Dublin, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The "Concentrated Photovoltaic Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" report has been added to ResearchAndMarkets.com's offering.
The Concentrated Photovoltaic (CPV) industry is experiencing an exceptional boom, driven by global advancements and heightened demand for sustainability. With a robust Compound Annual Growth Rate (CAGR) of 9.61% projected through 2028, the market is anticipated to continue flourishing as it meets the increasing appetite for renewable energy solutions.
Experts highlight the utility sector's substantial impact on the market, with utility-scale CPV systems playing a pivotal role in bolstering grid stability and supporting renewable energy targets.
Key Market Drivers
- Enhanced Energy Conversion Efficiency: CPV technology's energy conversion efficiency is surpassing that of traditional solar panels, leveraging optical components to focus sunlight onto highly efficient multi-junction solar cells.
- Growth in Clean and Sustainable Energy: As the transition toward renewable energy gains momentum, CPV stands out as an eco-friendly solution with zero emissions and a smaller environmental footprint.
- Strengthening Grid Integration and Energy Security: The capability of CPV systems to integrate seamlessly into the grid and support energy security initiatives has further amplified its market appeal.
Key Market Challenges
- Land and Space Constraints: As CPV installations often require substantial space, densely populated areas pose a challenge for expansion.
- Solar Irradiance Variability: CPV systems, dependent on direct sunlight, must adapt to fluctuations in solar irradiance, calling for innovative integration with energy storage systems and advanced forecasting technologies.
Emerging Trends
- Technological Enhancements: Ongoing innovations in CPV efficiency are carving a path for superior CPV solutions.
- Hybrid Systems: The emergence of hybrid CPV and energy storage systems demonstrates the versatile potential of integrated renewable energy solutions.
Market Segmentation Insights
The CPV market is broad, with substantial developments in the utility segment and promising growth in refractor-based systems. Geographically, the Asia Pacific region is spearheading the market due to its significant energy demands and investment in high-efficiency solar technologies.
Competitive Landscape
During this definitive era for CPV, major market players are contributing to the expansion and diversification of the industry with advanced technological developments. Their commitment to renewable energy is clear as they continuously strive to meet efficiency benchmarks and provide viable solutions for a sustainable future.
This comprehensive market analysis delivers an in-depth look at the factors impacting the global CPV industry, highlighting the symbiotic relationship between technological advancements and market expansion. With governments, industries, and consumers aligning to address climate change and embrace renewable energy, CPV emerges as a dynamic and essential component of the global transition to sustainability.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 190 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $982.46 million |
| Forecasted Market Value (USD) by 2028 | $1719.12 Million |
| Compound Annual Growth Rate | 9.6% |
| Regions Covered | Global |
Report Scope:
In this report, the Global Concentrated Photovoltaic Market has been segmented into the following categories:
Concentrated Photovoltaic Market, By Product:
- Reflector
- Refractor
Concentrated Photovoltaic Market, By Concentration:
- Low
- High
Concentrated Photovoltaic Market, By Application:
- Utility
- Commercial
Companies Profiled
- Radical Sun Systems, Inc.
- SolAero Technologies Corp.
- Arzon Solar LLC.
- Cool Earth Solar
- Morgan Solar Inc.
- ARIMA Group
- Suncore Photovoltaic Technology Company Limited
- Sumitomo Electric Industries, Ltd.
- Saint-Augustin Canada Electric Inc. (STACE)
- Sanan Optoelectronics Technology Co., Ltd
For more information about this report visit https://www.researchandmarkets.com/r/vmq6pj
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