Concentrated Photovoltaic (CPV) Market Size, Upcoming Trends and Regional Outlook Forecast to 2023

Concentrated Photovoltaic (CPV) Market Research Report- Forecast to 2023

Concentrated Photovoltaic (CPV) Market Size,

Upcoming Trends and Regional Outlook Forecast to 2023

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Copyright Š 2018 Market Research Future.

Concentrated Photovoltaic (CPV) Market Research Report- Forecast to 2023

1 Summary 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.

Top 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.

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Concentrated Photovoltaic (CPV) Market Research Report- Forecast to 2023

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Market Overview

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.

Segments

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Concentrated Photovoltaic (CPV) Market Research Report- Forecast to 2023

3 Market Research Analysis 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. U.S. is one of the fastest growing market, mainly due to the strict government regulations pertaining to the use of limited natural resources. This increases the growth of renewable energy resources over the forecast period.

Mexico is the second largest market in the region and is expected to grow at a CAGR of 10.41%.

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.

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Copyright Š 2018 Market Research Future.

Concentrated Photovoltaic (CPV) Market Research Report- Forecast to 2023

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Copyright Š 2018 Market Research Future.