Concentrated
Photovoltaic Market Highlights
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.
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 in 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.
Market
Segmentation
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.
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Market Research
Analysis
On the basis of
type, 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.
Based on
application, Utilities accounted for the largest market share of 85.16% with a
market value of USD 868.84 million in 2016. Commercial segment is also another
major application of the market. There are numerous benefits of CPV power
installation at commercial sites such as, generation of electricity at the site
itself, low electricity bills, minimised impact of rising energy costs and low
carbon footprint. Hence, commercial segment is expected to grow at a CAGR of
10.76% during the forecast period.
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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