The Global Concentrator Photovoltaic (CPV) Market size is estimated at USD 987.46 million in 2023 and is predicted to grow at a CAGR of 11.83% between 2024 and 2029. It is predicted to reach around USD 1931.39 million in 2029 during the foreseen period 2024-2029.
Market Overview:
The escalating adoption of this technology is supposed to drive call expansion 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.
Market Trends:
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 to reach more than $ 2.87 in 2022.
Market Drivers:
The price competitiveness of the CPV market, improved reliability, and efficiency improvements are expected to drive worldwide industry calls 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.
Market Restraints:
Lack of acceptance of the technology and limited locations with high direct normal irradiation is likely to hamper the business expansion in the coming years.
Market Opportunities:
Increased efficiency with a low system cost coupled with renewable energy resources is predicted to be the main driver of cell expansion during the foreseen period. Additionally, the reduction in land requirements is also anticipated to boost cell expansion from 2022 - 2027. 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.
Market Challenges:
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.
REPORT METRIC |
DETAILS |
Market Size Available |
2023 – 2029 |
Base Year |
2023 |
Forecast Period |
2024 - 2029 |
CAGR |
11.83% |
Segments Covered |
By Product, Application, Concentration level, and Region. |
Various Analyses Covered |
Global, Regional and country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
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), and Others. |
Market Segmentation:
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.
The concentration ratio is directly proportional to the power output. High-concentration PV is predicted to see a strong call during the foreseen period.
Market Regional Analysis:
In terms of region, Asia-Pacific is one of the leading markets in the global CPV market. The Middle East and Africa are predicted to be the second-fastest-growing region, with calls driven primarily by increased facilities in South Africa. The North American CPV market is predicted to post a significant CAGR from 2024 - 2029. The advantage of low labor costs 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 are envisioned to be the second fastest-growing region, with calls 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. However the crisis caused by the 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.
Market Key Players:
Key players covered in the global concentrator photovoltaic (CPV) market report are
Market Recent Developments:
FAQ's
The Global Concentrator Photovoltaic (CPV) Market is expected to grow with a CAGR of 11.83% between 2024-2029.
The Global Concentrator Photovoltaic (CPV) Market size is expected to reach a revised size of US$ 1931.39 billion by 2029.
SolAero Technologies Corp. (U.S.), Arzon Solar LLC. (U.S.), and Cool Earth Solar (U.S.) are the three Concentrator Photovoltaic (CPV) Market key players.
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