The global Concentrated photovoltaic (CPV) Market is predicted to touch USD 2,710.6 million at an 11.56% CAGR between 2022- 2030, states the recent Market Research Future (MRFR) analysis. Concentrated photovoltaic or CPV, simply put, is a solar photovoltaic technology that uses mirrors or lenses to focus & concentrate sunlight into small areas of photovoltaic cells for generating electricity from sunlight.
Various factors are propelling the global concentrated photovoltaic (CPV) market share. According to the recent MRRF report, such factors include the burgeoning need for grid-connected electricity, rapid fall in the cost of conventional PV modules, growing awareness about the use of renewable power generation resources, rising investments in renewable energy worldwide, expanding and vast population base, growing infrastructural development activities, and strict environment protection regulations laid down by the government.
On the contrary, the synchronization of the CPV tracking system may hinder the global concentrated photovoltaic (CPV) market growth over the forecast period. CPV tracking needs sufficient reliability and accuracy. Inefficient and improper tracking of such systems causes less energy output, thus impacting the market growth. Besides, the current impact of the COVID-19 outbreak is also affecting the market growth.
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Leading contenders profiled in the global concentrated photovoltaic (CPV) market report include-
- Macsun Solar Energy Technology Co., Ltd. (China)
- Suntrix Company Ltd (China)
- Sanan Optoelectronics Technology Co., Ltd (China)
- Saint-Augustin Canada Electric Inc. (STACE) (Canada)
- Sumitomo Electric Industries, Ltd. (Japan)
- Guangdong Redsolar Photovoltaic Technology Co. Ltd (China)
- Suncore Photovoltaic Technology Company Limited (China)
- ARIMA Group (Taiwan)
- Morgan Solar Inc. (Canada)
- Cool Earth Solar (US)
- Arzon Solar LLC. (US)
- SolAero Technologies Corp. (US)
- Radical Sun Systems, Inc. (US).
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The MRFR report highlights an inclusive segmental analysis of the global concentrated photovoltaic (CPV) market based on type and application.
By type, the global concentrated photovoltaic (CPV) market is segmented into low concentrated photovoltaic (LCPV) and high concentrated photovoltaic (HCPV). Of these, the HCPV segment will lead the market over the forecast period for a significant fall in prices of the complete power generation projects and substantial improvement in the efficiency of individual modules. The LCPV also offers multiple benefits like its use of widely proven & affordable silicon solar cells and the ability to reach high efficiencies in diffuse irradiance as well.
By application, the global concentrated photovoltaic (CPV) market is segmented into utilities and commercial. Of these, the utilities segment will dominate the market over the forecast period. The commercial application, too, offers plentiful benefits such as low carbon footprint, minimized impact of increasing energy cost, low electricity bills, and generation of electricity on the site itself.
Based on the region, the global concentrated photovoltaic (CPV) market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Middle East and Africa (MEA). Of these, the APAC region will lead the market over the forecast period. It is likely to grow at a healthy 11.84% CAGR by 2023. Growing demand for energy, increasing population, rising disposable income, and aims by the China government to reduce carbon footprint are adding to the global concentrated photovoltaic (CPV) market growth in the region. Australia, Taiwan, and China have the maximum share in the market.
The global concentrated photovoltaic (CPV) market in North America is predicted to have the second-largest share over the forecast period. An increase in renewable energy resources coupled with stringent government regulations related to the usage of limited natural resources, are adding to the global concentrated photovoltaic (CPV) market growth in the region. The United States holds a maximum share in the market, followed by Mexico.
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The global concentrated photovoltaic (CPV) market in Europe is predicted to have healthy growth over the forecast period.
The global concentrated photovoltaic (CPV) market in the MEA is predicted to have sound growth over the forecast period. Surging demand for electricity, availability of sufficient sunlight, and dropping price of CPV are adding to the global concentrated photovoltaic (CPV) market growth in the region. Morocco, Lebanon, South Africa, and Saudi Arabia have a maximum share in the market.