About Low Concentration Photovoltaic
A low-Concentration photovoltaic cell converts the solar power into direct current that is employed in semiconductor materials. A photovoltaic system consists of star panels and star cells, that convert solar energy into electricity. The star panels absorb the solar energy through direct daylight that is keep within the star cells that are created from layers of semiconductors, the energy keeps within the star cells is then remodeled into electricity and is employed for home yet as business applications.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 9.01% |
The global market for the Low Concentration Photovoltaic is fragmented by global players owing to the rising demand for the advancements in technology and energy conversion for the rising demand for the energy distribution in developing regions. The player should focus on efficiency and low-cost materials for grabbing the market share. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Arzon Solar, LLC (United States), Trina Solar (China), Yingli Solar (China), Hanwha Q CELLS (South Korea), Soitec (France), Solar Electric Supply, Inc. (United States), Semprius, Inc. (United States), Solar Junction (United States), SunPower Corporation. (United States) and Ravano Power Ltd. (Italy) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Suncor Energy Inc. (Canada), SolarSystems (Ukraine), Zytech (India), Magpower, Inc. (United States) and Zinco (United States).
Segmentation Overview
AMA Research has segmented the market of Global Low Concentration Photovoltaic market by Type (Refractor and Reflector), Application (Commercial-scale and Utility-scale) and Region.
On the basis of geography, the market of Low Concentration Photovoltaic has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. If we see Market by Sales Channel, the sub-segment i.e. Online will boost the Low Concentration Photovoltaic market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Product Development for Efficient Energy Conversion in Solar Energy
Market Growth Drivers:
Rising Demand for the Renewable Energy Sources with Help of Advanced Technologies and Increasing Demand for Energy Supply for Industrial Usage in Developing Regions
Challenges:
Availability of Substitutes and Complex Infrastructure
Restraints:
High Costs involved in Manufacturing and Employment
Opportunities:
Rising Government Investment in Solar Power Plants and Increasing Employment of Low Concentration Photovoltaic for Different Military Applications
Market Leaders and their expansionary development strategies
In September 2023, The Asian Development Bank (ADB) and the Government of Mongolia has inaugurated a 10-megawatt solar photovoltaic power plant in Govi-Altai province. The new plant, Serven, will provide about 20 million kilowatt-hour energy annually and is estimated to cut 15,000 tons of carbon dioxide greenhouse gas emission per year during its lifetime. The power plant is financed by ADB’s Upscaling Renewable Energy Sector Project which supports 41-megawatts of distributed renewable energy systems
In December 2023 Trina Solar, a global leader in smart PV technology and energy storage solutions, has launched the 700W+ Photovoltaic Open Innovation Ecological Alliance in partnership with five other leading manufacturers: Astroenergy, Canadian Solar, Risen Energy, TCL Zhonghuan and Tongwei.
Key Target Audience
Low Concentration Photovoltaic Manufacturer, Raw Material Manufacturer, Research Institutes, End-User Industry and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.