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Low-Concentration Photovoltaic Market Segmented By Refractor and Reflector technology type with application such as Commercial scale and Utility scale
Low-Concentration Photovoltaic cell converts the solar energy into direct current which is used in semiconductor materials. A photovoltaic system consists of solar panels and solar cells, which converts the solar energy into electricity. The solar panels absorbs the solar energy through direct sunlight which is stored into the solar cells that are made up of layers of semiconductors, the energy stored in the solar cells are then transformed into electricity and are used for household as well as commercial applications.
The solar cell used for storing the solar energy is a photoelectric cell and it is capable of producing electric current without external voltage source. The various low-concentration photovoltaic process includes photoelectric effect, and electro chemical process. The low concentrated photovoltaic offers many advantages than the high concentrated photovoltaic cell such as they require only single axis tracking, less sensitivity to track errors, capture the large fraction of diffuse and circumsolar content.
The advanced technologies and rapid innovations in the low-concentration photovoltaic is expected to create lucrative opportunities for the low-concentration photovoltaic market. The global Low-Concentration Photovoltaic market anticipated to exhibit a significant CAGR as well as annual growth rate over the forecast period.
The Low-Concentration Photovoltaic market is primarily driven by the following factors, the technological advancements and innovations in the photovoltaic market and favorable public policies attributed to low-concentration photovoltaic cell which is increasing the adoption rate of low concentration photovoltaic cell which in turn driving the global market for low-concentration photovoltaic.
Increased disposable income along with government awareness programs regarding renewable energy sources are also driving the global low concentration photovoltaic market. The government initiatives to generate and adopt the photovoltaic have a tremendous impact on low concentration photovoltaic market. For instance, Japanese government is expanding solar power by enacting subsidies and Feed-in-Tariff (FIT).
However, low-concentration photovoltaic cells are operated most efficiently in concentrated sunlight, in order to reach the maximum efficiency photovoltaic cell must be located in plentiful sunlight which can be challenge for low-concentration photovoltaic market in some geographies. Comparatively, the low-concentration photovoltaic is costlier than the conventional devices, which acts as a bottleneck for global low-concentration photovoltaic market.
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Global Low-Concentration Photovoltaic market is gaining traction across the globe due to increased awareness among people towards low concentration photovoltaic market. The global Low-Concentration Photovoltaic market is witnessed to unlock the potential over the forecast period.
Global market is segmented into seven key regions, those are North America (N.A), Latin America (L.A), Eastern Europe (E.E), Western Europe (W.E), Asia-Pacific Excluding Japan (APEJ), Middle East and Africa (MEA), and Japan.
Western Europe is currently holds the largest market share in low concentration photovoltaic market due to advanced technologies and innovations in photovoltaic in the region. Germany has a significant contribution in European region followed by Italy, Belgium.
Asia-Pacific offers a robust market share in global low-concentration photovoltaic market owing to the drastic change in Asian countries demographics as well as economy industry in China, Japan, and India. China is highly agile industry with 400 photo voltaic companies in the country as of 2016.
China is one of the leading producer of photovoltaic power with 43 GW capacity. North America market for low-Concentration photovoltaic is anticipated to have significant market share over the forecast period followed by Europe due to the increased awareness among the people in the countries like US and Canada for renewable and environment friendly source of energy. The global low-concentration photovoltaic market is anticipated to account for significant CAGR as well as lucrative opportunities for the companies over the forecast period.
Some of the major key players identified in the low-concentration photovoltaic market includes:
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