Concentrator Photovoltaic (CPV) Market Size, Industry Analysis Report, Regional Outlook, Application Development, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI347
Concentrator photovoltaic (CPV) market size accounted for over USD 790 million in 2014 and is like to grow at CAGR of over 14% from 2016 to 2023. It is anticipated to reach around USD 1.9 billion over the forecast period.
Increasing adoption of this technology is anticipated to boost the demand growth over the coming few years. Installation of low-concentration photovoltaic (LCPV) and high-concentration photovoltaic (HCPV) systems is anticipated to expand at significant growth rates over the forecast period. in 2015, China and Southeast Asia are the largest regions with CPV installed capacity and are likely to account for over 80 MW to 90 MW. In addition, the combined installations taken place in the U.S. and Central America regions, accounted for about 60 MW in 2015. Southern Europe accounted for over 50 MW in the same year.
CPV market price competitiveness, enhanced reliability and efficiency improvements are estimated to drive the global industry demand over the next few years. In addition, the surge in the global concentrator photovoltaic market can be attributed to the incentives as well as subsidies offered by government to accomplish renewable energy targets. However, these subsidies have been revoked owing to intense PV installations. Furthermore, these subsidies are likely to prove too expensive to hold the scheme over the next two decades.
The concentrator photovoltaic technology utilizes mirrors or lenses in order to focus sunlight onto solar cells. The increasing adoption of added optics for focusing sunlight has amplified up the cost compared to other conventional installations. Potential consumers are expected to prefer CPV systems in the overall solar PV market as they exhibit higher return on investment. Proliferating number of installations and flourishing deployment rate of technology are anticipated to drive HCPV installation price downwards HCPV cost was valued over USD 2.58 per watt in 2014 and is anticipated to decline by 6.3% to reach over USD 2.75 in 2015.
Higher efficiency with low system cost coupled with renewable energy resources are anticipated to be the major factors driving the demand growth over the forecast period. In addition, less land requirement is also expected to surge the demand growth from 2016 to 2023. However, lack of acceptance of technology and limited locations with high direct normal irradiation are likely to hinder the demand growth over the coming few years.
Huge project pipeline is likely to act as the potential growth opportunity for the industry. In addition, .various emerging nations with high irradiation and elevated electricity prices are supporting the PV projects by signing direct power-purchase agreements (PPA) with electricity consumers and local utility manufacturers.
The global CPV market size can be segmented on the basis of technology into refractor and reflector. In addition, the industry can be segregated by concentrated level into low concentrated photovoltaic and high concentrated photovoltaic. The industry can be further categorized by application which includes commercial and utility-scale.
Furthermore, the industry is bifurcated by geography which includes North America, Latin America, Asia Pacific, MEA and Europe. In 2015, majority of the new and innovative projects are being installed through PPAs. Southeast Asia and China CPV market growth is expected to dominate the industry over the forecast period. The regions are closely followed by the U.S., Central America and South Europe. The postponement of various large projects such as Tenaska project in the U.S. region and several other huge projects in the same year has lead to the delay in demand growth for this industry.
The major companies for the global concentrator photovoltaic (CPV) market share include Zytech Solar, Sunpower Corporation, Suncore Photovoltaic Technology Co. Ltd., Solarsystem, Solar Junction, Soitec, Semprius Inc., Ravano Green Powers, Magpower, Isofoton S.A. and Amonix among others. The leading manufacturers are focusing on mergers and acquisitions strategy in order to gain competitive edge and serve the various industry sectors with significant regional presence.
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