The concentrated photovoltaic (PV) market is split on account of concentration levels, technologies and geographical areas. The concentration levels market is segmented further into medium, high and low. The technologies market consists of reflectors and refractors. The concentrated photovoltaic (PV) market, on account of geographical areas, consists of Asia Pacific, Europe, rest of the world and North America.
The worldwide market is observing robust expansion at present. This is because of rising consciousness regarding reserves of renewable energy across several regions. Augmentation in the significance of reserves of renewable energy is expected to propel further demand for the concentrated photovoltaic (PV) market over the forecast period.
Also, high work productivity and small costs are estimated to drive the market during the same phase. The concentrated photovoltaic (PV) market has grown sluggishly in the past, but shows great potential in the future. It is gaining impetus with time. Concentrated photovoltaic (PV) connection sets are anticipated to rise by 2020 at double digit CAGRs.
The concentrated photovoltaic (PV) market was anticipated to have generated about USD 789 million in 2014. It is predicted to climb at a CAGR of around 14 percent through the said period. The market is likely to attain around USD 1, 514 million by 2019. The said period lasts from 2014 to 2020. Known as a technology, concentrated photovoltaic (PV) systems transform solar energy into functional forms of energy by sopping up solar photons.
Europe is the biggest concentrated photovoltaic (PV) market in the world. It makes up for about half of the worldwide demand. Asia Pacific is estimated to be the second biggest market. This is on account of outstanding expansion in China. China is projected to overtake Germany with respect to demand for the concentrated photovoltaic (PV) market.
Constant innovations in concentrated photovoltaic systems are opening new development prospects for the market.