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
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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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. China is the most populated country as well as the largest producer of solar energy in the world. The China government aims at reducing carbon footprint. This also encourage CPV installations in the country. According to NERL, in 2016, the installed CPV capacity was reported to be 169.89 MW.
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. U.S. is one of the fastest growing market, mainly due to the strict government regulations pertaining to the use of limited natural resources.
This increases the growth of renewable energy resources over the forecast period. Mexico is the second largest market in the region and is expected to grow at a CAGR of 10.41%.
Middle East & Africa is another major market for the concentrated photovoltaic (CPV). CPV systems work well in high heat regions. Dropping costs for Concentrated Photovoltaic coupled with plenty of sunlight and huge need for electricity in the region, create an opportunity for the CPV market in the region. Saudi Arabia, South Africa, Lebanon, and Morocco are the major markets in the region.
Global Concentrated Photovoltaic (CPV) Market Segmentation:
For study, 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.
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.
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%.
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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