Market Research Report
Global Concentrated Photovoltaic (CPV) Market Research Report - Forecast To 2023
|Published by||Market Research Future||Product code||649871|
|Published||Content info||107 Pages
|Global Concentrated Photovoltaic (CPV) Market Research Report - Forecast To 2023|
|Published: May 3, 2018||Content info: 107 Pages||
TITLE Category Report Type PAGES 1-User PDF Enterprise PDF Continents
EnP CRR 107 4450 6250 GLOBAL
A Concentrator Photovoltaic (CPV) system transforms light energy into electrical energy in the similar way the conventional photovoltaic technology does. The optical components, which are also known as optical concentrators, are manufactured to harvest sunlight from a broad area of incidence and concentrate it directly onto a small area covered by the photovoltaic (PV) cells. This phenomenon vitalizes the intensity of the incident sunlight reaching the PV cells, which in turn, increase the amount of the power the cells can generate.
In 2015, a new world record was set for global investment in renewable energy with a total investment of USD 285.9 billion. (UN Environmental Programme). The current and future planned investment in renewable energy is expected to lead the solar industry. Solar electricity in most of the developed economies is competitive with conventional energy sources. This has created a lucrative market for solar industry across the world. The global initiative to promote renewable energy and reduce harmful emission is likely to drive the global concentrated photovoltaic market.
In 2015, Soitec demonstrated a CPV module efficiency of 38.9 % at Concentrator Standard Test Conditions (CSTC), and efficiencies of commercially available CPV modules exceed 30%. The continuous effort from renowned research institutes such as National Renewable Energy Laboratory (NREL) and many others to improve the efficiency of the CPV, thus reducing the overall cost associated with the system. CPV electricity generation is dependent on DNI as it does not absorb any diffuse radiation from the sun. This has made CPV technology more feasible in the high Direct Normal Irradiance (DNI) regions across the globe. A huge number of the CPV systems are likely to be deployed in these sunlight-rich regions in the coming years.
Key players covered in the global concentrator photovoltaic (CPV) market report 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), 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), Macsun Solar Energy Technology Co., Ltd. (China), and others.
Regional and country level analysis and forecast of the global concentrator photovoltaic (CPV) market
Asia Pacific is one of the major regions in the global concentrator photovoltaic market. It 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 the highest CAGR of 11.84% during the forecast period. The demand for energy is increasing on account of growing population and rising disposable income in the region. Moreover, these rapidly growing economies in this region are also the major polluters in the world. CPV is identified as the best replacement to other conventional fossil fuel energy sources that are used to reduce carbon emission by effectively meeting the electricity needs. The American solar industry is quite developed than that of other regions of the world. According to the World Energy Agency, location, incentives, and government policies are majorly contributing to the growth of the market. Thus, Americas CPV market is expected to grow at a CAGR of 10.62% during the forecast period.
The reports also cover country-level analysis: