Concentrated Photovoltaic Systems Market – Rising Patent Filings to Promote Growth | Technavio

LONDON–(BUSINESS WIRE)–#Power–The global
concentrated photovoltaic (CPV) systems market is expected to
grow at a CAGR of close to 12% during the period 2018-2022,
according to a new market research study by Technavio.

The report presents a comprehensive research of the global concentrated
photovoltaic systems market by technology that includes HCPV and LCPV.
The report also determines the geographic breakdown of the market in
terms of detailed analysis and impact, which includes key geographies
such as APAC, the Americas, and EMEA.

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Market driver: advantages of CPV systems

CPV systems generate almost two to three times more energy per module
area when compared with solar PV systems. The CPV technology is best
suited for very sunny, desert-like locations with high solar
irradiation. These are like solar PV because both employ solar cells
that convert sunlight into electricity. However, CPV uses lenses to
concentrate the incident sunlight onto a solar cell. Therefore, the size
of the solar cell required in a CPV module is relatively very small in
comparison with the solar PV module.

According to a senior analyst at Technavio for power
research, “Some of the advantages of CPV include high efficiency of
conversion of light to electricity and smaller solar cell size allowing
for less use of expensive PV material. Such advantages make the CPV
systems a more favorable choice over solar PV systems for solar power
generation. The world is rapidly moving toward increased power
generation from renewable sources, particularly solar and wind power
that will drive the global concentrated photovoltaic systems market
during the forecast period.”

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Market trend: rising patent filings

The global concentrated
photovoltaic systems market has observed increased expenditure
by vendors on R&D activities, that has led to product innovation and
increase in conversion efficiency. The increased investment in
renewables across the world, particularly solar and wind, is expected to
drive the global concentrated photovoltaic systems market. The market is
expected to witness the development of products during the forecast
period.

Market challenge: declining cost of solar PV modules

Though CPV systems provide several advantages over flat panel solar PV
systems, one of the major challenges for the CPV technology is the
decline in solar PV module prices. This has led to many CPV
manufacturing companies to enter bankruptcy or be acquired by larger
firms or shift to the manufacturing of solar PV modules. This has made
the solar PV market regain focus.

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Some of the major companies in the global concentrated photovoltaic
systems market:

• Arzon Solar
• BSQ Solar
• Guangdong Redsolar Photovoltaic Technology
• Magpower
• Saint-Augustin Canada Electric
• San’an Optoelectronics

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