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Pune, India, June25, 2019(GLOBE NEWSWIRE) -- The global concentrated photovoltaic (CPV) market is forecasted to reach a valuation of USD 2,710.6 million by 2023, as per the latest report by Market Research Future (MRFR). The growth of the global market is expected to be at an impressive CAGR of 11.56% during the forecast period.
A Technology Boasting Noteworthy Potential
The history of concentrating photovoltaics dates back to the 70s, however, it is only recently attaining commercial viability.
The striking growth rate of the concentrated photovoltaics in the forthcoming years provides a detailed understanding of the booming state of the global market. It is increasingly being positioned in the global landscape as a technology that holds great promise in tackling the energy challenges faced by the world.
The global concentrated photovoltaic (CPV) market holds a number of key and prominent players, including SolAero Technologies Corp. (U.S.), Saint-Augustin Canada Electric Inc. (STACE) (Canada), Arzon Solar LLC. (U.S.), Suncore Photovoltaic Technology Company Limited (China), Sanan Optoelectronics Technology Co., Ltd (China), Radical Sun Systems, Inc. (U.S.), Morgan Solar Inc. (Canada), ARIMA Group (Taiwan), Suntrix Company Ltd (China), Cool Earth Solar (U.S.), Macsun Solar Energy Technology Co., Ltd. (China) Guangdong Redsolar Photovoltaic Technology Co. Ltd (China), Sumitomo Electric Industries, Ltd. (Japan), and others.
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Energy Industry Expected to Push the Global Market
One of the key driving factors influencing a positive growth of the global concentrated photovoltaic market is the increasing investment in renewable energy across the world. Additionally, the vast and expanding population base, rising infrastructural development activities, stringent environment protection regulations imposed by the government, and the booming number of industries in emerging countries are all contributing to the increasing demand for electricity. This is subsequently forcing the power generation industry to take notice and shift to a cleaner and environment-friendly energy resource.
CPV Tracking Reported to Pose as a Major Market Constraint
CPV tracking system synchronization is one of the major challenges to the overall growth of the market. At present, CPV tracking requires sufficient accuracy and reliability. Improper and inefficient tracking of CPV systems results into less energy output and thereby stands unfeasible in major globular regions.
Utilities Segment to Continue its Dominance
On the basis of application, the global concentrated photovoltaic (CPV) market is divided into utilities and commercial segments. Among these, the utilities segment held a majority of the market to its name with a share percentage of 85% and a valuation of USD 868.84 million. However, the commercial segment is another key application of the market and is expected to grow at a compound annual rate of 10.76% during the forecast period.
HCPV Segment to Enjoy a Lion's Share of the Market Category
The globalConcentrated Photovoltaic (CPV) Marketsegmentation on the basis of type divides it into low concentrated photovoltaic (LCPV) and high concentrated photovoltaic (HCPV). Among these, the HCPV segment held over 93% of the market share back in 2016 with a valuation of USD 950.3 million and the dominance is expected to continue in the near future.
Asia Pacific Region Anticipated to Steer the Global Market
The global concentrated photovoltaic (CPV) market is regionally segmented into the following regions Americas, Asia Pacific, Europe, and the Middle East & Africa.
Regionally, Asia Pacific leads the global market with the largest share of 52.55% as per the 2016 study and held a market valuation of USD 536.1 million. The region is expected to grow at an impressive pace in the near future with a CAGR of 11.84%.
Factors contributing to the growth of the market are the high demand for energy in the Asia Pacific region due to the expanding population base and a surging disposable income among the individuals herein. Some of the leading contributors of the market are China, Taiwan, and Australia. Among them, China being the most populated country in the world and holds the tag of being the world's largest producer of solar energy.
Americas and the Middle East & Africa Contain Latent Potential
As per the 2016 market analysis of MRFR, Americas stood as the second largest market and was valued at USD 215.1 million. The US accounts for the largest share in the region and is expected to contribute significantly in the forthcoming years.
The Middle East & Africa is another key region in the global concentrated photovoltaic market. As CPV systems work proficiently in heat region, the region is perfectly fit for the market to flourish. Countries like Lebanon, South Africa, Saudi Arabia, and Morocco are the biggest contributory markets in the region.
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November 21st, 2018, CPVMatch, an EU-funded research consortium and led by the Fraunhofer Institute of Solar Energy Research of Germany, announced that its new experimental CPV solar module had attained an incredible solar conversion efficiency level of 41.4%. CPVMatch has been working on a continuous goal for over 3 years to make CPV technology be production-ready.
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