Global Concentrator Photovoltaic Market: Overview

Concentrator photovoltaic (CPV) technology entered the market in the mid-2000s as a utility scale solar power generation option. While the technology has witnessed widespread acclaim and a significant number of installations across the globe in the past few years, it is still at a nascent stage of development. When compared to conventional flat-plate PV, which have been lauded for their easy application in domestic settings and rooftops of public and private buildings, the concentrator photovoltaic technology is a relatively small player in the overall solar power generation market.

 

Recently, the CPV industry has witnessed turbulent times with the number of new installations significantly declining in 2015 as compared to the past. Many major CPV companies have exited the market owing to increased pressures from declining costs of other PV technologies where many others are facing difficulties in raising the capital required to experiment and grow.

Nevertheless, CPV modules continue to improve in terms of efficiency, realizing conversion rates far beyond what is possible from traditional flat-panel PV modules. Continuous research efforts in the field have led to the development of modules that have efficiencies of up to 43%, the highest of all existing PV technologies. Researchers believe the technology still has room for improvement in the future, providing a way for achieving significant reduction in overall system costs.

This report on the global CPV market attempts at exploring the current state of the CPV market, technology, research, and innovations. The report also gives thorough insights into the market’s growth trajectory over the past few years, highlighting the shifting trends of consumers and technology developers in the global CPV market. Reliable qualitative and quantitative data pertaining to other crucial market elements is also included in the report.

Global Concentrator Photovoltaic Market: Trends and Opportunities

Concentrator photovoltaics are solar power generation systems which, unlike conventional photovoltaic systems, use lenses and curved mirrors for focusing sunlight onto a small but highly efficient area of the PV cell. CPV systems often employ solar trackers to further increase its efficiency.

Concentrator photovoltaic systems are mostly of interest to power generation projects located in sun-rich locations that receive direct normal irradiance (DNI) values of more than 2000 kWh. These PV systems are not suitable for installation on rooftops, thus limiting their scope of application to an extent.

CPV systems are differentiated according to the system’s concentration factor. As such, there are two broad segments of CPV systems: High concentration PV (HCPV) and low concentration PV (LCPV). So far, a massive share in the overall CPV capacity installed across the globe is accounted by high concentration PV with dual axis tracking, with large-scale power plants being the leading consumer. A major reason for the increased installation of HCPV across large-scale power plants is the significant improvement in the efficiency of individual modules and substantial reduction in area-related costs of the overall power generation project.  HCPV is also more preferable in hot climates, since the output of the PV cells used does not decline as rigorously as that of conventional crystalline silicon cells at high temperatures.

Global Concentrator Photovoltaic Market: Region-wise Outlook

Presently, China has the largest CPV power plant in operation making Asia Pacific one of the leading markets for the global CPV market. Over the report’s forecast period as well, Asia Pacific will continue to dominate the CPV space. The Middle East and Africa regional segment will also present many lucrative growth opportunities. The U.S. and Europe also account for a major share in the world’s presently installed CPV capacity.

Global Concentrator Photovoltaic Market: Competitive Landscape

Many CPV companies have come into bankruptcy, have closed operations, have moved away from CPV to standard PV, or have been acquired by larger PV companies. However, it should be noted that such type of consolidation is typical of most nascent-stage markets or industries. Many companies still continue working on CPV modules and the rate of innovation and technological development is highly motivating.

Some of the major players in the global CPV market are Ravano Green Powers, Sunpower Corporation, Zytech Solar, and Soitec.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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