Yahoo Finance Concentrated Photovoltaic (CPV) Market Is Estimated to value at USD 4.81 Billion by 2030, Grow at a CAGR Of 17.0% during Forecast Period 2023 To 2030 | Data By Contrive Datum Insights Pvt Ltd.
According to a market research study published by Contrive Datum Insights, Asia-Pacific was the biggest market by volume in 2016, with a share of over 50.0%.
Farmington, Feb. 06, 2023 (GLOBE NEWSWIRE) -- The Global Concentrated Photovoltaic (CPV) Market Is Projected To Be Worth USD 4.81 Billion By 2030, Registering A CAGR Of 17.0% During The Forecast Period (2022 - 2030). CPV technology is likely to be used in more places as the need for grid-connected electricity rises and people become more aware of the benefits of using renewable resources to make power.
Since the price of traditional PV modules has dropped sharply, more people are interested in CPV and other silicon-based solar technologies. Also, CPVs have a small footprint and are likely to become more popular in the near future. Solar technology is often used in places where the sun shines directly. The industry is still young, so it is mostly used for special things. On the global market for concentrating solar cells, the most important things for manufacturers to think about are performance, cost, reliability, and trade-offs.
Request Sample Copy of Report “Concentrated Photovoltaic (CPV) Market - Global Industry Analysis, Size, Share, Growth Opportunities, Future Trends, Covid-19 Impact, SWOT Analysis, Competition and Forecasts 2022 to 2030”, published by Contrive Datum Insights.
Recent Developments:
In December 2017, Silfab Solar Inc. formed a joint venture with Morgan Solar Inc. to develop and produce disruptive, low-cost PV modules specifically designed for large-scale commercial and utility-scale projects. This JV connects two of the most innovative and technologically innovative companies in the solar industry, sharing knowledge and experience to produce high-volume, high-quality solar modules at internationally competitive costs.
Regional Outlook:
Asia-Pacific was the biggest market by volume in 2016, with a share of just over 50.0%. China is the main driver of demand in this region. From 2017 to 2025, China had a CAGR of 12.2%. The Chinese government's 13th Five-Year Plan aims to reduce its carbon footprint. This is what is driving the installation of CPVs in China. It also gets a lot of direct normal irradiance from China, which will probably help the market.
The Middle East and Africa are expected to have the second-fastest growth. Rising installations in South Africa are the main reason for this. Areas covered by dunes get the most sunlight for their size, which makes it much easier to instal CPV. During the forecast period, new solar projects in Morocco and Jordan are likely to increase the need for concentrating solar power even more.
From 2017 to 2025, the volume of the North American CPV market is expected to grow at a CAGR of 10.9%. In the United States and Canada, the demand for this technology is mostly driven by good policies at the state and federal levels. Over the next few years, more CPV installations are likely to happen because of laws and tax breaks.
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Scope of Report:
Report Attributes | Details |
Growth Rate | CAGR of 17.0% from 2023 to 2030. |
Revenue Forecast by 2030 | USD 4.81 Billion |
By Type | LCPV, HCPV, Others |
By Application | Commercial, Utility-Scale, Other |
By Companies | Arzon Solar (Amonix), Isofoton S.A., Magpower, Semprius Inc., Soitec, Solar Junction |
Regions and Countries Covered |
|
Base Year | 2022 |
Historical Year | 2017 to 2022 |
Forecast Year | 2023 to 2030 |
Latest Trends:
One of the best companies in the world, STACE (Saint-Augustin Canada Electric Inc.), is a major provider of heavy-duty electrical equipment for the power generation industry. announced. Market trends for concentrating solar are growing. With this deal, the company was able to strengthen its huge position in the growing renewable energy industry and offer its full range of services in the global solar energy market. Another big company called EnerTech made a strategic investment and partnership deal with a growing company called Morgan Solar Inc. in order to expand its presence and move up in the concentrating solar market analysis. Under the acquisition agreement, EnerTech was in charge of and made plans for things like investing in MSI and transferring modern solar concentrating technology to places like Kuwait and the Middle East.
Opportunities:
The history of concentrating photovoltaic cells goes back to the 1970s, but the technology is growing and is now good enough to sell. Over the next few years, concentrating solar power will grow at a very fast rate. It has a strong presence on the world stage as a technology that has the potential to solve the energy problems facing the world today. These days, the market is very popular and doing well. During the projected period, many emerging markets related to concentrating solar power (CPV) and large countries like India, China, and Brazil are expected to grow quickly.
Restraints:
COVID19 has mostly messed up the whole supply chain and changed the value of the concentrated solar market. Also, the long lockdown has lowered the morale of big companies that work in the sector and had other bad effects. Modern strategies have been used by the big players to keep or grow their market share. The basic core strategy followed by global companies is mergers and acquisitions to concentrate sales in the photovoltaic market, followed by partnerships and collaborations.
Challenges:
With a CAGR of about 11.84%, the company made $536,1 million in sales. Demand is growing and is very high. Several important things are making the Concentrated Photovoltaic (CPV) market stronger. Businesses and local governments are using new ways to plan and carry out their current business operations.
Key Segments Covered:
Top Market Players:
Arzon Solar (Amonix), Isofoton S.A., Magpower, Semprius Inc., Soitec, Solar Junction, and others.
By Type
LCPV
HCPV
Others
By Channel
Commercial
Utility-Scale
Others
Regions and Countries Covered
North America: (US, Canada, Mexico, Rest of North America)
Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
Latin America: (Brazil, Argentina, Rest of Latin America)
Rest Of the World
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