Concentrated Photovoltaic (CPV) Market Worth of 4.81 billion USD, Driving CAGR of 17% by Rising Opportunity, Industry Size and Competitive Trends

The Concentrated Photovoltaic (CPV) market is growing pervasively, witnessing an exponential growth backed by the increasing investments, competitive activities, global developments, opportunity, and business trends during forecast period 2022 to 2030.

Concentrated Photovoltaic (CPV) Market Overview

Concentrated Photovoltaic (CPV) Market is projected to be worth USD 4.81 billion by 2028, registering a CAGR of 17% during the forecast period (2021 – 2028). 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 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.

Concentrated Photovoltaic (CPV) market demonstrates a high growth potential which is likely to attract many entrants to the market resultantly, intensifying the competition further. Manufacturers strive to develop innovative materials, and best practices. Incorporating acquisition, collaboration, partnership, and expansion the well-established players gain the competitive advantage to maintain their market position. Also, they make substantial investments in manufacturing & expansion program. Expansions help in reducing logistic cost and increase production capacities and potential to fetch larger turnovers.

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Most important Segments of Concentrated Photovoltaic (CPV) market covered in this report are,

Global Concentrated Photovoltaic (CPV) Market, By Type

• High Concentrated Photovoltaic (HCPV)
• Low Concentrated Photovoltaic (LCPV)

Global Concentrated Photovoltaic (CPV) Market, By Application

• Commercial
• Utilities

Global Concentrated Photovoltaic (CPV) Market, By Region

• Americas
• Europe
• Asia Pacific
• Middle East & Africa

Concentrated Photovoltaic (CPV) Industry Influence of the global market report:

• Comprehensive assessment of all opportunities and risks in the Concentrated Photovoltaic (CPV) Market.
• Concentrated Photovoltaic (CPV) Market recent innovations and major events.
• A detailed study of business strategies for the growth of the Concentrated Photovoltaic (CPV) Market market-leading players.
• Conclusive study about the growth plot of Concentrated Photovoltaic (CPV) Market for forthcoming years.
• In-depth understanding of Concentrated Photovoltaic (CPV) Market, market-particular drivers, constraints, and major micro markets.
• Favorable impression inside vital technological and market latest trends striking the Concentrated Photovoltaic (CPV) Market.

Globally Major key Players accelerates the 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.

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Concentrated Photovoltaic (CPV) Market Regional 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.

LIST OF TABLES

TABLE 1 MARKET SYNOPSIS 15

TABLE 2 LIST OF ASSUMPTIONS 17

TABLE 3 GLOBAL CONCENTRATED PHOTOVOLTAIC (CPV) INSTALLED CAPACITY, 2018-2020 (MW) 35

TABLE 4 GLOBAL CONCENTRATED PHOTOVOLTAIC (CPV) INSTALLED CAPACITY, 2020-2027 (MW) 35

TABLE 5 CONCENTRATED PHOTOVOLTAIC (CPV) INSTALLED CAPACITY, BY MAJOR COUNTRY, 2019 (MW) 35

TABLE 6 GLOBAL CONCENTRATED PHOTOVOLTAIC (CPV) MARKET, BY TYPE, 2018-2020 (USD MILLION) 37

TABLE 7 GLOBAL CONCENTRATED PHOTOVOLTAIC (CPV) MARKET, BY TYPE, 2020-2027 (USD MILLION) 38

TABLE 8 GLOBAL CONCENTRATED PHOTOVOLTAIC (CPV) MARKET, BY APPLICATION, 2018-2020 (USD MILLION) 41

TABLE 9 GLOBAL CONCENTRATED PHOTOVOLTAIC (CPV) MARKET, BY APPLICATION, 2020-2027 (USD MILLION) 41

TABLE 10 GLOBAL CONCENTRATED PHOTOVOLTAIC (CPV) MARKET, BY REGION, 2018-2020 (USD MILLION) 44

TABLE 11 GLOBAL CONCENTRATED PHOTOVOLTAIC (CPV) MARKET, BY REGION, 2020-2027 (USD MILLION) 44

TABLE 12 ASIA PACIFIC: CONCENTRATED PHOTOVOLTAIC (CPV) MARKET, BY REGION, 2018-2020 (USD MILLION) 47

TABLE 13 ASIA PACIFIC: CONCENTRATED PHOTOVOLTAIC (CPV) MARKET, BY REGION, 2020-2027 (USD MILLION) 48

TABLE 14 ASIA PACIFIC: CONCENTRATED PHOTOVOLTAIC (CPV) MARKET, BY TYPE, 2018-2020 (USD MILLION) 48

TABLE 15 ASIA PACIFIC: CONCENTRATED PHOTOVOLTAIC (CPV) MARKET, BY TYPE, 2020-2027 (USD MILLION) 48

…Continue.

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