Concentrated Photovoltaic Systems Market Rising Demand and Strong Application Scope by 2027

Rapid decrease in the price of conventional photovoltaic modules has resulted in increased demand for concentrated photovoltaic systems and other silicon-based solar technologies. Moreover, as the system requires a relatively smaller area for installation, it is anticipated to boost its demand. The industry is still at the initial stage, and the system is mostly used for special purposes. Performance, cost, reliability, and trade-offs are major factors that the manufacturers focus on in the global concentrated photovoltaic systems market.

High concentration PV systems with dual axis tracking are witnessing increased popularity in large-scale power plants. Highly efficient individual modules and lower area-related costs have escalated the rate of installation of HCPV across the large-scale power plants. HCPV is preferred more in humid climatic conditions, as the output of the PV cells used does not decline as rigorously as that of conventional crystalline silicon cells at high temperatures. Surge in demand for grid-connected electricity and rise in awareness regarding the use of renewable resources for power generation are expected to boost the growth of the concentrated photovoltaic systems market.

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U.S. is a rapidly growing market on account of increase in power demand, and this is expected to trigger the demand for renewable energy resources. Asia-Pacific is one of the leading markets for CPV. Presently, China has the largest CPV power plant in Golmud CPV Solar Park with a capacity of around 138 MWp, which is currently in operation. The Middle East and Africa are expected to present lucrative growth opportunities.

Key benefits of the report:

• This study presents the analytical depiction of the global the concentrated photovoltaic systems market along with the current trends and future estimations to determine the imminent investment pockets.

• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global concentrated photovoltaic system share.

• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global concentrated photovoltaic systems market growth scenario.

• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.

• The report provides a detailed global concentrated photovoltaic system analysis based on competitive intensity and how the competition will take shape in coming years.

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COVID-19 scenario analysis

The concentrated photovoltaic systems market has encountered a crisis due to the outbreak of the COVID-19 pandemic across the globe.

• Disruptions of supply chains due to the nationwide lockdown and unavailability of manpower have severely affected the manufacturers of concentrated photovoltaic system.

• Major markets such as the U.S. and Europe heavily depend on China for imports of low-cost photovoltaic cells. However, owing to the current situation, China is under complete lockdown, which has immensely affected the global concentrated photovoltaic systems market.

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