According to a new report by Market Research Future (MRFR), the global market for concentrated photovoltaic market is anticipated to expand at 11.5 % CAGR over the assessment period (2017-2023). Concentrated photovoltaic (CPV) is recognized as one of the best substitutes for conventional fossil fuel energy sources used to reduce carbon emission. While the technology has witnessed a widespread acceptance and a high number of installation globally, it is still in the development stage.
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The prominent players operating the market for concentrated photovoltaic are Radical Sun Systems Inc. (U.S.), Cool Earth Solar (U.S.), Morgan Solar Inc. (Canada), Arzon Solar LLC. (U.S.), SolAero Technologies Corp. (U.S.), and others.
Silfab Solar Inc., in December 2017 formed a joint venture with Morgan Solar Inc. and developed a low-cost disruptive PV module which was specifically designed utility-scale and large commercial projects.
Global Concentrated Photovoltaic Market Segmentation
The global market for concentrated photovoltaic has been segmented based on type, application, and region.
The Concentrated Photovoltaic Market market has been segmented into High Concentrated Photovoltaic (HCPV) and Low Concentrated Photovoltaic (LCPV) based on type. Among these, High Concentrated Photovoltaic (HCPV) has been accounted to hold the largest market share with 93.14 % in 2016. With a revenue of USD 950.3 million, the market is expected to expand at 11.63 % during the review period. HCPV uses low cost concentrating optics to capture sun’s radiation into electricity. Presently, more than 90 % of the capacity has been installed in the form of HCPV with two-axis tracking.
The market has been segmented into utilities and commercial based on application. Among these, utilities holds the largest market share with 85.16 % in 2016. With a revenue of USD 868.84 million, the market is foreseen to expand at 11.70 % CAGR over the review period.
Drivers and Challenges Affecting the Market Growth
The concentrated photovoltaic market has witnessed a turbulent growth recently with the increasing number of new installations. With the growing investment in renewable energy globally, the market is expected to showcase a significant growth rate. Moreover, due to rapid industrialization and urbanization, rise in infrastructure development, and flourishing industries in emerging economies are resulting in enormous demand for electricity. Also, rise in government policies associated with environmental protection is forcing the power generation industry to shift to environment-friendly resources which is in turn driving the market for CPV globally.
Decrease in price of conventional PV modules has resulted in the increasing demand for silicon-based solar technologies and concentrated photovoltaics. Also, CPV requires a smaller area for installation, which is expected to boost the demand in future.
Meanwhile, expensive solar trackers required to absorb sunlight on the small photovoltaic area, lack of technology standardization, non-utilization of diffuse radiation, lack of technological adoption, and limited places with direct sunlight is hindering the global market for concentrated photovoltaic.
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Asia Pacific Accounts for the Largest Market Share
Regionally, Asia Pacific holds the largest market share of 52.55 % in 2016. With a revenue of USD 536.1 million, Asia Pacific market is projected to expand at 11.84 % CAGR over the assessment period owing to the high demand for energy due to increasing population and rising disposable income. Countries like Australia, China, and Taiwan are the major markets in this region.
America has been accounted to hold the second largest share and reach revenue of USD 215.1 million in 2016. U.S. being the key market in this region, America holds the largest position on account of total installed capacity after China.
U.S. is one of the fastest growing region owing to the stringent government mandates pertaining to the use of non-renewable resources. Mexico is the second largest market in this region and is anticipated to expand at 10.41 % CAGR.
Middle East and Africa is one of the major markets for CPV and works well in high heat region. Availability of plenty of sunlight coupled with need for electricity and declining rates of concentrated photovoltaics can create an opportunity for CPV market in this region.
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