The
global concentrated photovoltaic (CPV) market is expected to reach USD 6.35
billion by 2025 at a 10.1% CAGR during the forecast period, according to a new
report by Grand View Research, Inc. Demand for concentrated photovoltaic is
anticipated to register rapid growth owing to its ability to harness solar
energy in areas with no space constraints.
CPV
technology is yet to gain worldwide acceptance and manufacturers are constantly
engaged in developing new modules with improved efficiency. Growing popularity
of PV has overshadowed the efficiency and advantages of CPV. However, the
technology shows great promise owing to its scalability and efficiency.
Globally,
Asia Pacific is the largest market for CPV. Presence of a large number of
module manufacturers, coupled with favorable government initiatives, is driving
the demand for this technology. The advantage of low labor cost and
introduction of smaller rooftop systems are also expected to boost market
growth.
Browse full
research report on Concentrated Photovoltaic Market: www.grandviewresearch.com/industry-analysis/concentrated-photovoltaic-market
Further key
findings from the study suggest:
- By level of concentration, low concentrated photovoltaic
is likely to be the fastest-growing segment at a revenue-based CAGR of
10.8% from 2017 to 2025. This is owing to innovations resulting in highly
efficient products
- The commercial application segment is expected
to exhibit a 9.0% CAGR from 2017 to 2025 in terms of revenue. This can be
attributed to increasing number of installations in manufacturing
facilities as well as private buildings
- In terms of revenue, the reflector product
segment is expected to register a CAGR of 10.8% from 2017 to 2025 owing to
rapidly increasing demand for low concentration photovoltaics made from
mirrors
- By volume, Asia Pacific accounted for just over
50.0% of the global market in 2016 on account of rapidly growing capacity
additions in China and India
- The installed capacity of CPV in Middle Eastern
and African countries was 66.8 MW in 2016, backed by commissioning of
projects in countries such as South Africa, Morocco, and Jordan
- Manufacturers are constantly working on
introducing new products with improved efficiencies and reduced quantities
of silicon
Browse more
reports of this category by Grand View Research: www.grandviewresearch.com/industry/renewable-energy
Grand View Research has segmented the concentrated photovoltaic market on
the basis of product, application, level of concentration, and region.
Product
Outlook (Volume, MW; Revenue, USD Million, 2014 - 2025)
- Reflector
- Refractor
Application
Outlook (Volume, MW; Revenue, USD Million, 2014 - 2025)
- Utility
- Commercial
Level of
Concentration Outlook (Volume, MW; Revenue, USD Million, 2014 - 2025)
- High
concentration photovoltaic
- Low
concentration photovoltaic
Regional
Outlook (Volume, MW; Revenue, USD Million, 2014 - 2025)
- North
America
- U.S.
- Canada
- Europe
- France
- Spain
- Asia
Pacific
- China
- India
- Japan
- Central
& South America
- Brazil
- Middle
East & Africa
Access
Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-concentrated-photovoltaic-cpv-market
About Grand
View Research:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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