Concentrated Photovoltaic Market Scenario:
A concentrated photovoltaic
(CPV) is a technology that transforms the sunlight into electrical energy in
the same way the conventional photovoltaic technology does. The optical
concentrators are used to harvest the sunlight from a widespread area and focus
it directly onto a small area covered by PV cells. This helps increase the
intensity of the light reaching the PV cells, and hence increases the amount of
power the cells can produce.
Growing investment in
renewable energy, across the globe is the major factor driving the growth of
the market. Increasing population, flourishing industries in emerging
economies, and a rise in infrastructure development activities are all leading
to an enormous rise in demand for electricity. This factor, along with the rise
in stringent environment protection regulations across the globe, forces the
power generation industry to shift to cleaner and environment-friendly energy
resources.
Segmentation
The global concentrated
photovoltaic (CPV) market is segmented by type and application.
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% in 2016, with a market value of USD 950.3 million and is anticipated
to grow at the highest CAGR of 11.63% during the forecast period. This
technology uses low cost, concentrating optics in place of large areas of
silicon to capture and transform the sun’s radiant power into electricity. HCPV
technology performance advantages are maximized in geographical locations,
which are warm and have high levels of sunshine, measured by Direct Normal
Irradiance (DNI). Currently, more than 90% of the capacity installed, is in the
form of HCPV with two-axis tracking.
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.
Access Full Report at: https://www.marketresearchfuture.com/reports/concentrated-photovoltaic-market-5946
Regional Outlook
On the basis of region, Asia
Pacific region accounted for the largest market share of 52.55% in 2016, with a
market value of USD 536.1 million and is projected to grow at CAGR of 11.84%
during the forecast period. High demand for energy in the region due to growing
population and rising disposable income among individuals are the major factors
driving the growth of the CPV market. China, Taiwan, and Australia are the
major market in the Asia Pacific region.
Americas was the second
largest market & valued at USD 215.1 million in 2016. The U.S. is the major
market in the region. It is the second largest market in terms of total
installed capacity after China. According to the NERL, in 2016, the total
installed CPV capacity was 67.27 MW.
Middle East & Africa is
another major market for the concentrated photovoltaic (CPV). CPV systems work
well in high heat regions.
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), Suncore Photovoltaic
Technology Company Limited (China), and 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 at: https://bit.ly/2OmyPhT
About
Market Research Future:
MRFR team have supreme objective to
provide the optimum quality market research and intelligence services to our
clients. Our market research studies by Components, Application, Logistics and
market players for global, regional, and country level market segments, enable
our clients to see more, know more, and do more, which help to answer all their
most important questions.
Contact:
Market Research Future
+1 646 845 9312
