Concentrated Photovoltaics (CPV) Market Updates

Concentrated Photovoltaics (CPV) Market size was valued at USD 1027.8 Million in 2023 and is poised to grow from USD 1173.75 Million in 2024 to USD 3395.5 Million by 2032, growing at a CAGR of 14.2% during the forecast period (2025-2032).

The global market for Concentrated Photovoltaic (CPV) technology is highly competitive, with several players competing for market share. Companies are focusing on developing innovative and cost-effective CPV systems to gain a competitive edge in the market. The market is characterized by intense competition among players in terms of product pricing, quality, and features. Additionally, players are also investing in research and development activities to improve their product offerings and gain a competitive advantage. The increasing demand for CPV technology has led to new players entering the market, further intensifying the competition. 'Amonix (US)', 'Arzon Solar (US)', 'China Sunergy (China)', 'Cool Earth Solar (US)', 'Emcore (US)', 'ES-SYSTEM (Poland)', 'Everphoton Energy Corporation (Taiwan)', 'Focal Point Energy (US)', 'Greenfield Solar (US)', 'Guascor Foton (Spain)', 'ISOFOTON (Spain)', 'Morgan Solar (Canada)', 'Pramac (Italy)', 'Ravano Green Powers (Italy)', 'Saint-Augustin Canada Electric Inc. (Canada)', 'Semprius (US)', 'Solar Junction (US)', 'Solarsysteme (Germany)', 'SunPower Corporation (US)', 'Zytech Solar (Spain)'

One major driver for the growth of the Concentrated Photovoltaic (CPV) market is the increasing demand for renewable energy resources and the need to reduce greenhouse gas emissions. Governments and organizations worldwide are implementing policies and initiatives aimed at promoting the adoption of renewable energy technologies like CPV. The advantages of CPV, such as its high efficiency, low maintenance, and scalability, make it an attractive option for meeting the growing demand for electricity in a sustainable and environmentally friendly manner.

Concentrated photovoltaics (CPV) market CAGR is driven by rising energy demand, which has increased demand for concentrated photovoltaics. Furthermore, growing environmental concerns about the depletion of traditional energy sources are expected to drive additional infrastructural investments, increasing demand for concentrated photovoltaic (CPV). The increased need for concentrated photovoltaics and the rising demand for power are two major benefits of recent technological breakthroughs. Because of this compelling reason, demand has increased, and the photovoltaic market share has been further concentrated.

The solar energy market in North America is highly developed, and there is a boom in demand for renewable energy supplies. The United States accounts for more than 93.0% of the installed capacity in the North American CPV market. This is mostly owing to rising electricity demand and stringent government laws governing the usage of limited natural resources. The US government has also adopted several efforts and incentives to encourage the use of renewable energy, which is projected to support the region's CPV market growth.