Concentrated Photovoltaic Market Overview, Competitors Strategy and Trends 2023

Posted by Anvi on February 19th, 2020

Concentrated Photovoltaic (CPV) Market Analysis

The global Concentrated Photovoltaic Market is predicted to have a notable growth at 11.56% CAGR over the predicted years (2017-2023). Concentrated photovoltaic or CPV is a photovoltaic technology which produces electricity from sunlight. As opposed to conventional photovoltaic systems, this uses curved mirrors or lenses for focusing sunlight onto highly efficient, small, multi junction solar cells. Moreover, concentrated photovoltaic systems often utilize solar trackers and at times a cooling system to boost their efficiency further.

Concentrated photovoltaics (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.

Concentrated Photovoltaic Industry Segmentation

MRFR report offers a wide segmental analysis of the concentrated photovoltaic market on the basis of type and application.

Based on type, the concentrated photovoltaic market is segmented into low concentrated photovoltaic (LCPV) and high concentrated photovoltaic (HCPV).

Based on application, the concentrated photovoltaic market is segmented into utilities and commercial. Of these, utilities will dominate the market over the predicted years.

Regional Analysis

By region, the concentrated photovoltaic market covers growth opportunities and latest trends across Middle East and Africa, Asia Pacific, Europe and Americas. Of these, Asia Pacific will steer the market over the predicted years. This is owing to the region’s growing need for energy, rising disposable income and the growing population. Australia, Taiwan and China are the key contributors here. China is the world’s largest producer of solar energy. The government in China is aiming to cut down carbon footprint. It also encourages the installation of CPV in the country. The concentrated photovoltaic market in the Americas will have the second major share over the predicted years. The US is the fastest growing market followed by Mexico owing to strict regulations laid down by the government related to the utilization of restricted natural resources. The concentrated photovoltaic market in the Middle East and Africa will have a major share over the predicted years. Growing need for electricity, plenty of sunlight and dropping price of CPV are the key factors that is propelling the market growth. Morocco, Lebanon, South Africa and Saudi Arabia are the key contributors in this region.

Key Players

Leading players profiled in the concentrated photovoltaic market 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 (U.S.), Arzon Solar LLC. (U.S.), SolAero Technologies Corp. (U.S.), Radical Sun Systems, Inc. (U.S.), and others.

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