Global CPV Solar Market Analysis - Global Industry Size, Share, Trends and Forecast, 2018 - 2025

Published - Aug 2018 | Category - Energy and Power | No. of Pages - 105 | Published By - ARC

Introduction

Concentrator photovoltaics are solar power generation systems which, use lenses and curved mirrors for focusing sunlight onto a small but highly efficient area of the PV cell. CPV systems often employ solar trackers to further increase its efficiency. Concentrator photovoltaic (CPV) technology entered the market in the mid-2000s as a utility scale solar power generation option. While the technology has witnessed widespread acclaim and a significant number of installations across the globe in the past few years, it is still at a nascent stage of development. When compared to conventional flat-plate PV, which has been lauded for their easy applications in domestic settings and rooftops of public and private buildings, the concentrator photovoltaic technology is a relatively small player in the overall solar power generation market. The major companies for the global concentrator photovoltaic (CPV) market share include Zytech Solar, Sunpower Corporation, Suncore Photovoltaic Technology Co. Ltd., Solarsystem, Solar Junction, Soitec, Semprius Inc., Ravano Green Powers, Magpower, Isofoton S.A. and Amonix among others.

Market Drivers

CPV market price competitiveness, enhanced reliability and efficiency improvements are estimated to drive the global industry demand over the next few years. In addition, the surge in the global concentrator photovoltaic market can be seen by the incentives as well as subsidies offered by government to accomplish renewable energy targets. 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. In addition, less land requirement is also expected to surge the demand growth.