This news is classified in: Sustainable Energy Solar
Dec 10, 2019
The global solar tracker market demand is expected to reach 172.0 GW by 2025, expanding at a volume-based CAGR of 32.0%, according to a new report. Solar tracker is installed on a photovoltaic (PV) system to get an increased energy output during the day. The PV system helps to minimize the angle of incidence between incoming light and panel, thereby increasing the amount of energy produced.
The single axis segment is predicted to have the highest growth over the forecast years and is projected to witness a revenue-based CAGR of 30.6% from 2019 to 2025. Single axis tracker is economical than dual axis tracker and easy to maintain. The market is expected to witness substantial growth over the forecast period owing to growing need for renewable power generation, especially in the single axis segment.
The dual axis segment accounted for lower market share in terms of volume and is projected to exhibit lower CAGR during the forecast period. Dual-axis solar trackers comprise two degrees of freedom that act as axis of rotation. The axis fixed to the ground is considered as the primary axis and the one referenced to the primary axis is called the secondary axis.
Dual axis trackers have modules that are oriented parallel to the secondary axis of rotation. They allow maximum absorption of the sun’s rays on account of their ability to follow the sun both horizontally and vertically, thus generating 8% to 10% more energy than single axis trackers.
In terms of technology, the PV segment is anticipated to hold majority share in the market over the forecast period. The simplicity of its design along with the cost-effectiveness make them ideally suitable for most PV applications at utility level.
Additionally, trackers installed on PV modules occupy less space as compared to the concentrated photovoltaic (CPV) and concentrated solar power (CSP) technologies. The PV technology does not require any additional lenses, mirrors or sterling energy to generate electricity, thereby making them suitable for use in non-utility applications.
