The global concentratorphotovoltaic (CPV) market exceeded USD 790 million in 2021 and is predicted to grow at a CAGR of more than 14.5% between 2021 and 2026. It is predicted to reach around USD 1.8 billion during the foreseen period.
The escalating adoption of this technology is supposed to drive callexpansion in the coming years. The installation of low-concentration photovoltaic (LCPV) and high-concentration photovoltaic (HCPV) systems is likely to expand at significant expansion rates during the foreseen period. Furthermore, the combined installations were carried out in the United States and Central America, representing approximately 60 MW in 2015. Southern Europe accounted for more than 50 MW in the same year. Many large CPV companies have exited the market due to the increasing pressures from falling costs of other PV technologies, while many others are struggling to raise the capital to experiment and expand.
Concentrator photovoltaic technology uses mirrors or lenses to focus sunlight onto solar cells. The escalating adoption of additional optics to focus sunlight has increased the cost compared to other conventional installations. Potential consumers are estimated to prefer CPV systems in the worldwide solar PV market because they present a better return on investment. The growing number of installations and the burgeoning rate of technology implementation are determined to reduce the price of HCPV installation reach more than $ 2.87 in 2022.
Sharp declares the addition of a new 440W monocrystalline silicon photovoltaic (PV) panel to its portfolio. The new module incorporates 9 BB (multibar) technology through round ribbons that increases the power gain of each cell and makes them less sensitive to microcracks, offering greater module reliability.
The Ministry of Energy of Uzbekistan has announced the launch of the third PPP project for photovoltaic solar energy, under the “Uzbek Solar” program for the first quarter of 2021.
The price competitiveness of the CPV market, improved reliability and efficiency improvements are expected to drive worldwide industry call for years to come. Also, the boom in the concentrator PV market can be attributed to both incentives and subsidies offered by the government to meet renewable energy targets. However, these subsidies have been removed due to intensive photovoltaic installations. Furthermore, these subsidies are likely to prove too costly to sustain the regime for the next two decades. Low-cost, large-scale applications are the main drivers of CPV technology.
Lack of acceptance of the technology and limited locations with high direct normal irradiation are likely to hamper the businessexpansion in the coming years.
Increased efficiency with a low system cost coupled with renewable energy resources are predicted to be the main drivers of callexpansion during the foreseen period. Additionally, the reduction in land requirements is also anticipated to boost callexpansion from 2021 to 2026. A huge pipeline of projects is likely to provide a potential expansion opportunity for the industry. In addition, several emerging countries with high irradiation and high electricity prices are supporting photovoltaic projects by signing direct electricity purchase agreements (PPAs) with local electricity consumers and utility manufacturers.
Falling prices for PV silicon have prompted some players to leave the industry. Generation capacity was severely affected in 2015 after the French company Soitec and the Chinese company Suncore decided to stop manufacturing photovoltaic concentrators. The escalating popularity of photovoltaic modules and the rapidly falling prices of CPV modules have led manufacturers to abandon CPV production. The low popularity of CPV in the industry can also be attributed to its late introduction into a field largely dominated by photovoltaics.
On a product basis, refractors dominate the concentrated photovoltaic market, due to the growing preference for the Fresnel lens. The Fresnel lens and high-concentration photovoltaic systems together provide maximum efficiency, so its call is predicted to remain high during the foreseen period.
Depending on the application, commerce and utilities are the main application segments where the concentrated PV market is employed. The utility applications segment dominated the industry with a notable volume share in 2020.
By concentration level:
By concentration level, the concentration ratio is directly proportional to the power output. High-concentration PV is predicted to see strong call during the foreseen period.
Concentrator Photovoltaic (CPV)Regional Analysis:
In terms of region, Asia-Pacific is one of the leading markets in the global CPV market. The Middle East and Africa is predicted to be the second fastest growing region, with call driven primarily by increased facilities in South Africa. The North American CPV market is predicted to post a significant CAGR from 2021 to 2026. The advantage of low labor cost and the introduction of smaller roofing systems is also expected to drive market expansion. At present, China has the largest CPV power plant in operation, making Asia-Pacific one of the main markets in the worldwide market. Also, during the projection period, Asia-Pacific will continue to dominate the CPV space.
The Middle East and Africa regional segment will also present many lucrative expansion opportunities. The United States and Europe also account for a significant part of the CPV capacity currently installed worldwide. The Middle East and Africa is envisioned to be the second fastest growing region, with call driven primarily by growing facilities in South Africa. Sand dune covered areas receive the most sunlight in terms of surface area and this greatly encourages the installation of CPV. Upcoming solar projects in Morocco and Jordan are predicted to continue to drive the call for concentrated PV power during the forecast period.
Solar energy has grown dramatically in the last two decades. But the crisis caused by coronavirus could significantly disrupt this dynamic. More than ever, governments will play a central role in addressing these challenges and determining the pace of solar power deployment in the near future. Stimulus programs to get the world economy back on track will be particularly important. When designing these packages, governments must take into account the structural benefits that solar energy can bring not only to the energy sector, but also to the health, transport and agriculture sectors. and industry, in particular economic and sustainable development and job creation, while reducing emissions and promoting technological innovation.
Key players covered in the global concentrator photovoltaic (CPV) market report are Radical Sun Systems, Inc. (U.S.), SolAero Technologies Corp. (U.S.), Arzon Solar LLC. (U.S.), Cool Earth Solar (U.S.), Morgan Solar Inc. (Canada), ARIMA Group (Taiwan), Suncore Photovoltaic Technology Company Limited (China), Guangdong Redsolar Photovoltaic Technology Co. Ltd (China), Sumitomo Electric Industries, Ltd. (Japan), Saint-Augustin Canada Electric Inc. (STACE) (Canada), Sanan Optoelectronics Technology Co., Ltd (China), Suntrix Company Ltd (China), Macsun Solar Energy Technology Co., Ltd. (China), and others.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Concentrator Photovoltaic (CPV) Market, By Product
6.1.3 Market Size Estimations & Forecasts (2021-2026)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Concentrator Photovoltaic (CPV) Market, By Application
6.2.3 Market Size Estimations & Forecasts (2021-2026)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index
6.3 Concentrator Photovoltaic (CPV) Market, By Concentration Level
6.3.3 Market Size Estimations & Forecasts (2021-2026)
6.3.4 Y-o-Y Growth Rate Analysis
6.3.5 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Product
7.2.3 By Application
7.2.4 By Concentration Level
7.3.1 By Country
188.8.131.52 Rest of Europe
7.3.2 By Product
7.3.3 By Application
7.3.4 By Concentration Level
7.4 Asia Pacific
7.4.1 By Country
184.108.40.206 South Korea
220.127.116.11 South East Asia
18.104.22.168 Australia & NZ
22.214.171.124 Rest of Asia-Pacific
7.4.2 By Product
7.4.3 By Application
7.4.4 By Concentration Level
7.5 Latin America
7.5.1 By Country
126.96.36.199 Rest of Latin America
7.5.2 By Product
7.5.3 By Application
7.5.4 By Concentration Level
7.6 Middle East and Africa
7.6.1 By Country
188.8.131.52 Middle East
7.6.2 By Product
7.6.3 By Application
7.6.4 By Concentration Level
8. Key Player Analysis
8.1 Radical Sun Systems, Inc
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 SolAero Technologies Corp
8.3 Morgan Solar Inc
8.4 ARIMA Group
8.5 Suncore Photovoltaic Technology Company Limited
8.6 Sumitomo Electric Industries, Ltd
8.7 Saint-Augustin Canada Electric Inc
8.8 Suntrix Company Ltd
8.9 Arzon Solar LLC
8.10 Sanan Optoelectronics Technology Co., Ltd
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures