Concentrated Photovoltaic
(CPV) Market Synopsis
The
global market for concentrated photovoltaic (CPV) is all set to garner a decent
growth rate of 11.56 % during the forecast period (2017-2023), says Market
Research Future (MRFR). The market is also on track to reach a valuation of USD
2,710.6 Million by 2023, adds MRFR.
Top Market Boosters and
Main Barriers
Mounting
demand for grid-connected electricity combined with high awareness with regard
to the use of renewable resources to generate power can boost the use of CPV in
a vast array of applications. Rapidly decreasing price of conventional PV
modules has also led to strong demand for CPV as well as other silicon-based
solar technologies.
CPV
takes up a relatively smaller area for installation, which also favors its
adoption in the market. Solar technology is primarily used in areas that get direct
sunlight. Since the market is still at a nascent level, it is mostly deployed
in special applications. Cost, performance, trade-offs and reliability are prominent
aspects that are considered by manufacturers in the concentrated photovoltaic
market.
Low-cost
as well as large-scale applications have benefitted the CPV market to a great
extent. Earlier, the steep cost of CPV systems when compared to PV systems happened
to slow down the growth rate of the CPV market. But over the past few years,
declining costs of silicon PV along with continuous advancements in design and
technology has led the market to a better heights and can boost its growth even
in the future.
Concentrated Photovoltaic
(CPV) Market Segmentation
The
Global
Concentrated Photovoltaic Market has been thoroughly analyzed with
regard to type and application.
The
types of CPV are low concentrated photovoltaic (LCPV) as well as high
concentrated photovoltaic (HCPV). HCPV was the leading segment in the market,
seizing a share of 93.14% in the year 2016 and had reached a valuation of USD
950.3 million. The segment is also deemed to attain the highest growth rate of
11.63% in the forthcoming years. the HCPV technology makes use of low cost,
concentrating optics instead of large sections of silicon to capture and convert
solar energy to electricity. HCPV technology’s efficiency is maximized in those
locations that are warm and get peaked levels of sunshine, as calculated by Direct
Normal Irradiance (DNI).
The
application-dependent segments in the market are commercial and utilities.
Utilities has been recognized as a prominent application in the concentrated
photovoltaic market and had accounted for a share of 85.16% in the year 2016.
Its market value was close to USD 868.84 million and can achieve the fastest
growth rate of 11.70% during the appraisal period.
Regional Outlook
Asia
Pacific (APAC), Europe, North America and the rest of the world (RoW), which
includes the Middle East & Africa (MEA), are the primary markets for
concentrated photovoltaic.
In
2016, APAC was the largest market for CPV with a share of 52.55% and was
estimated at USD 536.1 million. The region’s projected growth rate during the
review period is 11.84%, which depicts its lucrativeness in the global market.
Strong demand for energy owing to expanding population and surging disposable
income has helped the CPV market grow significantly in the region. Taiwan,
Australia and China are the most significant markets for concentrated
photovoltaic in the region. China leads the regional market, since it is a
highly populated country and is also the biggest producer of solar energy globally.
The government in the country is striving to reduce the overall carbon
footprint, which boosts the installation of CPV.
The
Americas stood second and was valued at USD 215.1 million in the year 2016. The
United States (U.S.) dominates the regional market for CPV, since it is the second
largest market with respect to total installed capacity following China. The U.S.
is growing fast, primarily owing to the stringent government regulations that
aim at boosting the use of limited natural resources. This has pushed the growth
of renewable energy resources in the region. Further, Mexico is considered to
be the second most lucrative market for CPV in the region and can attain a
considerable CAGR of 10.41% during the given timeframe.
The
MEA stands as another strong contender in the global market for concentrated
photovoltaic technology. CPV systems find extensive use in this region owing to
the high heat as well as the declining costs and the massive need for
electricity. South Africa, Saudi Arabia, Morocco and Lebanon are the main markets
for CPV in the region.
Leading Companies
Leading
companies in the worldwide market for concentrated photovoltaic (CPV) are Suncore
Photovoltaic Technology Company Limited (China), Cool Earth Solar (U.S.),
Morgan Solar Inc. (Canada), SolAero Technologies Corp. (U.S.), Guangdong
Redsolar Photovoltaic Technology Co. Ltd (China), ARIMA Group (Taiwan), Radical
Sun Systems, Inc. (U.S.), Arzon Solar LLC. (U.S.), and others.
