Market Synopsis

The global market for concentrated photovoltaic (CPV) is all set to garner a decent growth rate of 11.56 % during the forecast period (2017-2023), says Market Research Future (MRFR). The market is also on track to reach a valuation of USD 2,710.6 Million by 2023, adds MRFR.

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Leading Companies

Leading companies in the worldwide market for concentrated photovoltaic (CPV) are Suncore Photovoltaic Technology Company Limited (China), Cool Earth Solar (U.S.), Morgan Solar Inc. (Canada), SolAero Technologies Corp. (U.S.), Guangdong Redsolar Photovoltaic Technology Co. Ltd (China), ARIMA Group (Taiwan), Radical Sun Systems, Inc. (U.S.), Arzon Solar LLC. (U.S.), and others.

Suntrix Company Ltd (China), Sanan Optoelectronics Technology Co., Ltd (China), Sumitomo Electric Industries, Ltd. (Japan), Macsun Solar Energy Technology Co., Ltd. (China), Saint-Augustin Canada Electric Inc. (STACE) (Canada), are some other companies in the global market.

Top Market Boosters and Main Barriers

Mounting demand for grid-connected electricity combined with high awareness with regard to the use of renewable resources to generate power can boost the use of CPV in a vast array of applications. Rapidly decreasing price of conventional PV modules has also led to strong demand for CPV as well as other silicon-based solar technologies.

CPV takes up a relatively smaller area for installation, which also favors its adoption in the market. Solar technology is primarily used in areas that get direct sunlight. Since the market is still at a nascent level, it is mostly deployed in special applications. Cost, performance, trade-offs and reliability are prominent aspects that are considered by manufacturers in the concentrated photovoltaic market.

Low-cost as well as large-scale applications have benefitted the CPV market to a great extent. Earlier, the steep cost of CPV systems when compared to PV systems happened to slow down the growth rate of the CPV market. But over the past few years, declining costs of silicon PV along with continuous advancements in design and technology has led the market to a better heights and can boost its growth even in the future.

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Market Segmentation

The global market for concentrated photovoltaic has been thoroughly analyzed with regard to type and application.

The types of CPV are low concentrated photovoltaic (LCPV) as well as high concentrated photovoltaic (HCPV). HCPV was the leading segment in the market, seizing a share of 93.14% in the year 2016 and had reached a valuation of USD 950.3 million. The segment is also deemed to attain the highest growth rate of 11.63% in the forthcoming years. the HCPV technology makes use of low cost, concentrating optics instead of large sections of silicon to capture and convert solar energy to electricity. HCPV technology’s efficiency is maximized in those locations that are warm and get peaked levels of sunshine, as calculated by Direct Normal Irradiance (DNI).

The application-dependent segments in the market are commercial and utilities. Utilities has been recognized as a prominent application in the concentrated photovoltaic market and had accounted for a share of 85.16% in the year 2016. Its market value was close to USD 868.84 million and can achieve the fastest growth rate of 11.70% during the appraisal period.

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