The global solar tracker market is expected to reach USD 2.14 billion by 2020, according to a new study by Grand View Research, Inc.
Solar photovoltaic (PV) technology dominated the solar tracking market accounting for over 49 per cent of the total installed capacity in 2013. Solar PV is employed for to minimize the angle of incidence between a PV panel and the incident sun rays.
Europe continued its dominance in global solar tracker market and accounted for over 28 per cent of the total installed capacity in 2013. Increasing environmental norms and governmental regulations for using conventional fossil fuels were major factors that led to the development of solar power plants.
The increasing acreages of solar power plants further boosted the solar tracker market growth. Latin America is anticipated to be the fastest growing regional market, at an estimated CAGR of 22.5 per cent from 2014 to 2020.
Increasing demand for electricity and rising concerns for sustainable and renewable energy, especially in Brazil, Mexico and Argentina is anticipated to augment the solar tracker market growth over the next six years.
The complete report is available here.