Concentrated Photovoltaic Market Potentially Growing Significant Business Opportunities, Development Strategies, Top Leading Companies and Global Industry Analysis up to 2023
Dec 4, 2018
Global Concentrated Photovoltaic (CPV) Market Information by Type (High Concentrated Photovoltaic (HCPV) and Low Concentrated Photovoltaic (LCPV)), By Application (Commercial and Utilities) by Region - Forecast to 2023.
Pune, India - December 4, 2018 /MarketersMedia/ —
Market Overview
According to a new report by Market Research Future (MRFR), the global 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.
CPV is identified as the best substitute for other conventional fossil fuel energy sources that are used to reduce carbon emission by meeting the electricity needs. Concentrated photovoltaics (CPV) work well in high heat regions. It has been of most interest for power generation in sunny regions with DNI values of more than 2000 kWh/(m^2a). CPV electricity generation is dependent on DNI as it does not absorb any diffuse from the sun. This made CPV system more feasible in the high DNI region across the globe. It is expected that a high number of the CPV systems will be deployed in these sunlight rich regions. However, CPV tracking system synchronisation is the major challenge for the market. Tracking permits CPV systems to generate a greater amount of energy throughout the day in sun rich regions, notably during the late part of the day when electricity demand peaks. Currently, CPV tracking with sufficient accuracy and reliability is required. Improper tracking of CPV system results into less energy output and hence stands unfeasible in major regions, across the globe.
Industry News
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.
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Global Concentrated Photovoltaic Market Segmentation
The Global Concentrated Photovoltaic Market has been segmented based on type, application, and region.
The 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 Concentrated Photovoltaic Market.
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Competition Analysis
The prominent players operating the Concentrated Photovoltaic Market 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.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
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Source: MarketersMedia
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