(MENAFN- America News Hour) In a recent published report, Kenneth Research has updated the market report for Concentrated Photovoltaic (CPV) Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Concentrated Photovoltaic (CPV) Market products.
A Concentrator Photovoltaic (CPV) system transforms light energy into electrical energy in the similar way the conventional photovoltaic technology does. The optical components, which are also known as optical concentrators, are manufactured to harvest sunlight from a broad area of incidence and concentrate it directly onto a small area covered by the photovoltaic (PV) cells. This phenomenon vitalizes the intensity of the incident sunlight reaching the PV cells, which in turn, increase the amount of the power the cells can generate.
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In 2015, a new world record was set for global investment in renewable energy with a total investment of USD 285.9 billion. (UN Environmental Programme). The current and future planned investment in renewable energy is expected to lead the solar industry. Solar electricity in most of the developed economies is competitive with conventional energy sources.This has created a lucrative market for solar industry across the world. The global initiative to promote renewable energy and reduce harmful emission is likely to drive the global concentrated photovoltaic market.
In 2015, Soitec demonstrated a CPV module efficiency of 38.9 % at Concentrator Standard Test Conditions (CSTC), and efficiencies of commercially available CPV modules exceed 30%. The continuous effort from renowned research institutes such as National Renewable Energy Laboratory (NREL) and many others to improve the efficiency of the CPV, thus reducing the overall cost associated with the system. CPV electricity generation is dependent on DNI as it does not absorb any diffuse radiation from the sun. This has made CPV technology more feasible in the high Direct Normal Irradiance (DNI) regions across the globe. A huge number of the CPV systems are likely to be deployed in these sunlight-rich regions in the coming years.
Key players covered in the global concentrator photovoltaic (CPV) market report 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), 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), Macsun Solar Energy Technology Co., Ltd. (China) , and others.
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• Raw materials suppliers
• Aftermarket suppliers
• Research Institute & education institute
• Potential investors
• Key executive (CEO and COO) and strategy growth manager
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• Global concentrator photovoltaic (CPV) market is expected to reach USD 2,710.6 million by 2023
• By type, high concentrated photovoltaic (HCPV) segment dominated the global concentrator photovoltaic (CPV) market with 93.14% of share in 2016, in terms of value. It is expected to show the highest growth at a CAGR of 11.63% during the forecast period
• By application, utility segment accounted for the market value of USD 868.8 million in 2016 and is projected to grow at a CAGR of 11.70% during the forecast period
• Geographically, Asia Pacific is projected to hold the largest share of the global concentrator photovoltaic (CPV) market with a share of 52.55%.
Regional and country level analysis and forecast of the global concentrator photovoltaic (CPV) market
Asia Pacific is one of the major regions in the global concentrator photovoltaic market. It 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 the highest CAGR of 11.84% during the forecast period. The demand for energy is increasing on account of growing population and rising disposable income in the region. Moreover, these rapidly growing economies in this region are also the major polluters in the world.
CPV is identified as the best replacement to other conventional fossil fuel energy sources that are used to reduce carbon emission by effectively meeting the electricity needs. The American solar industry is quite developed than that of other regions of the world. According to the World Energy Agency, location, incentives, and government policies are majorly contributing to the growth of the market. Thus, Americas CPV market is expected to grow at a CAGR of 10.62% during the forecast period.
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The reports also cover country-level analysis:
Rest of Americas
Rest of Europe
• Asia Pacific
Rest of Asia Pacific
•Middle East & Africa
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