Concentrated Photovoltaic (CPV) Market Scenario:
The global concentrated photovoltaic (CPV) market is expected to reach USD 2,710.6 Million by 2023 at a CAGR of 11.56%. 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.
Concentrated photovoltaics (CPV) work well in high heat regions. It has been of most interest for 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.
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The major players adopted several strategies to retain or expand their market share. The key strategy followed by most companies within the global concentrator photovoltaic (CPV) market was that of mergers & acquisitions, followed by partnership & collaboration.
- 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),
- Guangdong Redsolar Photovoltaic Technology Co. Ltd (China),
- Sumitomo Electric Industries, Ltd. (Japan),
- Sanan Optoelectronics Technology Co., Ltd (China),
- Suntrix Company Ltd (China), and
- Macsun Solar Energy Technology Co., Ltd. (China)
Scope of the Report:
This study provides an overview of the global concentrated photovoltaic (CPV) market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for Americas, Europe, Asia Pacific (APAC) and Middle East & Africa. The report also provides a forecast, focusing on the market opportunities for the next six years for each region. The scope of the study segments the global concentrated photovoltaic (CPV) market by its grid connectivity, axis and region.
The global concentrated photovoltaic (CPV) market is segmented by type, application and region.
Global Concentrated Photovoltaic (CPV) Market, By Type
- High Concentrated Photovoltaic (HCPV)
- Low Concentrated Photovoltaic (LCPV)
Global Concentrated Photovoltaic (CPV) Market, By Application
Global Concentrated Photovoltaic (CPV) Market, By Region
- Asia Pacific
- Middle East & Africa
Concentrated Photovoltaic (CPV) Regional Industry Analysis:
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. China, Taiwan, and Australia are the major market in the Asia Pacific region. China is the most populated country as well as the largest producer of solar energy in the world.
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.
Middle East & Africa is another major market for the concentrated photovoltaic (CPV). CPV systems work well in high heat regions. Dropping costs for Concentrated Photovoltaic coupled with plenty of sunlight and huge need for electricity in the region, create an opportunity for the CPV market in the region. Saudi Arabia, South Africa, Lebanon, and Morocco are the major markets in the region.
Industry Related News:
- Saint-Augustin Canada Electric Inc. (STACE), a major supplier of large electrical equipment in the power generation industry announced the acquisition of Soitec’s Concentrated Photovoltaic (CPV) System technology. This acquisition helped the company increase their presence in the renewable industry and complete their offering in the solar energy market.
- In December 2017 Silfab Solar Inc., has formed a joint venture with Morgan Solar Inc., to develop and produce a disruptive low-cost PV module, designed specifically for large commercial and utility-scale projects. This JV brings two of the most innovative and technologically innovative companies in the solar industry, to share their knowledge and experience to produce great quantities of high quality photovoltaic modules at internationally competitive costs.
- EnerTech signed a strategic investment and partnership agreement with Morgan Solar Inc. Under the agreement, EnerTech has planned to invest in MSI, and transferring solar concentrated photovoltaic technology to Kuwait and the Middle East region.
List of Tables
Table 1 Market Synopsis
Table 2 List Of Assumptions
Table 3 Global Concentrated Photovoltaic (CPV) Installed Capacity, 2012-2016 (Mw)
Table 4 Global Concentrated Photovoltaic (CPV) Installed Capacity, 2017-2023 (Mw)
Table 5 Concentrated Photovoltaic (CPV) Installed Capacity, By Major Country, 2016 (Mw)
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