Global Concentrated Photovoltaic Systems Market 2018-2022
About Concentrated Photovoltaic Systems
Concentrated photovoltaic (CPV) is a solar photovoltaic technology that uses lenses or mirrors to focus and concentrate sunlight onto a relatively small area of a photovoltaic cell to generate electricity from sunlight.
Technavio’s analysts forecast the global concentrated photovoltaic systems market to grow at a CAGR of 11.63% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global concentrated photovoltaic systems market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Concentrated Photovoltaic Systems Market 2018-2022
Technavio recognizes the following companies as the key players in the global concentrated photovoltaic systems market: Arzon Solar, BSQ Solar, Guangdong Redsolar Photovoltaic Technology, Magpower, Saint-Augustin Canada Electric, and San’an Optoelectronics.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is rising patent filings. The global concentrated photovoltaic systems market has witnessed increased expenditure by vendors on R&D activities, leading to product innovation and rise in conversion efficiency. The increased investment in renewables worldwide, especially solar and wind, is expected drive the global concentrated photovoltaic systems market. The market is expected to witness the development of products during the forecast period.”
According to the report, one driver in the market is advantages of CPV systems. CPV systems generate approximately two to three times more energy per module area than solar PV systems. The CPV technology is best suited for very sunny, desert-like locations with high solar irradiation. These are similar to solar PV as both employ solar cells that convert sunlight into electricity.
Further, the report states that one challenge in the market is declining cost of solar PV modules. Though CPV systems offer many advantages over flat panel solar PV systems, one of the major challenges for the CPV technology is the decline in solar PV module prices. This has caused many CPV manufacturing companies to enter bankruptcy, or be acquired by larger firms, or shift to manufacturing of solar PV modules. This has made the solar PV market regain focus.
Arzon Solar, BSQ Solar, Guangdong Redsolar Photovoltaic Technology, Magpower, Saint-Augustin Canada Electric, and San’an Optoelectronics.