The global concentrated photovoltaic market is growing at a rapid pace, witnessing multiplying installations. The market growth attributes to the global energy demand augmenting with the rapid economic growth, urbanization, and industrialization worldwide.
Concentrated photovoltaic (CPV) refers to advanced solar panel technology that can easily transform the natural sunlight into major electrical energy compared to conventional photovoltaic technology. Concentrated photovoltaic helps increase the total intensity of the light reaching the PV cells and intact it, fostering the total amount of overall energy production. CPVs are mobile assets that can be relocated or traded, and most importantly, provide a secure power supply even in extreme weather conditions.
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The market is poised to garner fabulous traction over the next couple of years. In this regard, Market Research Future (MRFR) asserts that the global concentrated photovoltaic market is set to witness significant growth by 2027, registering an impressive CAGR during the forecast period (2020 -2027). Rising investments in the renewable energy sector worldwide are a major factor accelerating the growth of the CPV market.
Besides, increasing infrastructure development projects substantiate the concentrated photovoltaic market share. The enormous rise in total electricity demand in urban and stringent environment protection regulations favors market growth. The lead power generation industry is rapidly shifting to much cleaner and environment-friendly energy resources, which influence the growth of the CPV market.
Conversely, high installation cost and designing complexities are major factors impeding the growth of the concentrated photovoltaic market. Nevertheless, increasing government initiatives promoting the uptake of renewable energy would support the market growth throughout the forecast period. Furthermore, rising CPV projects to produce emissions-free green hydrogen are likely to drive the growth of the market in the upcoming years.
Concentrated Photovoltaic Market - Segmentation
The report is segmented into type, application, and regions. The type segment is sub-segmented into high concentrated photovoltaic (HCPV) and low concentrated photovoltaic (LCPV). The application segment is sub-segmented into commercial and utilities. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Global Concentrated Photovoltaic Market - Geographical Analysis
The Asia Pacific region dominates the concentrated photovoltaic market. The largest market share attributes to the presence of key industry players in the region and government initiatives to promote renewable energy.
Besides, the skyrocketing demand for energy, rapid depletion of non-renewable energy sources such as fossil fuels, and scarcity of land are other major growth drivers. Furthermore, rapid growth in the utility sector and flourishing solar panel manufacturing facilities influence the regional market's growth.
North America is another lucrative market for concentrated photovoltaic technology globally. Large technological advances and evolving energy harvesting from renewable resources to meet the increasing energy demand fuel the region's market share.
Europe is also a substantially larger market in the global concentrated photovoltaic market. The market is predominantly driven by the government's emphasis on renewable energy sources for energy generation and rising environmental awareness.
Concentrated Photovoltaic Market - Competitive Landscape
Highly competitive, the CPV market looks fragmented with the presence of several well-established market players. To gain a larger competitive advantage, these players incorporate strategic initiatives, such as acquisition, collaboration, expansion, and technology launch. Market players continually strive for new ways to utilize their expertise and explore opportunities in the new energy industry.
Major Players:
Players leading the global CPV market include SolAero Technologies Corp. (U.S.), Radical Sun Systems, Inc. (U.S.), Arzon Solar LLC. (U.S.), Morgan Solar Inc. (Canada), Cool Earth Solar (U.S.), ARIMA Group (Taiwan), Guangdong Redsolar Photovoltaic Technology Co. Ltd (China), Suncore Photovoltaic Technology Company Limited (China), Sanan Optoelectronics Technology Co., Ltd (China), Saint-Augustin Canada Electric Inc. (STACE Canada), Suntrix Company Ltd (China), Macsun Solar Energy Technology Co., Ltd. (China), and Sumitomo Electric Industries, Ltd. (Japan), among others.
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