Concentrated Photovoltaic (CPV) Market Size is Poised to Reach USD 2,710.6 Mn | Grow at a CAGR of 11.56% till 2017 2023

Global Concentrated Photovoltaic (CPV) Market Research Report Covers Historical Market Trends, Current Market Dynamics, Competitive Landscape, Market Valuation by Segmentation as Well as Region, Country-level Analysis for Every Segment, Competitive Landscape and Supply Chain Analysis.

Pune, India - March 7, 2019 /MarketersMedia/ —

Concentrated Photovoltaic (CPV) Market Research Report 2017 published By Market Research Future, provides information on Global Concentrated Photovoltaic Industry Size, Share, Trends, Growth and Opportunity Assessment, Regional Analysis and Segmentation by Type (High Concentrated Photovoltaic (HCPV) and Low Concentrated Photovoltaic (LCPV)), By Application (Commercial and Utilities) by Region - Forecast to 2023.

Concentrated Photovoltaic (CPV) Market - Overview

The global concentrated photovoltaic (CPV) market is expected to reach USD 2,710.6 Million by 2023 at a CAGR of 11.56%. Concentrated Photovoltaic 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 in 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.

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However, CPV tracking system synchronisation is the major challenge for the market. Tracking permits CPV systems to generate a greater amount of energy throughout the day in sun rich regions, notably during the late part of the day when electricity demand peaks. Currently, CPV tracking with sufficient accuracy and reliability is required. Improper tracking of CPV system results into less energy output and hence stands unfeasible in major regions, across the globe.

Concentrated Photovoltaic Market Segments Analysis:

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) Regional Market 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. 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. China is the most populated country as well as the largest producer of solar energy in the world. The China government aims at reducing carbon footprint. This also encourage CPV installations in the country. According to NERL, in 2016, the installed CPV capacity was reported to be 169.89 MW.

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.

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%.

Continued .

Competitive Dashboard

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)

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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)

Table 6 Global Concentrated Photovoltaic (CPV) Market, By Type, 2012-2016 (USD Million)

Continued

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