Concentrated Photovoltaic Market Trends, COVID – 19 Impact Analysis, Competitive and Regional Forecast To 2023

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. Adapting to the recent novel COVID-19 pandemic, the impact of the COVID-19 on Concentrated Photovoltaic Market is included in the present report.

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.

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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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.