Report Code: A07245 | Pages: NA | Jul 2023 | 1727 Views | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Concentrated Photovoltaic System Market
Request Now !Concentrated photovoltaic system is a technology that generates electricity from sunlight. However, unlike normal photovoltaic systems, the concentrated photovoltaic system uses lenses to focus the sunlight in a specified area. This makes the technology far more superior than existing flat-plate photovoltaic systems. However, since this technology was introduced in the market in the mid-2000s, the market is still in the nascent stage.
COVID-19 scenario analysis
The concentrated photovoltaic system market has encountered a crisis due to the outbreak of the COVID-19 pandemic across the globe.
Rapid decrease in the price of conventional photovoltaic modules has resulted in increased demand for concentrated photovoltaic systems and other silicon-based solar technologies. Moreover, as the system requires a relatively smaller area for installation, it is anticipated to boost its demand. The industry is still at the initial stage, and the system is mostly used for special purposes. Performance, cost, reliability, and trade-offs are major factors that the manufacturers focus on in the global concentrated photovoltaic system market.
High concentration PV systems with dual axis tracking are witnessing increased popularity in large-scale power plants. Highly efficient individual modules and lower area-related costs have escalated the rate of installation of HCPV across the large-scale power plants. HCPV is preferred more in humid climatic conditions, as the output of the PV cells used does not decline as rigorously as that of conventional crystalline silicon cells at high temperatures. Surge in demand for grid-connected electricity and rise in awareness regarding the use of renewable resources for power generation are expected to boost the growth of the concentrated photovoltaic system market.
U.S. is a rapidly growing market on account of increase in power demand, and this is expected to trigger the demand for renewable energy resources. Asia-Pacific is one of the leading markets for CPV. Presently, China has the largest CPV power plant in Golmud CPV Solar Park with a capacity of around 138 MWp, which is currently in operation. The Middle East and Africa are expected to present lucrative growth opportunities.
Key benefits of the report:
Concentrated Photovoltaic System Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights
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Key Market Players | Mogan Solar Inc., Soitec., Mag Power Systems, Ravano Green Powers, Zytech Solar, Sunpower Corporation |
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