Solar Tracker Market Will Experience Accelerating Growth by 2019, owing to Increased Demand for Energy.

The growing use of renewable sources of energy as a means of generating power is one of the primary reasons behind the growth of the solar tracker market in the Middle East and Africa (MEA), states Transparency Market Research in its report, titled “Solar Tracker - Middle East and Africa (MEA) Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2019”.According to the report, the MEA solar tracker market is forecast to grow from US$58.7 million in 2012 to a whopping US$308.7 million by 2019, registering an impressive CAGR of 31.9% from 2013 to 2019.The MEA solar tracker market is driven by a surge in demand for energy, fluctuating prices of fuel oil, demand for high-efficiency solar cells, and favorable government feed-in-tariffs, energy programs, and incentive schemes. On the flip side, harsh weather conditions in some regions and capital-intensity of the technology have worked against the solar tracker market in MEA.The research report segments the overall solar tracker market in MEA on the basis of four parameters: Product, application, technology, and geography. Insights into each of these segments, along with market size and forecasts, have been provided in the report.

 

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On the basis of product, the solar tracker market in MEA is bifurcated into single axis solar trackers and dual axis solar trackers. Lower cost and simplicity have not only allowed single axis solar trackers to sustain themselves as the dominating product segment all these years, but market analysts predict that this segment will continue its leading streak through 2019. High maintenance cost of dual axis solar trackers has restricted its demand. Solar trackers have two main applications: utility and non-utility, of which the utility segment holds the largest share. By technology, the MEA solar tracker market is divided into solar photovoltaics (PV), concentrated photovoltaics (CVP), and concentrating solar power (CSP). While solar PV dominated the overall solar tracker market in 2012, CSP is likely to overtake this segment by the end of 2019.