Concentrated Photovoltaic (CPV) Market Overview:
Concentrated Photovoltaic (CPV) market is driven by its higher efficiency compared to traditional flat-plate photovoltaic systems with a healthy CAGR of 17% during the forecast period of 2022 to 2030.
Market Research Future Insights:
According to MRFR analysis, Concentrated Photovoltaic (CPV) market is expected to register a CAGR of 17% from 2022 to 2030 and hold a value of over USD 6580.13 Million by 2030. As of my knowledge cutoff in September 2021, I can provide an overview of the Concentrated Photovoltaic (CPV) market. However, please note that the information might not reflect the most recent developments in the CPV industry. For the latest data and trends, I recommend referring to up-to-date sources. Concentrated Photovoltaic (CPV) is a solar power generation technology that utilizes lenses or mirrors to concentrate sunlight onto high-efficiency solar cells. This concentrated sunlight increases the amount of electricity that can be generated compared to traditional flat-plate photovoltaic systems.
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CPV systems often incorporate tracking systems to follow the sun’s movement and maximize the amount of sunlight captured. Market Growth: The CPV market has experienced steady growth over the past decade. The technology has attracted attention due to its potential for high energy efficiency and the ability to generate electricity in regions with high solar irradiance.
Covid 19 Impact on Concentrated Photovoltaic (CPV) Market:
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Regional Analysis:
The United States has been a significant market for CPV technology, primarily driven by government incentives, research initiatives, and the need for renewable energy sources. The market in Canada is also growing, with a focus on solar energy projects and increasing adoption of CPV technology.
Spain has been a key player in the European CPV market, with several large-scale installations and favorable government policies supporting the growth of CPV technology.
China has emerged as a major player in the CPV market, with significant investments in research and development, manufacturing capabilities, and large-scale CPV installations. Japan has also been an active market, focusing on the development of high-efficiency CPV modules and integration with existing solar energy infrastructure.
Market Segmentation:
Concentrated Photovoltaic (CPV) market has been segmented into application.
by Application : development activities, major geographic expansions, primary strategic alliances, various product launches, and others.
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Key Players:
Radical Sun Systems, Inc. (U.S.), SolAero Technologies Corp. (U.S.), Arzon Solar LLC. (U.S.), Cool Earth Solar (U.S.), Morgan Solar Inc. (Canada), ARIMA Group (Taiwan), Suncore Photovoltaic Technology Company Limited (China), and Guangdong Redsolar Photovoltaic Technology Co. Ltd (China). Sumitomo Electric Industries, Ltd. (Japan), Saint-Augustin Canada Electric Inc. (STACE) (Canada), Sanan Optoelectronics Technology Co., Ltd (China), Suntrix Company Ltd (China), and Macsun Solar Energy Technology Co., Ltd. (China).
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Market Research Future® (Part of WantStats Research and Media Pvt. Ltd.) has specialized research analysts in the areas of Aerospace & Defense, Automotive, C&M, Energy & Power, F&B, Healthcare & Pharmaceutical, ICT, Industrial Equipment, Packaging Construction & Mining and Semiconductor.
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and about what action to take based on these aspects.