Photovoltaic Market To Tally $6.35 Billion By 2025

According to a report by Grand View Research, the global concentrated photovoltaic (CPV) market is expected to reach $6.35 billion by 2025 at a 10.1% CAGR during the forecast period. Demand for concentrated photovoltaic is anticipated to register rapid growth owing to its ability to harness solar energy in areas with no space constraints.

 

Report Highlights 

Free Newsletter

Like this article? Subscribe to FierceSensors!

The sensors industry is constantly changing as innovation runs the market’s trends. FierceSensors subscribers rely on our suite of newsletters as their must-read source for the latest news, developments and analysis impacting their world. Register today to get sensors news and updates delivered right to your inbox.
  • CPV technology is yet to gain worldwide acceptance and manufacturers are constantly engaged in developing new modules with improved efficiency. Growing popularity of PV has overshadowed the efficiency and advantages of CPV. However, the technology shows great promise owing to its scalability and efficiency.
  • Globally, Asia Pacific is the largest market for CPV. Presence of many module manufacturers, coupled with favorable government initiatives, is driving the demand for this technology. The advantage of low labor cost and introduction of smaller rooftop systems are also expected to boost market growth.
  • By level of concentration, low concentrated photovoltaic is likely to be the fastest-growing segment at a revenue-based CAGR of 10.8% from 2017 to 2025. This is owing to innovations resulting in highly efficient products
  • The commercial application segment is expected to exhibit a 9.0% CAGR from 2017 to 2025 in terms of revenue. This can be attributed to increasing number of installations in manufacturing facilities as well as private buildings
  • In terms of revenue, the reflector product segment is expected to register a CAGR of 10.8% from 2017 to 2025 owing to rapidly increasing demand for low concentration photovoltaics made from mirrors
  • By volume, Asia Pacific accounted for just over 50.0% of the global market in 2016 because rapidly growing capacity additions in China and India
  • The installed capacity of CPV in Middle Eastern and African countries was 66.8 MW in 2016, backed by commissioning of projects in countries such as South Africa, Morocco, and Jordan
  • Manufacturers are constantly working on introducing new products with improved efficiencies and reduced quantities of silicon  

Should you thirst for more data on the topic, you can browse the full research report. For even more details, contact:

 

Grand View Research, Inc

Toll Free: 1-888-202-9519

Phone: +1-415-349-0058

Email: [email protected]

Web: http://www.grandviewresearch.com

Suggested Articles

OmniVision's new OX01F10 SoC module provides automotive designers with a small form factor with low-light performance, ultra-low power and reduced cost.

Several industry leaders have formed a QSFP-DD800 Multi-Source Agreement (MSA) Group to expedite development of high-speed, double-density, quad small form…

NXP Semiconductors N.V. has announced its secure fine ranging chipset, SR100T, to achieve precise positioning performance for next-generation UWB-enabled…