About CPV Solar
Concentrator photovoltaics (CPV) solar is a technology used to generate electricity from solar energy. Increasing government initiatives for green energy owing to environmental concerns such as greenhouse gas emission booting the demand for solar CPV. Further, increasing industrial automation and investment for technological developments in CPV solar such as the use of achromatic lenses, rising installations of power stations and solar thermal PV plants, and rising demand for higher energy output systems from developing countries expected to drive the CPV solar market over the forecasted period.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 12.4% |
Numerous players are present in the market hence fragmented nature of the market. Market leaders are focusing on technological development to enhance the efficiency of CPV solar system. For instance, in a research study called CPV Match, led by Germany’s highly respected Fraunhofer Institute of Solar Energy Research, and funded by the European Union. They use of achromatic lenses for the latest experiment of CPV solar module by focusing on focus incoming sunlight on the miniaturized multi-junction solar cell which increases the solar conversion efficiency of 41.4 %. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global CPV Solar market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Amonix (United States), Soitec (France), Isofoton (United States), Semprius (United States), Solar Junction (United States), Sunpower Corporations (United States), Suncore (United States), SolarSystems (Australia), Zytech Solar (Spain), Solar World (Germany), Magpower (Portugal), Ravano Green Powers (Italy) and OPC Energy (Israel) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Insolight (Switzerland), Canadian Solar (Canada), Schott Solar (Germany), Sharp Corporation (Japan) and Jinko Solar Holding Company Ltd. (China).
Segmentation Overview
AMA Research has segmented the market of Global CPV Solar market by Type (High Concentrated Photovoltaic and Low Concentrated Photovoltaic), Application (Utility-Scale, Commercial and Others) and Region.
On the basis of geography, the market of CPV Solar 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). If we see Market by Technology, the sub-segment i.e. Reflector [Parabolic Mirror will boost the CPV Solar market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Demand of Silicon-Based CPV Solar System and Emphasizing On Rural Electrification Programs in Developing Economies
Market Growth Drivers:
Government Initiative towards Use of Renewable Resources for Power Generation and Increasing Demand for CPV Solar From Emerging Economies
Challenges:
Lack of Power Infrastructure in Developing Countries and High Price of Grid Electricity
Restraints:
System Complexity and Costly Manufacturing Process and High Initial Capital Investment Associated With Solar PV
Opportunities:
Growing Demand for Low-Cost and High-Efficiency Solar Modules among Manufacturing Industry and Technological Advancement in CPV Solar System Designing
Market Leaders and their expansionary development strategies
In September 2020, OPC Energy announced that it has completed the acquisition of American company CPV, with an estimated investment of USD 700-800 million, part of which is also intended for investment in future projects of CPV
22nd February 2019, Insolight a solar photovoltaic modules manufacturing company in Switzerland, has created the most efficient concentrating photovoltaic solar panels (CPV), integrated with technology that uses lenses to concentrate light onto small solar panels.
Supportive Government Regulations Regarding the Adoption of CPV Panels in Order to Support the Adoption of Renewable Energy Sources is One of The Factors Boosting the Market Growth
Key Target Audience
Solar PV Cells Manufacturers, Solar Power Technical Consultants, Cpv Component Supplier, Cpv Module Manufacturer, Solar Power Equipment Manufacturers, Crystalline Silicon Suppliers, Commercial Research Labs, Government Agencies 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.