Concentrated Photovoltaic Market Synopsis
The global market for concentrated photovoltaic (CPV) is all set to garner a decent growth rate of 11.56 % during the forecast period (2017-2023), says Market Research Future (MRFR). The market is also on track to reach a valuation of USD 2,710.6 Million by 2023, adds MRFR.
Top Market Boosters and Main Barriers
Mounting demand for grid-connected electricity combined with high awareness with regard to the use of renewable resources to generate power can boost the use of CPV in a vast array of applications. Rapidly decreasing price of conventional PV modules has also led to strong demand for CPV as well as other silicon-based solar technologies.
CPV takes up a relatively smaller area for installation, which also favors its adoption in the market. Solar technology is primarily used in areas that get direct sunlight. Since the market is still at a nascent level, it is mostly deployed in special applications. Cost, performance, trade-offs and reliability are prominent aspects that are considered by manufacturers in the concentrated photovoltaic market.
Low-cost as well as large-scale applications have benefitted the CPV market to a great extent. Earlier, the steep cost of CPV systems when compared to PV systems happened to slow down the growth rate of the CPV market. But over the past few years, declining costs of silicon PV along with continuous advancements in design and technology has led the market to a better heights and can boost its growth even in the future.
Market Segmentation
The global Concentrated Photovoltaic Market has been thoroughly analyzed with regard to type and application.
The types of CPV are low concentrated photovoltaic (LCPV) as well as high concentrated photovoltaic (HCPV). HCPV was the leading segment in the market, seizing a share of 93.14% in the year 2016 and had reached a valuation of USD 950.3 million. The segment is also deemed to attain the highest growth rate of 11.63% in the forthcoming years. the HCPV technology makes use of low cost, concentrating optics instead of large sections of silicon to capture and convert solar energy to electricity. HCPV technology’s efficiency is maximized in those locations that are warm and get peaked levels of sunshine, as calculated by Direct Normal Irradiance (DNI).
The application-dependent segments in the market are commercial and utilities. Utilities has been recognized as a prominent application in the concentrated photovoltaic market and had accounted for a share of 85.16% in the year 2016. Its market value was close to USD 868.84 million and can achieve the fastest growth rate of 11.70% during the appraisal period.
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Regional Outlook
Asia Pacific (APAC), Europe, North America and the rest of the world (RoW), which includes the Middle East & Africa (MEA), are the primary markets for concentrated photovoltaic.
In 2016, APAC was the largest market for CPV with a share of 52.55% and was estimated at USD 536.1 million. The region’s projected growth rate during the review period is 11.84%, which depicts its lucrativeness in the global market. Strong demand for energy owing to expanding population and surging disposable income has helped the CPV market grow significantly in the region. Taiwan, Australia and China are the most significant markets for concentrated photovoltaic in the region. China leads the regional market, since it is a highly populated country and is also the biggest producer of solar energy globally. The government in the country is striving to reduce the overall carbon footprint, which boosts the installation of CPV.
The Americas stood second and was valued at USD 215.1 million in the year 2016. The United States (U.S.) dominates the regional market for CPV, since it is the second largest market with respect to total installed capacity following China. The U.S. is growing fast, primarily owing to the stringent government regulations that aim at boosting the use of limited natural resources. This has pushed the growth of renewable energy resources in the region. Further, Mexico is considered to be the second most lucrative market for CPV in the region and can attain a considerable CAGR of 10.41% during the given timeframe.
The MEA stands as another strong contender in the global market for concentrated photovoltaic technology. CPV systems find extensive use in this region owing to the high heat as well as the declining costs and the massive need for electricity. South Africa, Saudi Arabia, Morocco and Lebanon are the main markets for CPV in the region.
Leading Companies
Leading companies in the worldwide market for concentrated photovoltaic (CPV) are Suncore Photovoltaic Technology Company Limited (China), Cool Earth Solar (U.S.), Morgan Solar Inc. (Canada), SolAero Technologies Corp. (U.S.), Guangdong Redsolar Photovoltaic Technology Co. Ltd (China), ARIMA Group (Taiwan), Radical Sun Systems, Inc. (U.S.), Arzon Solar LLC. (U.S.), and others.
Suntrix Company Ltd (China), Sanan Optoelectronics Technology Co., Ltd (China), Sumitomo Electric Industries, Ltd. (Japan), Macsun Solar Energy Technology Co., Ltd. (China), Saint-Augustin Canada Electric Inc. (STACE) (Canada), are some other companies in the global market.
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