The Global Concentrated Photovoltaic (CPV) market size was worth USD 2.67 billion in 2016, and it is estimated to reach a valuation of USD 5.0 billion by the end of 2026. It is expected to grow at a CAGR of 11% between the forecast period 2020 to 2026.
The technology transforms solar energy into useful forms of energy by soaking solar photons (particles of light which is operating as energy units). A photovoltaic cell can also be referred to as a solar cell. The solar cell can be described as an electric device that converts light energy into electricity or electric energy by using the photovoltaic effect. Solar cells are a form of photoelectric cell that, upon exposure to light, will produce and maintain an electric current without the need for any other voltage sources.
It requires an external source of energy consumption. It is possible to have solar PV panels placed together as an array of series or parallel modules to provide any amount of power required, ranging from a few watts to megawatts or kilowatts size. There is various kind of solar cells, such as polycrystalline, buried contact solar cell, plastic solar cell, monocrystalline solar cell, polymer solar cell, cadmium telluride solar cell, hybrid solar cell, and plasmonic solar cell, among others.
A rapid drop in the cost of traditional PV modules has led to increasing demands for CPV and other solar technologies that use silicon. Additionally, CPV requires a relatively smaller amount of space to install, which can be expected to increase the market in the coming years. Solar technology is typically used in areas that have direct sunlight. The field is at the beginning of its development; due to this, it’s typically used for specific uses. The performance, cost, and reliability are the main factors to be considered by producers on the market worldwide in the field of concentrated photovoltaics.
Concentrated Photovoltaic (CPV) Market makes use of optics, such as a lens or curved mirrors, to capture large amounts of sunlight onto a limited surface of photovoltaic (PV) cells to produce electricity. CPV systems have numerous advantages over non-concentrated solar photovoltaics. Since a lesser area of photovoltaic material must be used, CPV can save money on the price of solar cells. It requires fewer photovoltaic materials to absorb the same amount of light as the non-concentrating PV. CPV utilize multi-junction cells with high efficiency, but they are expensive and economically feasible due to their smaller requirements for space. To focus sunlight on the tiny area of photovoltaics, CPV systems need extra investment in solar trackers and concentrator optics (mirrors or lenses) and cooling systems. Due to the additional expenses, CPVs are far less popular than non-concentrated photovoltaics. Yet, continuous studies and developments are working to enhance CPV technology and reduce its cost.
The most common classification of CPV modules is by determining the intensity, which is expressed as the number of suns. There are various kinds of CPVs include LCPV (low concentration photovoltaics), medium concentration photovoltaics, HCPV (high concentration photovoltaics), and luminescent solar concentrators.
Based on the Plastics Institute of America, Europe is predicted to be the most important regional market, accounting for 16.48 GW in PV demand which is about half the world’s demand. Asia-Pacific is the 2nd largest market, driven by the rapid rise in that Chinese market. China is expected to surpass Germany in the coming years in order to be the largest PV user. Renewable targets for the government technological advancements, financial incentives, and cost reductions are three key factors that are encouraging the use of solar around the world. Policies of government are significant factors driving the solar photovoltaic market. By 2020, solar energy is expected to be priced at a comparable cost to conventional electricity, free of subsidies and policies from governments in the majority of countries.
Market Trend and Dynamics of the Global Concentrated Photovoltaic Systems Market:
Based on the type of application market, it’s divided into non-utility and utility. Utility applications dominate the market, with a rise in the number of contracts for power purchases between electricity boards as well as private sector businesses and private sector companies, which is expected to drive up the amount of concentrated photovoltaic installation within the utility segment.
Based on the conversion rate, the market is divided into three segments: below 30 percent, 30%-40%, and above 40 percent. The 40% above segment is anticipated to dominate the market, resulting in reduced dimensions of the solar panel, which in turn increases the overall efficiency of the cost. Growing demand for high-efficiency, low-cost solar modules by manufacturers is likely to have a positive effect on the penetration into the market of high-concentration photovoltaics.
The main driver of that market has been the increasing investments in renewable energy due to its advantages and many applications. Other factors that drive the market are the rising demand for electricity, the strict environmental protection regulations, as well as an increase in the cost of traditional PV modules.
The primary obstacle to the market is the poor efficiency in comparison to other renewable energy sources. Other reasons that limit the market’s growth include the large capital costs for energy storage and the inability to generate power under diffused lighting conditions, and the energy production is dependent on weather conditions and the climate (in the case of cloudy or rainy weather, the energy production is lower).
The Key Market Segmentation of the Global Concentrated Photovoltaic Systems Market:
Global Concentrated Photovoltaic Systems Market can be divided into Product Types, Applications, Conversion Rates, Geographical landscapes, etc.
Concentrated Photovoltaic Systems Market Segmentation By Product Type:
Concentrated Photovoltaic Systems Market Segmentation By Application:
Concentrated Photovoltaic Systems Market Segmentation By Conversion Rate:
- Below 30%
- 30% – 40%
- Above 40%
Concentrated Photovoltaic Systems Market Segmentation By Geographical Landscape:
- North America
- Asia Pacific
- South America
- Middle East and Africa
Major Key Players in the Global Concentrated Photovoltaic Systems Market Are:
- Ravano Green Powers
- Sunpower Corporation
- Isofoton S.A.
- Saint-Augustin Canada Electric Inc.
- Zytech Solar
- Suncore Photovoltaic Technology Co. Ltd.
- Solar Junction
- Semprius Inc.
- Cool Earth Solar
- ARIMA Group
- Sanan Optoelectronics Technology Co., Ltd
- Morgan Solar
- Chroma Energy
- Akhter Solar
- Macsun Solar Energy Technology Co., Ltd.
- Suntrix Company Ltd
- Sumitomo Electric Industries, Ltd.
The Global Concentrated Photovoltaic Systems Market Report Highlights:
In May 2020, The Noor Energy Solar Power Plant is a hybrid 700MW concentrated solar power (CSP) and 250MW photovoltaic (PV) plant. It is being constructed for Dubai Electricity and Water Authority (DEWA) through a consortium that is led by DEWA and ACWA Power. They claim that the project will raise the percentage of clean energy in the city to 25 percent by 2030, which will result in the city saving 1.6 million tonnes of CO2.
In July 2017, on the campus of Pennsylvania State University, a concentrated photovoltaic system that has embedded micro-tracking could produce more than 50 percent more energy daily than silicon solar cells during the head-to-head competition.
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