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.
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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.”
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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.
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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
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