Global Concentrated Photovoltaic Market Overview
Global Concentrated Photovoltaic Market is projected to witness stable growth by 2023 at a CAGR of over 12% owing to the growing focus on non-conventional sources such as solar energy for power generation for the conservation of non-renewable sources of energy such as fossil fuels. Governments globally are trying to switch to renewable energy sources for power generation and thus have been providing schemes and subsidiaries. Rising government initiatives for the adoption of clean and renewable sources for energy generation is expected to have a positive impact on the growth of the market during the forecast period. Moreover, high efficiency and low-cost systems associated with the use of Concentrated Photovoltaic systems will ensure wider adoption of the technology and also drive the growth of the market in the next five years.
Additionally, factors such as reduction in the prices of CPV modules, lower requirement of area for setting up plants coupled with the entry of major players in solar energy are anticipated to propel the growth of Global Concentrated Photovoltaic Market by 2023. Based on the concentration, the high concentration photovoltaic segment is expected to lead the market in the next five years due to widespread use in large-scale power plants as a result of high efficiency of individual modules which enable the reduction of area-related costs. Asia-Pacific region is expected to lead the Concentrated Photovoltaic market in the next five years, due to growing shift towards renewable energy sources as a result of government initiatives in constituent countries like China and Japan.
Objective of the Study:
- To analyse and forecast the market size of Global Concentrated Photovoltaic Market, in terms of volume and value.
- To classify and forecast Global Concentrated Photovoltaic based on product, concentrations, applications and regional distribution.
- To identify drivers and challenges for Global Concentrated Photovoltaic Market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in Global Concentrated Photovoltaic Market.
- To conduct the pricing analysis for Global Concentrated Photovoltaic Market.
- To identify and analyse the profile of leading service providers involved in the Global Concentrated Photovoltaic Market.
Some of the leading players in the Global Concentrated Photovoltaic Market are Amonix, Isofoton S.A., Magpower, Ravano Green Powers, Semprius Inc., Soitec, Solar Junction, Solarsystem, Suncore Photovoltaic Technology Co. Ltd, Sunpower Corporation etc.
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TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of service providers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the service providers which could not be identified due to the limitations of secondary research. TechSci Research analysed the distribution channels and presence of all major service providers across the globe.
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