Westford, USA,, Feb. 27, 2023 (GLOBE NEWSWIRE) -- The Asia Pacific region is set to witness significant growth in the high concentrated photovoltaic market. This is due to a growing awareness of the benefits of renewable resources for power generation and an increasing demand for grid-connected electricity. The market faced a significant obstacle in the past due to its higher prices compared to traditional solar photovoltaic (PV) technology. However, recent developments in the industry, including the decline in silicon prices and module design advancements, are expected to impact the CPV market over the forecast period positively.
In 2022, solar photovoltaic (PV) module prices experienced a significant reduction of more than 75% compared to 2015, as reported by SkyQuest. The reduction can be largely attributed to improved material efficiency, production optimization, and economies of scale. This significant decline in solar PV module prices is projected to impact the global high concentrated photovoltaic market positively. In addition, with advancements in technology, the materials used in producing solar PV modules have become more efficient, reducing the overall cost of production. It has also led to a substantial rise in the overall output of solar PV modules.
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Browse in-depth T.O.C. on "High Concentrated Photovoltaic Market"
- Pages - 254
- Tables - 88
- Figures - 69
Concentrated photovoltaic (CPV) is a photovoltaic technology utilizing optical devices to concentrate large areas of sunlight onto a solar cell, thereby generating electricity. The optical devices used in CPV include curved mirrors and lenses specifically designed to focus the sunlight onto a multi-junction solar cell. CPV technology is particularly useful in areas with high levels of direct sunlight, such as deserts, where the system can operate more efficiently due to the high concentration of sunlight.
Prominent Players in High Concentrated Photovoltaic Market
- Radical Sun Systems, Inc. (U.S.)
- Sanan Optoelectronics Technology Co. Ltd (China)
- Arzon Solar LLC. (U.S.)
- Sumitomo Electric Industries, Ltd. (Japan)
- Suntrix Company Ltd (China)
- MagPower Systems (Canada)
- SolAero Technologies Corp. (U.S.)
- Suncore Photovoltaic Technology Company Limited (China)
- Morgan Solar Inc. (Canada)
- Cool Earth Solar (U.S.)
- ARIMA Group (Taiwan)
- Guangdong Redsolar Photovoltaic Technology Co. Ltd (China)
- Saint-Augustin Canada Electric Inc. (STACE) (Canada)
- Macsun Solar Energy Technology Co. Ltd. (China)
Refractors Segment to Drive Higher Sales owing to Increasing Requirement for Clean Energy Sources
In 2021, the high concentrated photovoltaic market saw a growing preference for Fresnel lenses, which led to refractors dominating the market. This trend is anticipated to continue from 2 due to the efficient collaboration between Fresnel lenses and high concentration photovoltaic systems. The demand for these systems is projected to remain high due to their ability to maximize efficiency. One of the significant advantages of refractors is their ability to tolerate the misalignment of solar cells, making them highly reliable.
The Asia Pacific region is predicted to become a major player in the global high concentrated photovoltaic market, driven by the emergence of large economies such as China and India. Japan's Ministry of Economy, Trade, and Industry have set ambitious targets to increase the share of renewable energy to 24% by 2030. This is expected to result in a significant increase in the solar PV market in Japan. With an increasing focus on sustainable energy sources, the demand for CPV is likely to rise in Japan and globally.
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Utility Application Segment to Attract Largest Revenue Share Thanks to HCPV Systems Requiring Less Land than Traditional Solar PV Systems
In 2021, the high concentrated photovoltaic market saw a dominant volume-based share of 85.9 percent in the utility application category. This trend is set to continue until 2028, with CPV being preferred over traditional photovoltaic (PV) due to its updated low prices. Manufacturers are keen on tapping into this demand, and investments in large project pipelines are expected to increase demand for CPV further. The increasing popularity of CPV technology can also be attributed to advancements in the design of solar concentrators and tracking systems.
The high concentrated photovoltaic market is expected to experience significant growth from 2022 to 2028, with the Middle East and Africa being one of the fastest-growing regions. This regional market growth can be attributed to several factors, including the high concentration of dunes in the region, which allows for maximum sunlight exposure and facilitates the installation of CPV systems. South Africa, in particular, is driving demand for CPV in the region, with upcoming solar projects in Morocco and Jordan expected to further promote demand for CPV over the forecast period.
SkyQuest has recently published a comprehensive research report on the high concentrated photovoltaic market, providing a detailed industry overview. The report's findings thoroughly understand the market's size and growth rate, which can help stakeholders identify growth opportunities and potential investment areas. Additionally, the report highlights the industry's demand-supply dynamics, which can help stakeholders understand the market's competitive landscape and make strategic decisions.
Key Developments in High Concentrated Photovoltaic Market
- Dubai's ambitious concentrated solar power project has successfully started supplying electricity to the grid. This marks a significant milestone in the United Arab Emirates' efforts to transition towards sustainable and renewable energy sources. The solar project, named Noor Energy 1, is the world's largest single-site concentrated solar power plant. It can produce 950 megawatts of clean energy to power approximately 320,000 homes in Dubai. The project features three different technologies, including a parabolic trough, a solar tower, and a photovoltaic system, which works in tandem to maximize energy production.
- Nabors, a global oil and gas drilling contractor, has moved significantly towards renewable energy by acquiring Vast Technologies, an Australian solar company, in a deal valued at up to $586 million. However, this is no ordinary solar or takeover deal. By acquiring Vast Technologies, Nabors gains access to an established solar technology firm with a solid reputation in the Australian market. In addition, this will enable the newly formed Vast corporation to fund the acquisition of another energy technology company, with the potential to diversify its offerings in the renewable energy market.
- Iberdrola, a Spanish multinational electric utility company, and the Asturian business group Exiom have formed a strategic alliance to spearhead the manufacture of photovoltaic solar panels in Spain. This landmark partnership will establish the country's first large-scale photovoltaic construction plant, situated in the Asturian municipality of Langreo, and one of the first such plants on an industrial scale in Europe. The solar panel factory, located in the heart of the mining basin, is scheduled to commence operations later this year, in 2023. This marks a significant milestone in renewable energy as the demand for clean, sustainable energy rises globally.
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Key Questions Answered in High Concentrated Photovoltaic Market Report
- What are some of the most significant factors and trends observed in the market recently that have had a major impact?
- What are some potential risks and challenges associated with emerging trends and growth opportunities, and how can companies mitigate these risks?
- Which segment, sub-segment, or region of the market is expected to offer the most significant growth opportunities in the near future?
- What strategies are market players using to stay ahead of competitors regarding innovation and product development?
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