Concentrated Photovoltaic Market Scenario:
A concentrated photovoltaic (CPV) is a technology that transforms the sunlight into electrical energy in the same way the conventional photovoltaic technology does. The optical concentrators are used to harvest the sunlight from a widespread area and focus it directly onto a small area covered by PV cells. This helps increase the intensity of the light reaching the PV cells, and hence increases the amount of power the cells can produce.
Growing investment in renewable energy, across the globe is the major factor driving the growth of the market. Increasing population, flourishing industries in emerging economies, and a rise in infrastructure development activities are all leading to an enormous rise in demand for electricity. This factor, along with the rise in stringent environment protection regulations across the globe, forces the power generation industry to shift to cleaner and environment-friendly energy resources.
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Segmentation
The global concentrated photovoltaic (CPV) market is segmented by type and application.
On the basis of type, the market is divided into high concentrated photovoltaic (HCPV) and low concentrated photovoltaic (LCPV). HCPV accounted for the largest market share of 93.14% in 2016, with a market value of USD 950.3 million and is anticipated to grow at the highest CAGR of 11.63% during the forecast period. This technology uses low cost, concentrating optics in place of large areas of silicon to capture and transform the sun’s radiant power into electricity. HCPV technology performance advantages are maximized in geographical locations, which are warm and have high levels of sunshine, measured by Direct Normal Irradiance (DNI). Currently, more than 90% of the capacity installed, is in the form of HCPV with two-axis tracking.
On the basis of application, the market has been divided into commercial and utilities. Utilities is a major application of the concentrated photovoltaic market. It accounted for the largest market share of 85.16% in 2016, with a market value of USD 868.84 million and is projected to grow at the highest CAGR of 11.70% during the forecast period.
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Regional Outlook
On the basis of region, Asia Pacific region 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 CAGR of 11.84% during the forecast period. High demand for energy in the region due to growing population and rising disposable income among individuals are the major factors driving the growth of the CPV market. China, Taiwan, and Australia are the major market in the Asia Pacific region.
Americas was the second largest market & valued at USD 215.1 million in 2016. The U.S. is the major market in the region. It is the second largest market in terms of total installed capacity after China. According to the NERL, in 2016, the total installed CPV capacity was 67.27 MW.
Middle East & Africa is another major market for the concentrated photovoltaic (CPV). CPV systems work well in high heat regions.
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), Suncore Photovoltaic Technology Company Limited (China), and 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.
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