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.
Request Sample of this report @ https://www.marketresearchfuture.com/sample_request/5946
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.
Access Report Details @ https://www.marketresearchfuture.com/reports/concentrated-photovoltaic-market-5946
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Technologies and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
Market Research Future
Office No. 528, Amanora Chambers
Magarpatta Road, Hadapsar,
Pune - 411028
+1 646 845 9312
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release 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 here
News-ID: 1454241 • Views: 713
More Releases from Market Research Future - MRFR
Portable Data Storage Market Report Perceives A Fabulous Growth Prospects; Unlea …
Portable Data Storage Market The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Portable Data Storage Market. The growth sectors of the Portable Data Storage Market are identified with precision for a better growth perspective. Portable data storage devices stores digital information which can be accessed on a later date. The global portable data storage market is expected
Industry 4.0 Market 2020 Global Leaders Analysis: Daimler AG, Siemens AG, TRUMPF …
Market Research Future published a research report on “Industry 4.0 Market Research Report - Forecast 2022” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022. Industry 4.0 Global Market - Overview The data experts from Market Research Future (MRFR), the global industry 4.0 market is slated to generate lucrative levels of revenue, expanding at an incredible CAGR during the forecast period. Growth Drivers and Key Challenges Industry 4.0 results in the
High Temperature Coatings Market Analysis, Key Growth Drivers, Challenges, Leadi …
Market Research Future Published a Half-Cooked Research “Global High temperature coatings Market Research Report- Forecast to 2023” - Market Analysis, Scope, Stake, Progress, Trends and Forecast up to 2023. https://www.marketwatch.com/press-release/high-temperature-coatings-market-2019--premium-insight-industry-trends-competitive-news-feed-analysis-company-usability-profiles-market-sizing-forecasts-to-2023-2019-04-30 AkzoNobel N.V. (the Netherlands), The Sherwin-Williams Company (U.S.), PPG Industries Inc. (U.S.), The Valspar Corporation (U.S.), Axalta Coating Systems (U.S.), Jotun (Norway), Aremco (U.S.), Carboline (U.S.), Hempel (Denmark), Belzona International Ltd. (U.K.), Whit ford (U.S), and Weilburger Coatings GmbH (Germany), among others
Low GWP Refrigerants Market 2019: With Top Key Player and Countries Data: Trends …
Market Research Future has published a half-cooked research report on the Global Low GWP Refrigerants Market. Market Overview The global low GWP refrigerants was valued at USD 17.2 Billion in 2018 growing with the CAGR of 11.12% during the forecast period. The market is driven by limited environmental impact of low GWP refrigerants coupled with increasing demand for air conditioners and refrigeration. Global low (GWP) refrigerants are essential fluid for absorbing heat.
More Releases for CPV
Global Concentrated Photovoltaic (CPV) Market 2018
Press Release - 16 July 2018 Research and Development News -- . . Latest Update "Global Concentrated Photovoltaic (CPV) Market Research Report 2018" with Industries Survey | Global Current Growth and Future. ' ' This report studies the global Concentrated Photovoltaic (CPV) market status and forecast, categorizes the global Concentrated Photovoltaic (CPV) market size (value & volume) by manufacturers, type, application, and region. This report focuses on the top manufacturers in North America, Europe,
Global CPV Solar Market Research Market : Industry Size, Share, Growth, Forecast …
Latest industry research report on: Global CPV Solar Market Research Market : Industry Size, Share, Research, Reviews, Analysis, Strategies, Demand, Growth, Segmentation, Parameters, Forecasts This report studies the global CPV Solar market status and forecast, categorizes the global CPV Solar market size (value & volume) by manufacturers, type, application, and region. This report focuses on the top manufacturers in North America, Europe, Japan, China, and other regions (India, Southeast Asia, Central
Concentrator Photovoltaic (CPV) Market - Global Industry Analysis, Size, Share, …
Researchmoz added Most up-to-date research on "Concentrator photovoltaic (CPV) Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 - 2024" to its huge collection of research reports. Concentrator photovoltaic (CPV) technology entered the market in the mid-2000s as a utility scale solar power generation option. While the technology has witnessed widespread acclaim and a significant number of installations across the globe in the past few years, it is
Global CPV Solar Market Professional Survey Report 2017
Qyresearchreports include new market research report "Global CPV Solar Market Professional Survey Report 2017" to its huge collection of research reports. This report studies CPV Solar in Global market, especially in North America, China, Europe, Southeast Asia, Japan and India, with production, revenue, consumption, import and export in these regions, from 2012 to 2016, and forecast to 2022. This report focuses on top manufacturers in global market, with production, price, revenue and
Research Report Explores Global Concentrated Photovoltaic (CPV) Sales Market 201 …
Global Concentrated Photovoltaic (CPV) Sales Market Report 2017 According to the cost of solar cells steadily are declining, Concentrated Photovoltaic (CPV) is facing great crisis. Because the industry is still in the leading stage of technology, a project need to raise a lot of money, what is more, industry gross margin is smaller. So, after 2013, there are large enterprises choose to close, exit, transfer business from Concentrated Photovoltaic (CPV). However,
United States Concentrated Photovoltaic (CPV) Market Report 2017
This report studies sales (consumption) of Concentrated Photovoltaic (CPV) in United States market, focuses on the top players, with sales, price, revenue and market share for each player, covering Amonix Isofoton S.A. Magpower Ravano Green Powers Semprius Inc. Soitec Solar Junction Solarsystem Suncore Photovoltaic Technology Co. Ltd. Sunpower Corporation Zytech Solar Request Sample Report Here: http://www.reportbazzar.com/request-sample/?pid=746698&ptitle=United+States+Concentrated+Photovoltaic+%28CPV%29+Market+Report+2017&req=Sample Market Segment by States, covering California Texas New York Florida Illinois Split by product types, with sales, revenue, price, market share and growth rate of each type, can be divided into High Concentrated