New York, Aug. 26, 2021 (GLOBE NEWSWIRE) -- Concentrated Photovoltaic Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Concentrated Photovoltaic Market Information by Type (High Concentrated Photovoltaic (HCPV) and Low Concentrated Photovoltaic (LCPV)), By Application (Commercial and Utilities) by Region - Forecast to 2028” the market size is projected to be worth USD 4.81 billion by 2028, registering a CAGR of 11.56% during the forecast period (2021 - 2028).
Key Players
Eminent players profiled in the global concentrated photovoltaic industry report include:
- Radical Sun Systems Inc. (U.S.)
- SolAero Technologies Corp. (U.S.)
- Arzon Solar LLC. (US)
- Cool Earth Solar (US)
- Morgan Solar Inc. (Canada)
- ARIMA Group (Taiwan)
- and Suncore Photovoltaic Technology Company Limited (China). Besides
- Guangdong Redsolar Photovoltaic Technology Co. Ltd (China)
- Sumitomo Electric Industries Ltd. (Japan)
- Saint-Augustin Canada Electric Inc. (STACE) (Canada)
- Sanan Optoelectronics Technology Co. Ltd (China)
- Suntrix Company Ltd (China)
- and Macsun Solar Energy Technology Co. Ltd. (China)
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The global concentrated photovoltaic market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, and more.
COVID-19 Analysis
The COVID-19 pandemic had impacted every country and the concentrated photovoltaic market is no different. Constant lockdowns have widely affected this sector. There are several factors such as much decreased development activities, lack of spaces, distribution, new construction, and transportation infrastructure that are primarily related to the complete demand for electricity. Because of slowdown people are not using electricity in industries like earlier. Key strategic developments are taking place in the sector in the present times that is boosting market growth. Local government and MNC are investing and focusing more in the CPV for the increasing need from consumers and also higher growth.
Industry Updates
ACWA Power, an energy major at Saudi Arabia had declared the financial close for the 1.5 GW Sudair solar project that is developed under the PIF (public investment fund) renewable energy program.
Concentrated Photovoltaic Market Drivers
Dramatic Fall in Prices of Traditional Photovoltaic Modules to Boost Market Growth
The dramatic fall in the prices of traditional photovoltaic modules has led to rise in the demand for photovoltaic concentrations and other silicone-based technologies that will boost the global concentrated photovoltaic market value over the forecast period.
Browse In-depth Market Research Report (185 pages) on Concentrated Photovoltaic (CPV)
https://www.marketresearchfuture.com/reports/concentrated-photovoltaic-market-5946
Opportunities
Government Initiatives to Adopt Clean Energy Sources to offer Robust Opportunities
The rising government initiatives to adopt renewable and clean sources of energy generation will provide robust opportunities in the concentrated photovoltaic market in the forecast period.
Restraint
COVID-19 Impact on Supply Chains may act as Market Restraint
The COVID-19 pandemic has disrupted the complete supply chain and impacted concentrated photovoltaic market value. Besides, prolonged lockdown has made a negative influence and impacted the morale of the big companies that are related in this field. This may impede the global concentrated photovoltaic market growth over the forecast period.
Challenges
High Cost to act as Market Challenge
The high cost incurred during the concentrated solar power energy production coupled with CPV tracking system synchronization may impact the global concentrated photovoltaic market share over the forecast period.
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Market Segmentation
By type, the HCPV segment will lead the market over the forecast period for the substantial enhancement in the effectiveness of individual modules and a reduction in costs of the overall power generation projects. LCPV also has certain perks like the ability of reaching high efficiencies even with diffuse irradiance and its use of less expensive and widely proven silicon solar cells.
By application, the utilities segment will dominate the market over the forecast period. This will be followed by the commercial segment for its various benefits at commercial sites like low carbon footprint, minimized impact of rising energy costs, low electricity bills, and generation of electricity at the site itself.
Regional Analysis
North America to Sway Concentrated Photovoltaic Market
North America will sway the market over the forecast period. Favorable federal and state policies in Canada and the US, legislative mandates and financial incentives, the advantage of low labor cost, introduction of smaller rooftop systems, increasing solar installations in the residential, commercial, and industrial sector, the US Department of Energy & Electric Power Research Institute funding CPV projects for utility applications that is increasing the use of solar CPV are adding to the global concentrated photovoltaic market growth in the region.
APAC to Have Admirable Growth in Concentrated Photovoltaic Market
The APAC region will have admirable growth in the market over the forecast period. The high demand for energy in the region, expanding population base, surging disposable income among individuals, China being a highly populated country is the largest producer of solar energy, constant rise in population, improvement in lifestyle, growth in manufacturing industries, increase in economic growth rate, rise in foreign investments, and universal shift in production capacities from developed to emerging economies are adding to the global concentrated photovoltaic market share in the region. Australia, Taiwan, and China have the utmost market share.
Segmentation of Market covered in the research:
Concentrated Photovoltaic (CPV) Market Information by Type (High Concentrated Photovoltaic (HCPV) and Low Concentrated Photovoltaic (LCPV)), By Application (Commercial and Utilities) by Region - Forecast to 2028
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
