LONDON--(BUSINESS WIRE)--The global concentrated photovoltaic (CPV) systems market is expected to grow at a CAGR of close to 12% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global concentrated photovoltaic systems market by technology that includes HCPV and LCPV. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Save more with Technavio. Buy 2 reports and get the third for FREE: View all Technavio’s current offers
Market driver: advantages of CPV systems
CPV systems generate almost two to three times more energy per module area when compared with solar PV systems. The CPV technology is best suited for very sunny, desert-like locations with high solar irradiation. These are like solar PV because both employ solar cells that convert sunlight into electricity. However, CPV uses lenses to concentrate the incident sunlight onto a solar cell. Therefore, the size of the solar cell required in a CPV module is relatively very small in comparison with the solar PV module.
According to a senior analyst at Technavio for power research, “Some of the advantages of CPV include high efficiency of conversion of light to electricity and smaller solar cell size allowing for less use of expensive PV material. Such advantages make the CPV systems a more favorable choice over solar PV systems for solar power generation. The world is rapidly moving toward increased power generation from renewable sources, particularly solar and wind power that will drive the global concentrated photovoltaic systems market during the forecast period.”
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Market trend: rising patent filings
The global concentrated photovoltaic systems market has observed increased expenditure by vendors on R&D activities, that has led to product innovation and increase in conversion efficiency. The increased investment in renewables across the world, particularly solar and wind, is expected to drive the global concentrated photovoltaic systems market. The market is expected to witness the development of products during the forecast period.
Market challenge: declining cost of solar PV modules
Though CPV systems provide several 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 led to many CPV manufacturing companies to enter bankruptcy or be acquired by larger firms or shift to the manufacturing of solar PV modules. This has made the solar PV market regain focus.
Is your business on track for a successful future? Learn how Technavio can help
Technavio helps businesses anticipate changes in their marketplace, make proactive adjustments, and develop effective strategies to optimize their market positions.
Some of the major companies in the global concentrated photovoltaic systems market:
- Arzon Solar
- BSQ Solar
- Guangdong Redsolar Photovoltaic Technology
- Saint-Augustin Canada Electric
- San’an Optoelectronics
Big savings with Technavio this February!
Get 20% OFF on all Education Technology reports. This offer is valid only till the 28th of this month.
Celebrate winter sports with 23% OFF all reports in our Outdoor Gear library (Offer valid from Feb 9-25).
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at email@example.com.