Concentrator Photovoltaic (CPV) Market Share, Growth, Trends and Forecast to 2024 |A Chapter by Markets InsightsThe worldwide concentrator photovoltaic market size is predicted to exhibit about 14% CAGR from 2016 to 2024 (forecast period). It would reach a size of nearly USD 2.1 billion by 2024.The global concentrator photovoltaic (CPV) market is
estimated to grow at a CAGR around 14%
from 2016 to 2024 (forecast period). It will reach nearly USD 2.1 billion by 2024. The market had a size of around USD 790
million in 2014. Wider ‘CPV’ adoption can boost industry demand. Installation
of low concentration photovoltaic (LCPV) & high concentration photovoltaic
(HCPV) systems is predicted to generate decent returns in the near future.
Price wars within the
industry and reliability of CPV systems may further market growth. Withdrawal
of governmental subsidies and costs associated with CPV installations should
hinder the concentrator photovoltaic market. But nations with high direct
normal irradiation support the industry by signing power purchase agreements
(PPA) with local manufacturers & consumers. Browse
Details of Report @ https://www.hexaresearch.com/research-report/concentrator-photovoltaic-cpv-market
CPV junctions rely on
curved mirrors or lenses to lead sunlight onto solar cells. Solar cells are
paired with expensive optics made of glass or acrylics to increase their
efficiency. They are grouped in a series of 3, 4, or 5 cells stacked on each
other. These cells are known as multi-junction solar cells.
Future customers will opt
for CPV systems due to their high efficiency. The global concentrator
photovoltaic market is split according to concentration levels, technologies,
applications, and regions. By concentration levels, the industry is bifurcated
into high and low. High led with respect to demand in 2014. It should exhibit ‘greater
than average’ growth over the next eight years.
Refractors and reflectors
constitute the technologies. The former is further divided into fresnel lens
and luminescent concentrators. Reflectors and parabolic mirrors are the
sub-segments of reflectors. Fresnel lenses in circular shapes have a
concentration ratio of 500, while lenses in cylindrical shapes have lower
concentration ratios. Luminescent concentrators use refraction to direct the
light towards solar cells. SolFocus has achieved a concentration ratio of 500
using parabolic mirrors on dual-axis tracking systems. Reflectors have a
concentration ratio of 1.5-2.5. Applications comprise
utility-scale, commercial, and others. Commercial is predicted to grow the
fastest due to high demand for power across Asia Pacific. Utility-scale CPV
plants can supply power to businesses at peak hours. This could facilitate the
growth of solar energy industry.
Regions encompass Latin
America, North America, Asia Pacific, Europe, and the Middle East & Africa
(MEA). China and Southeast Asia are projected to reign during the forecast
period. Both these regions accounted for energy consumption between 80-90 MW
(megawatt) in 2015. They were followed by the U.S., South Europe, and Central
America. Combined installations of
the U.S., South Europe, and Central America added up to nearly 110 MW the same
year. Europe dominated the concentrator photovoltaic market in 2014, with Spain
at the forefront. Spain received high direct normal irradiance (DNI) in 2014.
Delay in the construction of energy plants by ‘Tenaska Solar’ has led to low
demand in the U.S.
Some of the prominent
players in the worldwide concentrator photovoltaic market are Morgan Solar,
Amonix Inc., Zytech Solar, SunPower Corporation, and Semprius Inc. Mergers
& acquisitions and collaborations are common expansion strategies employed
by them. For instance, ‘Morgan Solar’ has allied with 'Enbridge’ to build a
solar plant (in Alberta) with a capacity of 10 MW. The project is said to raise
the company’s annual capacity to 100 MW.
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Added on January 12, 2017 Last Updated on January 12, 2017 Tags: concentrator photovoltaic market, concentrator photovoltaic market, concentrator photovoltaic market, concentrator photovoltaic market, concentrator photovoltaic market AuthorMarkets InsightsFelton, CAAboutAbout Us: Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer c.. more..Writing
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