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).
Get Free Sample
Copy @ https://www.marketresearchfuture.com/sample_request/5946
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.
Get Complete
Report at: https://www.marketresearchfuture.com/reports/concentrated-photovoltaic-market-5946
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.
View More Info @ https://on.mktw.net/2LdtDLY
About Market Research Future:
At Market Research Future (MRFR), we
enable our customers to unravel the complexity of various industries through
our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw
Research Reports (3R), Continuous-Feed Research (CFR), and Market Research
& Consulting Services.
Contact:
Market Research Future
+1 646 845 9312
Email: sales@marketresearchfuture.com
No comments:
Post a Comment