Concentrated Photovoltaic Systems Market Major Competitors and Business Strategies
19 June 2019, Global concentrated photovoltaic systems market is estimated to grow at a significant CAGR of 11.63%
over the forecast period as the scope and its applications are rising
enormously across the globe. Concentrated photovoltaic (CPV) systems, also
termed as “concentration photovoltaics”, imply technology that generates electricity
using optical light collectors. It is composed of a tracker, solar cell and
optics.
The factors that are
playing a major role in the growth of the market are the low system cost with
higher efficiency, a growing number of R&D activities, the rising product
innovation, and the rising demand from the end-users. However, issues related
to the acceptance of technology may restrain overall market growth in the years
to come. Concentrated photovoltaic systems market is segmented based on
technology, concentrated level, application, and region.
Refractor and reflector
are the enhanced technology used that could be explored in concentrated
photovoltaic systems in the forecast period. Refractor sector comprises
luminescent concentrators and Fresnel lens. Whereas, reflector sector comprises
a parabolic mirror. The refractor sector accounted for the significant market
share of concentrated photovoltaic systems and is estimated to continue its
dominance in the years to come. The reason could be the growing preference for
Fresnel lens.
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| Concentrated Photovoltaic Systems Market |
Based on concentrated level, low
concentrated photovoltaic (LCPV) and high concentrated photovoltaic (HCPV)
could classify concentrated photovoltaic systems in the forecast period. The
high concentrated photovoltaic (HCPV) sector accounted for the substantial
market share of concentrated photovoltaic systems and is estimated to lead the
overall market in the years to come. The reason could be the rising
concentration the part of the industry for better efficiency output.
The market could be categorized based
on applications like commercial, utility-scale, and others that could be
explored in the forecast period. The utility-scale application accounted for
the substantial market share of concentrated photovoltaic systems and is
estimated to lead the overall market in the years to come.
Globally, Asia Pacific accounted for
the substantial market share of concentrated photovoltaic systems and is
estimated to lead the overall market in the years to come. The reason behind
the overall market growth could be the rapid industrialization in the region
and the huge investment in the waste recycling and services industries. The
developing countries like India and China are the major consumers of
concentrated photovoltaic systems in this region.
The key players of concentrated
photovoltaic systems market are Ravano Green Powers, Amonix, Magpower, Soitec,
Zytech Solar, Isofoton, SolarSystems, Semprius, Sunpower Corporations, Arzon
Solar, Saint-Augustin Canada Electric, BSQ Solar, and Guangdong Redsolar
Photovoltaic Technology. These players are concentrating on inorganic growth to
sustain themselves amidst fierce competition.
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