The global concentrated photovoltaic (CPV) market is expected to reach USD 6.35 billion by 2025 at a
10.1% CAGR during the forecast period, according to a new report by Grand View
Research, Inc. Demand for concentrated photovoltaic is anticipated to register
rapid growth owing to its ability to harness solar energy in areas with no
space constraints.
CPV technology is yet to gain worldwide
acceptance and manufacturers are constantly engaged in developing new modules
with improved efficiency. Growing popularity of PV has overshadowed the
efficiency and advantages of CPV. However, the technology shows great promise
owing to its scalability and efficiency.
Globally, Asia Pacific is the largest
market for CPV. Presence of a large number of module manufacturers, coupled
with favorable government initiatives, is driving the demand for this
technology. The advantage of low labor cost and introduction of smaller rooftop
systems are also expected to boost market growth.
Full research report on concentrated photovoltaic
(CPV) market analysis:
Further key findings from the report suggest:
·
By level of concentration, low concentrated
photovoltaic is likely to be the fastest-growing segment at a revenue-based
CAGR of 10.8% from 2017 to 2025. This is owing to innovations resulting in
highly efficient products
·
The commercial application segment is
expected to exhibit a 9.0% CAGR from 2017 to 2025 in terms of revenue. This can
be attributed to increasing number of installations in manufacturing facilities
as well as private buildings
·
In terms of revenue, the reflector product
segment is expected to register a CAGR of 10.8% from 2017 to 2025 owing to
rapidly increasing demand for low concentration photovoltaics made from mirrors
·
By volume, Asia Pacific accounted for just
over 50.0% of the global market in 2016 on account of rapidly growing capacity
additions in China and India
·
The installed capacity of CPV in Middle
Eastern and African countries was 66.8 MW in 2016, backed by commissioning of
projects in countries such as South Africa, Morocco, and Jordan
·
Manufacturers are constantly working on
introducing new products with improved efficiencies and reduced quantities of
silicon
View more reports of this category by Grand View Research
at: https://www.grandviewresearch.com/industry/renewable-energy
Grand View Research has segmented the
concentrated photovoltaic market on the basis of product, application, level of
concentration, and region.
Product Outlook (Volume, MW; Revenue, USD Million, 2014 - 2025)
·
Reflector
·
Refractor
Application Outlook (Volume, MW; Revenue, USD Million,
2014 - 2025)
·
Utility
·
Commercial
Level of Concentration Outlook (Volume, MW; Revenue, USD
Million, 2014 - 2025)
·
High concentration photovoltaic
·
Low concentration photovoltaic
Regional Outlook (Volume, MW; Revenue, USD Million, 2014 - 2025)
·
North America
o U.S.
o Canada
·
Europe
o France
o Spain
·
Asia Pacific
o China
o India
o Japan
·
Central & South America
o Brazil
·
Middle East & Africa
Access Full Press Release of this
Report:
https://www.grandviewresearch.com/press-release/global-concentrated-photovoltaic-cpv-market
https://www.grandviewresearch.com/press-release/global-concentrated-photovoltaic-cpv-market
About Grand View Research
Grand View
Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more information: https://www.grandviewresearch.com/
