Valley Cottage, NY -- (SBWIRE) -- 10/05/2017 -- The CPV (Concentrated Photovoltaics) technology is used to generate electricity by using lenses or curved mirrors to gather huge amount of sunlight on a small area with highly proficient Multi-Junction (MJ) solar cells. HCPV (High Concentration Photovoltaics - a type of CPV technology) systems occupies concentrating optics which includes Fresnel lenses or dish reflectors that concentrate sunlight to intensify it, equals to that of 1,000 suns or more. HCPV solar technology is the process through which maximum sun energy is converted into electricity, HCPV can reduce the expenses of the solar cells. Globally, high-concentration photovoltaics market is growing due to high efficiency and upsurge in yearly installed capacity (i.e. from 300 up to 1000 suns). The installations of HCPV systems is expected to grow by double-digit percentage every year. The high-concentration photovoltaics are mostly used in industrial, telecom or mobile towers, rural electrification and government or military sectors. Due to its ecofriendly nature, uninterrupted power supply, high efficiencies for direct-normal irradiance, simple & user friendly integration, rapid deployment solutions, and increased and stable energy production, the high-concentration photovoltaics market is projected to grow at a healthy CAGR during the forecast period.

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Global High-Concentration Photovoltaics Market: Drivers and Restraints

The drivers of the high-concentration photovoltaics market are minimum land space requirement, consistent improvements in its technology, awareness of renewable energy resources, and government assistance program with essential financing schemes. Also reduction in "Levelized Cost of Electricity" (LCOE) and improved efficiency with low system cost is another significant factor contributing in the surging global high-concentration photovoltaics market.

However, some of the restraints hindering the growth of the global high-concentration photovoltaics market are expensive solar trackers required to get sunlight focused on the small photovoltaic area, non-utilization of diffuse radiation, perception and bankability issues, lack of technology standardization, lack of adoption of technology and limited places with high direct normal irradiation.

Global High-Concentration Photovoltaics Market: Segmentation

Global high-concentration photovoltaics market can be segmented as follows:

Global High-Concentration Photovoltaics Market, by Type of Power Generation

Electric power

Electric power and thermal power

Global High-Concentration Photovoltaics Market, by Applications

Industrial, Residential and Commercial rooftop

Telecom or Mobile towers

Rural electrification

Water pumping solutions

Street lighting

Government or Military (mobile off grid)

Municipalities

Hospitals, Hotels and Restaurants

Global High-Concentration Photovoltaics Market: Regional Outlook

Geographically, high-concentration photovoltaics market can be divided into seven regions, namely NorthAmerica, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan, and the Middle East and Africa (MEA). North America is the prominent contributor in high-concentration photovoltaics market because of the technological advancements in United States for solar power energy utilization. Latin America is the next vital region in the high-concentration photovoltaics market due to some large projects are planned in the Mexico. Asia Pacific is following North America and Latin America for the high-concentration photovoltaics market on account of growing HCPV production in China, Taiwan and Japan. Europe is also witnessing a growing market of high-concentration photovoltaics market because of increase in HCPV installations and Energy Payback Time. The Middle East and Africa (MEA) are at a nascent stage in the high-concentration photovoltaics market, however they are expected to expand at a significant CAGR in the forecast period.

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Global High-Concentration Photovoltaics Market: Key players

Some of the key players working in high-concentration photovoltaics market are: Abengoa Solar, S.A., Cool Earth Solar, ES-SYSTEM, Green & Gold Solar Pty Ltd., Fullsun Photovoltaics, Arzon Solar, LLC, and BSQ Solar, SL.