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: https://www.grandviewresearch.com/industry-analysis/concentrated-photovoltaic-market
Further key findings from the report 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: https://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
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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