The global market for concentrated photovoltaic (CPV) is all set to garner a decent growth rate of 11.56 % during the forecast period (2017-2023), says Market Research Future (MRFR). The market is also on track to reach a valuation of USD 2,710.6 Million by 2023, adds MRFR.

Top Market Boosters and Main Barriers

Mounting demand for grid-connected electricity combined with high awareness with regard to the use of renewable resources to generate power can boost the use of CPV in a vast array of applications. Rapidly decreasing price of conventional PV modules has also led to strong demand for CPV as well as other silicon-based solar technologies.

CPV takes up a relatively smaller area for installation, which also favors its adoption in the market. Solar technology is primarily used in areas that get direct sunlight. Since the market is still at a nascent level, it is mostly deployed in special applications. Cost, performance, trade-offs and reliability are prominent aspects that are considered by manufacturers in the concentrated photovoltaic market.

Market Segmentation

The global Concentrated Photovoltaic Market has been thoroughly analyzed with regard to type and application.

The types of CPV are low concentrated photovoltaic (LCPV) as well as high concentrated photovoltaic (HCPV).

The application-dependent segments in the market are commercial and utilities.

Access Full Research Report at: https://www.marketresearchfuture.com/reports/concentrated-photovoltaic-market-5946

Regional Outlook

Asia Pacific (APAC), Europe, North America and the rest of the world (RoW), which includes the Middle East & Africa (MEA), are the primary markets for concentrated photovoltaic.

The Americas stood second and was valued at USD 215.1 million in the year 2016. The United States (U.S.) dominates the regional market for CPV, since it is the second largest market with respect to total installed capacity following China.

The MEA stands as another strong contender in the global market for concentrated photovoltaic technology. CPV systems find extensive use in this region owing to the high heat as well as the declining costs and the massive need for electricity. South Africa, Saudi Arabia, Morocco and Lebanon are the main markets for CPV in the region.

Leading Companies

Leading companies in the worldwide market for concentrated photovoltaic (CPV) are Suncore Photovoltaic Technology Company Limited (China), Cool Earth Solar (U.S.), Morgan Solar Inc. (Canada), SolAero Technologies Corp. (U.S.), Guangdong Redsolar Photovoltaic Technology Co. Ltd (China), ARIMA Group (Taiwan), Radical Sun Systems, Inc. (U.S.), Arzon Solar LLC. (U.S.), and others.

Suntrix Company Ltd (China), Sanan Optoelectronics Technology Co., Ltd (China), Sumitomo Electric Industries, Ltd. (Japan), Macsun Solar Energy Technology Co., Ltd. (China), Saint-Augustin Canada Electric Inc. (STACE) (Canada), are some other companies in the global market.