Concentrated Photovoltaic – Growing Awareness Regarding Use of Renewable Resources for Power Generation

The Global Concentrated Photovoltaic Market size was estimated at USD 2.67 billion in 2016 and is expected to reach USD 6.35 billion by 2025 at a 10.1% CAGR during the forecast period, according to a new report by Grand View Research, Inc.

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 a large number of 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.

Key industry participants include MagPowerSystems; Zytech Solar; Solar Junction; SunPower Corporation; and Morgan Solar, Inc. Mergers and acquisitions and new product development are some of the strategic initiatives adopted by these players.

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