Concentrated Photovoltaic Market is expected to reach CAGR of 11.56% by 2023 – Forecast to 2023 Future Vision Footbridge by MRFR

Wed Jan 9, 2019 - 2:30am UTC

Global Concentrated Photovoltaic (CPV) Market Information by Type (High Concentrated Photovoltaic (HCPV) and Low Concentrated Photovoltaic (LCPV)), By Application (Commercial and Utilities) by Region – Forecast to 2023.

Pune, India – January 8, 2019

Market Highlights
CPV 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 photovoltaic (CPV) work well in high heat regions. It has been of most interest for 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.

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.

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Market Research Analysis

On the basis of type, HCPV accounted for the largest market share of 93.14%, with a market value of USD 950.3 million in 2016. A key reason for the increased installation of HCPV across large-scale power plants is the substantial enhancement in the efficiency of individual modules and a significant reduction in costs of the overall power generation projects. Low concentrated photovoltaic (LCPV) also has several advantages, such as its ability to reach high efficiencies even with diffuse irradiance, and its utilisation of less expensive and widely proven silicon solar cells.

Based on application, Utilities accounted for the largest market share of 85.16% with a market value of USD 868.84 million in 2016. Commercial segment is also another major application of the market. There are numerous benefits of CPV power installation at commercial sites such as, generation of electricity at the site itself, low electricity bills, minimised impact of rising energy costs and low carbon footprint. Hence, commercial segment is expected to grow at a CAGR of 10.76% during the forecast period.

Scope of the Report
This study provides an overview of the global concentrated photovoltaic (CPV) market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for Americas, Europe, Asia Pacific (APAC) and Middle East & Africa. The report also provides a forecast, focusing on the market opportunities for the next six years for each region. The scope of the study segments the global concentrated photovoltaic (CPV) market by its grid connectivity, axis and region.

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

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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), and 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), and Macsun Solar Energy Technology Co., Ltd. (China) are among others.

Competitive Landscape
The major players adopted several strategies to retain or expand their market share. The key strategy followed by most companies within the global concentrator photovoltaic (CPV) market was that of mergers & acquisitions, followed by partnership & collaboration.

Industry News
Saint-Augustin Canada Electric Inc. (STACE), a major supplier of large electrical equipment in the power generation industry announced the acquisition of Soitec’s Concentrated Photovoltaic (CPV) System technology. This acquisition helped the company increase their presence in the renewable industry and complete their offering in the solar energy market.

EnerTech signed a strategic investment and partnership agreement with Morgan Solar Inc. Under the agreement, EnerTech has planned to invest in MSI, and transferring solar concentrated photovoltaic technology to Kuwait and the Middle East region.

In December 2017 Silfab Solar Inc., has formed a joint venture with Morgan Solar Inc., to develop and produce a disruptive low-cost PV module, designed specifically for large commercial and utility-scale projects. This JV brings two of the most innovative and technologically innovative companies in the solar industry, to share their knowledge and experience to produce great quantities of high quality photovoltaic modules at internationally competitive costs.

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

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