures to control the energy consumption is due to improving energy infrastructure in emerging economies in Asia Pacific is expected to drive the demand for global solar tracker market over the forecast period. Latin America is projected to be the fastest growing regional market.

Global solar tracker market is highly competitive, with the presence of well-established global market participants. Wuxi Hao Solar Technology Co. Ltd., Abengoa Solar, S.A., AllEarth Renewables, Inc., Array Technologies, Inc., DEGERenergie GmbH, SunPower Corporation, Grupo Clavijo Elt SL, Titan Tracker SL, SmartTrak Solar Systems Pvt. Ltd., Powerway Renewable Energy Co., Ltd., Energia Ercam SL, Mecasolar España SL, First Solar, Inc., Mechatron S.A., Soitec, Optimum Tracker and CM Tracker are some of the key vendors in the market.