Concentrated Photovoltaic (CPV) Market is projected to be worth USD 4.81 billion by 2028, registering a CAGR of 17% during the forecast period (2021 - 2028).
The concept of concentrated photovoltaic (CPV) is a type of modern technology that easily transforms the natural sunlight into major electrical energy in the proper way as the conventional photovoltaic technology used to do. The advanced optical concentrators are applied to properly harvest the natural sunlight from across the board area and primarily focus it directly onto a tiny area which covered by direct PV cells. Under concentrated photovoltaic (CPV), it helps increase the total intensity of the light reaching the PV cells and intact it, and hence raises the total amount of actual power the cells can majorly produce. Increasing investment in the renewable energy sector, all across the world is the primary factor accelerating the growth of the Concentrated Photovoltaic (CPV) market. Rising population, increasing and flourishing industries in various emerging economies, and improvement in infrastructure development activities are all compelling factors to an enormous rise in total demand for electricity in urban sector. Due to this factor, along with the increase in developed stringent environment protection regulations across the world, primarily forces the lead power generation industry to vertically shift to much cleaner and environment-friendly energy resources worldwide.
Latest technology and increased demand for electricity has increased the demand for concentrated Concentrated Photovoltaic (CPV), there are major benefits of modern technological innovations. This compelling factor has increased the need and concentrated photovoltaic Market Share. The significant part of Europe and Asia is estimated to be the quickest growing area and shown positive stats across market Growth.
COVID 19 Impacts and effects
In the year 2015, an amazing record was set for global investment in the field of renewable energy (UN Environmental Programme). The primary, current and future planned investment in the Concentrated Photovoltaic (CPV) Market is expected to lead the universal solar industry. The COVID 19 has affected all the countries and the concentrated photovoltaic Market Analysis as well. Continuous lockdowns have adversely affected the concentrated photovoltaic sector. There are major factors like transportation infrastructure, new construction, distribution, lack of spaces; and much-decreased development activities have primarily related with the total demand for electricity. People are not consuming electricity like earlier in industries because of slowdown. Major strategic developments are taking place in this sector in the current time that enhances the growth of the concentrated photovoltaic Market Value. MNC and local government are investing and focusing more in the Concentrated Photovoltaic (CPV) because of the increasing demand from consumers and higher growth.
The major players adopted several strategies to retain or expand their market share. The key strategy followed by most companies within the global concentrator photovoltaic (CPV) market was that of mergers & acquisitions, followed by partnership & collaboration.
Saint-Augustin Canada Electric Inc. (STACE), a major supplier of large electrical equipment in the power generation industry announced the acquisition of Soitec’s Concentrated Photovoltaic (CPV) System technology. This acquisition helped the company increase their presence in the renewable industry and complete their offering in the solar energy market.
EnerTech signed a strategic investment and partnership agreement with Morgan Solar Inc. Under the agreement, EnerTech has planned to invest in MSI, and transferring solar concentrated photovoltaic technology to Kuwait and the Middle East region.
In December 2017 Silfab Solar Inc., has formed a joint venture with Morgan Solar Inc., to develop and produce a disruptive low-cost PV module, designed specifically for large commercial and utility-scale projects. This JV brings two of the most innovative and technologically innovative companies in the solar industry, to share their knowledge and experience to produce great quantities of high quality photovoltaic modules at internationally competitive costs.
ACWA Power, an energy major at Saudi Arabia had declared the financial close for the 1.5 GW Sudair solar project that is developed under the PIF (public investment fund) renewable energy program.
The key players of global concentrated photovoltaic (CPV) market 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), and 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), and Macsun Solar Energy Technology Co., Ltd. (China), are among others.
Global Concentrated Photovoltaic (CPV) Market Segmentation:
World’s one of the leading companies Saint-Augustin Canada Electric Inc. (STACE), a primary supplier of large electrical equipment in the electricity power generation industry recently announced the acquisition of another leading company called Soitec’s Concentrated Photovoltaic (CPV) System technology to increase in growing concentrated photovoltaic Market Trend. The deal acquisition helped the organization to increase their huge presence in the latest renewable industry and also complete their total offering in the world’s solar energy market. Another leading organization named EnerTech to increase its presence and rank higher in concentrated photovoltaic Market Analysis has signed a basic strategic investment and partnership agreement with the growing company called Morgan Solar Inc. Under the acquisition agreement, the enterprise named EnerTech has managed and planned to particularly invest in MSI, and is basically transferring solar concentrated modern photovoltaic technology to other nations like Kuwait and the Middle East region.
In the year December 2017 the organization, Silfab Solar Inc., formed a basic joint venture with famous enterprise Morgan Solar Inc., to build and produce a basic disruptive low-cost PV module, which is designed and constructed specifically for bigger commercial and utility-scale projects worldwide. This JV aims to bring together two of the most innovative and technologically innovative enterprises in the global solar industry.
The market for Concentrated Photovoltaic (CPV) Market segregated into North America, Europe, Asia Pacific region, and Rest-of-the-World (RoW), ranking is based upon the country-level market sizing and other factors. The Concentrated Photovoltaic (CPV) Market is very humongous, all the major participants of the market have vital roles. There is no basic debate that in spite of the imposed lockdown of COVID 19, the latest trends and future opportunities of the concentrated photovoltaic Industry will see tremendous rising opportunities.
The history of concentrating photovoltaics began in the 70s, but it is growing, and attaining commercial viability now. The astonishing growth rate of the concentrated photovoltaics in the future years is booming. It is impressively being positioned in the global platform as a technology that holds concrete promise in tackling the modern energy challenges faced by the world. The market has been very popular nowadays and booming. There are plenty of emerging markets related to the Concentrated Photovoltaic (CPV) all across the world and major countries like India, China, and Brazil that are projected to grow fast over the estimated years.
COVID19 has primarily disrupted the entire supply chain and affected concentrated photovoltaic Market Value. Not only this, Prolonged lockdown made a various negative influence and affected the morale of the big companies who are related in this field. The primary players have adopted modern strategies to retain or increase their market share. The basic key strategy which followed by world’s companies has increased concentrated photovoltaic Market Revenue due to mergers & acquisitions, followed by partnership & collaboration.
The concentrated photovoltaic Market Outlook is estimated to have an increased revenue, according to an in-depth detailed report by the latest Market Research Future (MRFR). Around a CAGR of 11.84% and revenue amounting to USD 536.1 million. There is an increasing and impressive demand. Lots of major factors are boosting the Concentrated Photovoltaic (CPV) market. The companies and local government are planning and executing current business operations through innovation techniques.
Due to high demand for energy consumption in the region due to increasing population and upgrading disposable income among various individuals are the primary and basic factors driving the growth of the Concentrated Photovoltaic (CPV) market. Many countries, for example China, Taiwan, and Australia, have large numbers of shares in the Asia Pacific region. China is the biggest and largest producer of solar energy in the world. The government of China aims at reducing carbon footprint for the sake of saving the environment. This also increases the share of the market.
The global Concentrated Photovoltaic (CPV) market is witnessed a substantial growth. The global initiative to increase growing renewable energy and reduce band and harmful emission is likely to improves the market share for the global market.
CPV systems are divided into many categories. Primarily, there are two broad segments of CPV systems: first one is High concentration PV (HCPV) and the second one is low concentration PV (LCPV). A primary reason for the rising installation of HCPV across various large-scale power plants is to develop efficiency of individual modules and major substantial reduction in all varieties of area-related costs of the overall power generation project of various sectors.
On the basis of Geographic Segmentation:
Division by Application
The basic and popular companies are global concentrated photovoltaic (CPV) market are Radical Sun System limited, SolAero Technologies Corporations, Arzon Solar limited, Cool Earth Solar company, Morgan Solar Inc. from Canada, The companies in this sector have primary players which encompass various effective strategies and fast research and development activities, major geographic expansions, primary strategic alliances, various product launches, and others.
Division by Region
The regional analysis of several concentrated photovoltaic (CPV) markets is segregated such as Asia pacific, North America, European nations and rest of the world countries. As per Geographical, Asia Pacific is projected to be the biggest contributor as ruled by several distribution channels. China is projected to grow rapidly in the concentrated photovoltaic (CPV) market due to increasing investment.
Without a debate, Asia pacific is leading the concentrated photovoltaic (CPV) market due to the existence of the grand global players in this particular region as well as increased technological advancement.
The market players for the concentrated photovoltaic (CPV) market industry, are:
On the basis of application, the market has been divided into commercial and utilities. Utilities is a major application of the concentrated photovoltaic market. It accounted for the largest market share of 85.16% in 2016, with a market value of USD 868.84 million and is projected to grow at the highest CAGR of 11.70% during the forecast period.
|Market Size||2030: Significant Value|
|CAGR||17% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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), and 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), and Macsun Solar Energy Technology Co., Ltd. (China)|
|Key Market Opportunities||Focus On CPV Simulation Software|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The Concentrated Photovoltaic (CPV) market is expected to augment at 17% CAGR.
APAC is poised to mark 17% CAGR.
The Concentrated Photovoltaic (CPV) market in Mexico is expected to mark 10.41% CAGR.
Americas was valued at USD 215.1 Mn.
China is the largest country-level Concentrated Photovoltaic (CPV) market.
Commercial and utilities are the segments of the Concentrated Photovoltaic (CPV) market on the basis of application.
The key participants of the Concentrated Photovoltaic (CPV) market are Radical Sun Systems, Inc. (U.S.), Arzon Solar LLC. (U.S.), SolAero Technologies Corp. (U.S.), Cool Earth Solar (U.S.), ARIMA Group (Taiwan), Morgan Solar Inc. (Canada), Suncore Photovoltaic Technology Company Limited (China), Guangdong Redsolar Photovoltaic Technology Co. Ltd (China), Saint-Augustin Canada Electric Inc. (STACE) (Canada), Suntrix Company Ltd (China), Sumitomo Electric Industries, Ltd. (Japan), Sanan Optoelectronics Technology Co., Ltd (China), and Macsun Solar Energy Technology Co., Ltd. (China).