Concentrated photovoltaic market (CPV) is estimated to cross over USD 1 billion by 2022.This market is growing at an approximate CAGR over 13% from 2015 to 2022.The industry is expected to undergo rapid growth over the coming years. This is primarily due to increasing importance of renewable power generation sources especially in mature economies such as European Union and North America.
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Photovoltaic cell is an electrical device that converts light into electricity by photovoltaic effect. Technological development coupled with favorable government policies is expected to boost the CPV market further.
To generate electricity, concentrated photovoltaic technology makes use of lenses to collect huge amount of sunlight on small area. Concentrated photovoltaic systems provides several advantages such as low investment PV material and Solar cells. Due to smaller space requirements, they uses expensive multi- junction cell. Additionally, CPV systems require additional expenditure on cooling systems, concentrating optics and solar trackers.
Based on concentration levels, the industry is segmented into low and high concentrator photovoltaic (HCPV). Due to superior efficiency output, HCPV was the key product segment in 2014.This segment is expected to undergo fastest growth over the forecast period especially in developing countries such as South Korea, India and China. This is due to low manufacturing costs in the region.
Commercial and utility scale is the key applications in the market. Commercial is expected to be the rapid growing application segment. This is basically due to increasing power demand in developing economies such as Vietnam, South Korea, China and India.
Asia Pacific is anticipated to witness the highest growth over the next seven years owing to rapid industrialization in the region. The demand in the region is expected to grow at a CAGR of over 11.0% from 2015 to 2022. China is anticipated to become the major PV consumer in next seven years. Also, factors such as renewable targets by government, technology cost reductions and financial incentives will drive the CPV adoption in the region.
In 2014, Europe dominated the industry. Crossing over 16 MW of cumulative installed capacity, Spain led the region. Spain contributed over 70% of the worldwide CPV installed base in 2014.
Leading players in the concentrated photovoltaic market are adopting several strategies such as agreements and contracts to serve several industry sectors with broad geographic presence. Key players in the market are Magpower, Soitec, Semprius, SunPower Corporations, Zytech Solar, Suncor and Ravano Green Powers.
Information Source: Radiants Insights