Global Concentrated Photovoltaic (CPV) Market Analysis
The global concentrated photovoltaic market was valued at USD 2,710.6 million at the beginning of the forecast period, as per the latest study released by Market Research Future (MRFR). The same report also suggests that the global concentrated photovoltaic market is assessed to witness a strong CAGR of 11.56% during the forecast period.
A concentrated photovoltaic refers to a technology that transforms the sunlight into electrical energy in the same manner as conventional photovoltaic technology. The optical concentrators are used for highlighting the sunlight from a vast area and focusing it directly onto a small area that is covered by PV cells. This aids in the rising intensity of the light reaching the PV cells, and therefore, surges the amount of power the cells can produce.
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CPV (Concentrated Photovoltaic) Industry Highlights:
There are ample factors that is boosting the growth of the concentrated photovoltaic market. These factors as per the Market Research Future (MRFR) report include increasing focus on solar energy to generate power, schemes and subsidiaries laid down by the government to adopt renewable and clean sources of energy to generate power, low-cost systems and high efficiency with the utilization of CPV systems, fall in the cost of CPV modules, entry of key players and lower need of area to set up plants.
Upscaling investment in the renewable energy all over the globe is one of the major factors driving the growth of the global concentrated photovoltaic (CPV) market. Apart from that, increasing introduction of stringent environment protection regulations in almost all countries is expected to drive the global concentrated photovoltaic market as it is encouraging the power generation industry to shift to the usage of cleaner and environment-friendly energy sources.
- Radical Sun Systems, Inc. (U.S.),
- Arzon Solar LLC. (U.S.),
- SolAero Technologies Corp. (U.S.),
- Cool Earth Solar (U.S.),
- ARIMA Group (Taiwan),
- Morgan Solar Inc. (Canada),
- Suncore Photovoltaic Technology Company Limited (China),
- Guangdong Redsolar Photovoltaic Technology Co. Ltd (China),
- Suntrix Company Ltd (China),
- Saint-Augustin Canada Electric Inc. (STACE) (Canada),
- Sumitomo Electric Industries, Ltd. (Japan),
- Sanan Optoelectronics Technology Co., Ltd (China), and
- Macsun Solar Energy Technology Co., Ltd. (China).
Global Concentrated Photovoltaic (CPV) Market Segmentation
The global Concentrated Photovoltaic Market is studied for various segments that are based on type, application, and region.
Based on application, the global concentrated photovoltaic market is segmented into utilities and commercial. The utilities boasted the larger chunk of the global CPV market at the beginning of the forecast period. It was observed to account for around 85.16% in 2016, with a market valuation of USD 868.84 million in the same year. It is projected to witness a robust CAGR of 11.70% during the assessment period.
Based on type, the global concentrated photovoltaic market is segmented into low concentrated photovoltaic and high concentrated photovoltaic. Among these segments, the high concentrated photovoltaic segment boasted the foremost position in the CPV market at the beginning of the assessment period. The HCPV segment held around 93.14% of the global concentrated photovoltaic market, with a market revenue valuation of USD 950.3 million and ascended at a robust CAGR of 11.63% during the forecast period. This can be allocated to the fact that this technology uses low cost, concentrating optics, instead of large areas of silicon for the capture and transformation of the sun’s rays into electricity. Presently, more than 90% of the capacity installed is in the form of high concentrated photovoltaic with two-axis tracking.
By region, the concentrated photovoltaic market covers growth opportunities and latest trends across Middle East and Africa, Asia Pacific, Europe and Americas.
Of these, Asia Pacific will steer the market over the predicted years. This is owing to the region’s growing need for energy, rising disposable income and the growing population. Australia, Taiwan and China are the key contributors here. China is the world’s largest producer of solar energy. The government in China is aiming to cut down carbon footprint. It also encourages the installation of CPV in the country. The concentrated photovoltaic market in the Americas will have the second major share over the predicted years.
The US is the fastest growing market followed by Mexico owing to strict regulations laid down by the government related to the utilization of restricted natural resources. The concentrated photovoltaic market in the Middle East and Africa will have a major share over the predicted years. Growing need for electricity, plenty of sunlight and dropping price of CPV are the key factors that is propelling the market growth. Morocco, Lebanon, South Africa and Saudi Arabia are the key contributors in this region.
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