Concentrated Photovoltaic Market Highlights
The global Concentrated
Photovoltaic (CPV) 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). 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.
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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