The global concentrated photovoltaic (CPV) market is predicted to touch USD 2,710.6 million at an 11.56% CAGR between 2017- 2023, states the recent Market Research Future (MRFR) analysis. Concentrated photovoltaic or CPV, simply put, is a solar photovoltaic technology that uses mirrors or lenses to focus & concentrate sunlight into small areas of photovoltaic cells for generating electricity from sunlight.
Various factors are propelling the global concentrated photovoltaic (CPV) market share. According to the recent MRRF report, such factors include the burgeoning need for grid-connected electricity, rapid fall in the cost of conventional PV modules, growing awareness about the use of renewable power generation resources, rising investments in renewable energy worldwide, expanding and vast population base, growing infrastructural development activities, and strict environment protection regulations laid down by the government.
On the contrary, the synchronization of the CPV tracking system may hinder the global concentrated photovoltaic (CPV) market growth over the forecast period. CPV tracking needs sufficient reliability and accuracy. Inefficient and improper tracking of such systems causes less energy output, thus impacting the market growth. Besides, the current impact of the COVID-19 outbreak is also affecting the market growth.
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The MRFR report highlights an inclusive segmental analysis of the global concentrated photovoltaic (CPV) market based on type and application.
Based on the region, the global concentrated photovoltaic (CPV) market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Middle East and Africa (MEA). Of these, the APAC region will lead the market over the forecast period. It is likely to grow at a healthy 11.84% CAGR by 2023. Growing demand for energy, increasing population, rising disposable income, and aims by the China government to reduce carbon footprint are adding to the global concentrated photovoltaic (CPV) market growth in the region. Australia, Taiwan, and China have the maximum share in the market.
The global concentrated photovoltaic (CPV) market in North America is predicted to have the second-largest share over the forecast period. An increase in renewable energy resources coupled with stringent government regulations related to the usage of limited natural resources, are adding to the global concentrated photovoltaic (CPV) market growth in the region. The United States holds a maximum share in the market, followed by Mexico.
The global concentrated photovoltaic (CPV) market in Europe is predicted to have healthy growth over the forecast period.
The global concentrated photovoltaic (CPV) market in the MEA is predicted to have sound growth over the forecast period. Surging demand for electricity, availability of sufficient sunlight, and dropping price of CPV are adding to the global concentrated photovoltaic (CPV) market growth in the region. Morocco, Lebanon, South Africa, and Saudi Arabia have a maximum share in the market.
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Leading contenders profiled in the global concentrated photovoltaic (CPV) market report include
Tables Of Contents
1 Executive Summary
2 Research Methodology
3 Market Dynamics
4 Global Concentrated Photovoltaic (CPV) Market, By Reactor Type
5 Global Concentrated Photovoltaic (CPV) Market, By Strategy
6 Global Concentrated Photovoltaic (CPV) Market, By Capacity
7 Regional Market Analysis
8 Competitive Analysis
9 List of Tables
10 List of Figures
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