The global concentrated photovoltaic market is predicted to have a notable growth at 11.56% CAGR over the predicted years (2017-2023). Concentrated photovoltaic or CPV is a photovoltaic technology which produces electricity from sunlight. As opposed to conventional photovoltaic systems, this uses curved mirrors or lenses for focusing sunlight onto highly efficient, small, multi junction solar cells. Moreover, concentrated photovoltaic systems often utilize solar trackers and at times a cooling system to boost their efficiency further.
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.
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The additional factors fueling the market growth include increase in infrastructure development activities and flourishing industries especially in emerging economies and increasing population. On the contrary, limited areas with direct sunlight, lack of technological adoption, non-utilization of diffuse radiation, and scarcity of technology standardization are factors that may impede the growth of the concentrated photovoltaic market over the predicted years.
MRFR report offers a wide segmental analysis of the concentrated photovoltaic market on the basis of type and application.
Based on type, the concentrated photovoltaic market is segmented into low concentrated photovoltaic (LCPV) and high concentrated photovoltaic (HCPV). Of these, high concentrated photovoltaic will have the largest share in the market over the predicted years. This is owing to a big drop in the price of power generation projects and substantial improvement in the efficiency of specific modules.
Based on application, the concentrated photovoltaic market is segmented into utilities and commercial. Of these, utilities will dominate the market over the predicted years.
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.
Leading players profiled in the concentrated photovoltaic market include Macsun Solar Energy Technology Co., Ltd. (China), Suntrix Company Ltd (China), Sanan Optoelectronics Technology Co., Ltd (China), Saint-Augustin Canada Electric Inc. (STACE) (Canada), Sumitomo Electric Industries, Ltd. (Japan), Guangdong Redsolar Photovoltaic Technology Co. Ltd (China), Suncore Photovoltaic Technology Company Limited (China), ARIMA Group (Taiwan), Morgan Solar Inc. (Canada), Cool Earth Solar (U.S.), Arzon Solar LLC. (U.S.), SolAero Technologies Corp. (U.S.), Radical Sun Systems, Inc. (U.S.), and others.
Industry Related News
May 2019 – Florida Power & Lights have begun construction on 10 solar farms with each of these new plants holding the same capacity of 74.5 megawatts (MW) in total. This will be a hybrid concentrated photovoltaic/solar power project. Its construction is likely to end by the year while the electricity is likely to flow into the grid via 2022.
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