The global concentrated photovoltaic (CPV)
market is expected to reach USD 2,710.6 Million by 2023 at a CAGR of 11.56%. 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.
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Segmental
Analysis
The global concentrated photovoltaic (CPV)
market is segmented by type and application.
On the basis of application, the market
has been divided into commercial and utilities. Utilities is a major
application of the concentrated photovoltaic market. It accounted for the
largest market share of 85.16% in 2016, with a market value of USD 868.84 million
and is projected to grow at the highest CAGR of 11.70% during the forecast
period.
On the basis of type, On the basis of
type, the market is divided into high concentrated photovoltaic (HCPV) and low
concentrated photovoltaic (LCPV). HCPV accounted for the largest market share
of 93.14%, with a market value of USD 950.3 million in 2016. A key reason for
the increased installation of HCPV across large-scale power plants is the
substantial enhancement in the efficiency of individual modules and a
significant reduction in costs of the overall power generation projects. Low
concentrated photovoltaic (LCPV) also has several advantages, such as its
ability to reach high efficiencies even with diffuse irradiance, and its
utilisation of less expensive and widely proven silicon solar cells.
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Key
Players
The key players of global concentrated
photovoltaic (CPV) market are Radical Sun Systems, Inc. (U.S.), SolAero
Technologies Corp. (U.S.), Arzon Solar LLC. (U.S.), Cool Earth Solar (U.S.),
Morgan Solar Inc. (Canada), ARIMA Group (Taiwan), and Suncore Photovoltaic
Technology Company Limited (China). Guangdong Redsolar Photovoltaic Technology
Co. Ltd (China), Sumitomo Electric Industries, Ltd. (Japan), Saint-Augustin
Canada Electric Inc. (STACE) (Canada), Sanan Optoelectronics Technology Co.,
Ltd (China), Suntrix Company Ltd (China), and Macsun Solar Energy Technology
Co., Ltd. (China) are among others.
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