Global Concentrated Photovoltaic (CPV) Market | Global Industry Analysis, Segments, Top Key Players, Drivers and Trends to 2026
Global Concentrated Photovoltaic (CPV) Market was valued US$ 2.90 Bn in 2017 and is estimated to reach US$ 6.40 Bn by 2026 at a CAGR of about 10.12% during a forecast period.
The CPV technology uses mirrors or lenses in order to focus sunlight onto solar cells. CPV modules continue to develop in terms of efficiency, realizing conversion rates far beyond what is possible from traditional flat-panel PV modules. Speedy decrease in the price of conventional PV modules have resulted in increased demand for CPV and other silicon-based solar technologies. Moreover, CPV requires a relatively smaller area for installation, which is anticipated to boost its demand in the upcoming year. Low-cost and large-scale applications act as major drivers for CPV market. Previously, high cost of CPV systems compared to PV systems was a major barrier for the CPV market. Higher efficiency with low system cost coupled with renewable energy resources are expected to be the major factors driving the demand growth over the forecast period.
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Concentrated photovoltaic (CPV) market is segmented into product, application, concentration level, and region. On the basis of product, refractors lead the concentrated photovoltaic market due to rise in preference for Fresnel lens. Fresnel lens and high concentration photovoltaic systems together provide maximum efficiency, owing to which, their demand is anticipated to remain high over the forecast period. The ability of refractors to exhibit tolerance toward misalignment of solar cells and perform in areas involving variable light intensity are robust aspects estimated to drive its demand.
Based on application, Commercial and utility are the major application segments where concentrated photovoltaic market is employed. The utility application segment dominated the industry with a volume-based share of 86% in 2017. This can be mainly attributed to the fact that they experience high irradiance. Increase in number of power purchase agreements between electricity boards and private sector companies is anticipated to bolster concentrated photovoltaic installations in the utility segment.
By concentration level, the concentration ratio is directly proportional to output power. High concentration photovoltaic is anticipated to witness high demand over the forecast period. High efficiency results in trimming of the size of the solar module, which, in turn, improves overall cost efficiency. Growing demand for high-efficiency and low-cost modules among manufacturers is anticipated to have a positive impact on the market penetration of high concentration photovoltaic.
In terms of region, Asia Pacific is one of the leading market for the global CPV market. Middle East and Africa is anticipated to be the second-fastest growing region, with demand majorly driven by rise in installations in South Africa. The CPV market in North America is estimated to register a CAGR of 11% from 2017 to 2026 in terms of volume. The advantage of low labor cost and introduction of smaller rooftop systems are also anticipated to boost market growth.
Key Players Profiled and Analised in the Report
Ravano Green Powers, Sunpower Corporation, Zytech Solar, Soitec, Suncore Photovoltaic Technology Co. Ltd., Solarsystem, Solar Junction, Semprius Inc., Magpower, Isofoton S.A. and Amonix among others.
Market Scope of Global Concentrated Photovoltaic (CPV) Market
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Global Concentrated Photovoltaic (CPV) Market by Product
• Reflector
• Refractor
Global Concentrated Photovoltaic (CPV) Market by Application
• Utility
• Commercial
Global Concentrated Photovoltaic (CPV) Market by Concentration Level
• High
• Low
Global Concentrated Photovoltaic (CPV) Market by Geography
• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• Latin America
Key Players operating in the Global Concentrated Photovoltaic (CPV) Market
• Ravano Green Powers
• Sunpower Corporation
• Zytech Solar
• Soitec
• Suncore Photovoltaic Technology Co. Ltd.
• Solarsystem
• Solar Junction
• Semprius Inc.
• Magpower
• Isofoton S.A.
• Amonix
• Saint-Augustin Canada Electric Inc.
• Morgan Solar
• Chroma Energy
• Akhter Solar
• Cool Earth Solar
• ARIMA Group
• Sanan Optoelectronics Technology Co., Ltd
• Macsun Solar Energy Technology Co., Ltd.
• Suntrix Company Ltd
• Sumitomo Electric Industries, Ltd.
MAJOR TOC OF THE REPORT
Chapter One: Concentrated Photovoltaic Market Market Overview
Chapter Two: Manufacturers Profiles
Chapter Three: Global Concentrated Photovoltaic Market Market Competition, by Players
Chapter Four: Global Concentrated Photovoltaic Market Market Size by Regions
Chapter Five: North America Concentrated Photovoltaic Market Revenue by Countries
Chapter Six: Europe Concentrated Photovoltaic Market Revenue by Countries
Chapter Seven: Asia-Pacific Concentrated Photovoltaic Market Revenue by Countries
Chapter Eight: South America Concentrated Photovoltaic Market Revenue by Countries
Chapter Nine: Middle East and Africa Revenue Concentrated Photovoltaic Market by Countries
Chapter Ten: Global Concentrated Photovoltaic Market Market Segment by Type
Chapter Eleven: Global Concentrated Photovoltaic Market Market Segment by Application
Chapter Twelve: Global Concentrated Photovoltaic Market Market Size Forecast (2019-2026)
Browse Table of Contents with Facts and Figures of Concentrated Photovoltaic Market Market Report at: https://www.maximizemarketresearch.com/market-report/concentrated-photovoltaic-market-cpv/14308/
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