Concentrated Photovoltaic (CPV) Market

PUNE, India - Sept. 24, 2018 - PRLog -- The CPV technology uses mirrors or lenses in order to focus sunlight onto solar cells. CPV modules continue to develop in terms of efficiency, realizing conversion rates far beyond what is possible from traditional flat-panel PV modules. Speedy decrease in the price of conventional PV modules have resulted in increased demand for CPV and other silicon-based solar technologies. Moreover, CPV requires a relatively smaller area for installation, which is anticipated to boost its demand in the upcoming year. Low-cost and large-scale applications act as major drivers for CPV market. Previously, high cost of CPV systems compared to PV systems was a major barrier for the CPV market. Higher efficiency with low system cost coupled with renewable energy resources are expected to be the major factors driving the demand growth over the forecast period.

Refractors lead the concentrated photovoltaic market due to rise in preference for Fresnel lens
In terms of product, refractors lead the concentrated photovoltaic market due to rise in preference for Fresnel lens. Fresnel lens and high concentration photovoltaic systems together provide maximum efficiency, owing to which, their demand is anticipated to remain high over the forecast period. The ability of refractors to exhibit tolerance toward misalignment of solar cells and perform in areas involving variable light intensity are robust aspects estimated to drive its demand.

The utility application segment dominated the industry with a volume-based share of 86% in 2017
In terms of application, Commercial and utility are the major application segments where concentrated photovoltaic market is employed. The utility application segment dominated the industry with a volume-based share of 86% in 2017. This can be mainly attributed to the fact that they experience high irradiance. Increase in number of power purchase agreements between electricity boards and private sector companies is anticipated to bolster concentrated photovoltaic installations in the utility segment.

High concentration photovoltaic is anticipated to witness high demand over the forecast period
In terms of concentration Level, the concentration ratio is directly proportional to output power. High concentration photovoltaic is anticipated to witness high demand over the forecast period. High efficiency results in trimming of the size of the solar module, which, in turn, improves overall cost efficiency. Growing demand for high-efficiency and low-cost modules among manufacturers is anticipated to have a positive impact on the market penetration of high concentration photovoltaic.

Asia Pacific is one of the leading market for the global CPV market
In terms of region, Asia Pacific is one of the leading market for the global CPV market. Middle East and Africa is anticipated to be the second-fastest growing region, with demand majorly driven by rise in installations in South Africa. The CPV market in North America is estimated to register a CAGR of 11% from 2017 to 2026 in terms of volume. The advantage of low labor cost and introduction of smaller rooftop systems are also anticipated to boost market growth.

This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading manufacturers such as Ravano Green Powers, Sunpower Corporation, Zytech Solar, Soitec, Suncore Photovoltaic Technology Co. Ltd., Solarsystem, Solar Junction, Semprius Inc., Magpower, Isofoton S.A. and Amonix among others.

Maximize market research (https://www.maximizemarketresearch.com/), a global market research firm with dedicated team of specialists and data has carried out extensive research about the concentrated photovoltaic (CPV) market. Report encompasses the market by different segments and region, providing the in-depth analysis of overall industry ecosystem, useful for taking informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the concentrated photovoltaic (CPV) market. The driving forces as well as considerable restraints have been explained in depth. In addition to this, competitive landscape describing about the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain concentrated photovoltaic (CPV) market positioning of competitors.