Support for Concentrator Photovoltaic Technology from Emerging Nations to Drive Market’s Growth

The global concentrator photovoltaic (CPV) technology market is driven by higher efficiency with low system cost and the use of renewable energy resources, states a new report by Transparency Market Research (TMR). The report is titled, ‘Concentrator Photovoltaic (CPV) Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 - 2024.’ It offers a thorough account of the historical development of the market, along with detailed data about the market’s present condition on the basis of which reliable forecasts regarding the market’s future development are given.

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Concentrator photovoltaic (CPV) technology is a utility-scale solar power generation option, which is still at its nascent stage of development. The price competitiveness, efficiency improvements, and enhanced reliability are projected to drive the demand for concentrator photovoltaic technology in the coming years. According to analysts, the growth of the global concentrator photovoltaic market is also due to the subsidies and incentives offered by various governments to make use of renewable energy.

The global CPV technology market faces challenges such as a lack of wide acceptance and limited locations that have high direct irradiation. However, there are a large number of projects in the pipeline, which are expected to act as an opportunity and help the market to grow. Emerging nations with high electricity prices and high irradiation are supporting CPV projects by signing power purchase agreements with local manufacturers and electricity consumers. Thus, emerging nations are expected to create an opportunity for players in the CPV technology market.

On the basis of geography, the global concentrator photovoltaic market is segmented into Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa. At present, China has the largest CPV power plant in operation, making Asia Pacific one of the significant markets for CPV. It is anticipated that Asia Pacific will continue to lead in the coming years. The Middle East and Africa is also expected to provide lucrative opportunities in the market. Among the developed countries, Europe and the U.S. are currently holding significant shares in the installed CPV capacity.

The global CPV market is consolidated as many small companies are being acquired by larger companies. TMR analysts have observed that many CPV companies have faced bankruptcy and hence closed their operations. On the brighter side, there are many companies that work on CPV modules and thus, innovations and technological developments will keep the players in the market motivated. Key players profiled in the market are: Sunpower Corporation, Ravano Green Powers, Soitec, and Zytech Solar.

Concentrator photovoltaic (CPV) Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 - 2024

Global Concentrator Photovoltaic Market: Overview

Concentrator photovoltaic (CPV) technology entered the market in the mid-2000s as a utility scale solar power generation option. While the technology has witnessed widespread acclaim and a significant number of installations across the globe in the past few years, it is still at a nascent stage of development. When compared to conventional flat-plate PV, which have been lauded for their easy application in domestic settings and rooftops of public and private buildings, the concentrator photovoltaic technology is a relatively small player in the overall solar power generation market.

Recently, the CPV industry has witnessed turbulent times with the number of new installations significantly declining in 2015 as compared to the past. Many major CPV companies have exited the market owing to increased pressures from declining costs of other PV technologies where many others are facing difficulties in raising the capital required to experiment and grow.

Nevertheless, CPV modules continue to improve in terms of efficiency, realizing conversion rates far beyond what is possible from traditional flat-panel PV modules. Continuous research efforts in the field have led to the development of modules that have efficiencies of up to 43%, the highest of all existing PV technologies. Researchers believe the technology still has room for improvement in the future, providing a way for achieving significant reduction in overall system costs.

This report on the global CPV market attempts at exploring the current state of the CPV market, technology, research, and innovations. The report also gives thorough insights into the market’s growth trajectory over the past few years, highlighting the shifting trends of consumers and technology developers in the global CPV market. Reliable qualitative and quantitative data pertaining to other crucial market elements is also included in the report.

Global Concentrator Photovoltaic Market: Trends and Opportunities

Concentrator photovoltaics are solar power generation systems which, unlike conventional photovoltaic systems, use lenses and curved mirrors for focusing sunlight onto a small but highly efficient area of the PV cell. CPV systems often employ solar trackers to further increase its efficiency.

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Concentrator photovoltaic systems are mostly of interest to power generation projects located in sun-rich locations that receive direct normal irradiance (DNI) values of more than 2000 kWh. These PV systems are not suitable for installation on rooftops, thus limiting their scope of application to an extent.

CPV systems are differentiated according to the system’s concentration factor. As such, there are two broad segments of CPV systems: High concentration PV (HCPV) and low concentration PV (LCPV). So far, a massive share in the overall CPV capacity installed across the globe is accounted by high concentration PV with dual axis tracking, with large-scale power plants being the leading consumer. A major reason for the increased installation of HCPV across large-scale power plants is the significant improvement in the efficiency of individual modules and substantial reduction in area-related costs of the overall power generation project. HCPV is also more preferable in hot climates, since the output of the PV cells used does not decline as rigorously as that of conventional crystalline silicon cells at high temperatures.

Global Concentrator Photovoltaic Market: Region-wise Outlook

Presently, China has the largest CPV power plant in operation making Asia Pacific one of the leading markets for the global CPV market. Over the report’s forecast period as well, Asia Pacific will continue to dominate the CPV space. The Middle East and Africa regional segment will also present many lucrative growth opportunities. The U.S. and Europe also account for a major share in the world’s presently installed CPV capacity.

Global Concentrator Photovoltaic Market: Competitive Landscape

Many CPV companies have come into bankruptcy, have closed operations, have moved away from CPV to standard PV, or have been acquired by larger PV companies. However, it should be noted that such type of consolidation is typical of most nascent-stage markets or industries. Many companies still continue working on CPV modules and the rate of innovation and technological development is highly motivating.

Some of the major players in the global CPV market are Ravano Green Powers, Sunpower Corporation, Zytech Solar, and Soitec.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.