Concentrated Photovoltaic (CPV) Market Analysis
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.
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.
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.
CPV Market Segmentation
The Concentrated Photovoltaic Market Analysis is studied for various segments that are based on type, application, and region. 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.
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.
Regional Analysis
The global concentrated photovoltaic market is studied for the regional segments of North America, South America, the Middle East & Africa, Asia Pacific, and Europe. Asia Pacific held the larger share of the market, as compared to the rest of the regional segments at the beginning of the forecast period. The report has stated that it held around 52.55% of the market share and is projected to ascend at 11.84% CAGR during the forecast period.
The Americas are estimated to witness growth at a speedy pace, garnering the second-largest share of the global concentrated photovoltaic market and is expected to witness expansion at 10.41% CAGR by 2023. On the other hand, the MEA is expected to emerge as a major growth pocket during the forecast period.
Key Players
A few of the prime players in the global concentrated photovoltaic market include 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).
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