Global high concentrated photovoltaic market

Global High Concentrated Photovoltaic Market Size, Share, Growth Analysis, By Product(Reflector, Refractor), By Application(Utility, Commercials), By Conversion rate(Below 30%, 30%-40%) - Industry Forecast 2024-2031

Report ID: SQMIG55F2049 | Region: Global | Published Date: April, 2024
Pages: 254 | Tables: 88 | Figures: 76

Global High Concentrated Photovoltaic Market News

May 2020, The Noor Energy 1 project, the world's largest concentrated solar power plant, is a hybrid 700MW concentrated sun power (CSP) and 250MW photovoltaic (PV) plant being developed for the Dual Electricity and Water Authority (DEWA) by a consortium led by DEWA and ACWA Power. They claim that the project will improve the city's clean energy share to 25% by 2030, saving 1.6 million tonnes of carbon dioxide.

July 2018, in a head-to-head competition, a concentrating photovoltaic system with embedded micro tracking may produce more than 50% more energy per day than regular silicon solar cells at Pennsylvania State University.

STACE, a prominent supplier of big electrical equipment in the power generating business, has announced the acquisition of Soitec's Concentrated Photovoltaic (CPV) System technology. This acquisition aided the company in expanding its foothold in the green industry and rounding out its offering in the solar energy market.

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High Concentrated Photovoltaic Market size was valued at USD 1368.91 million in 2019 and is poised to grow from USD 1601.62 million in 2023 to USD 6580.13 million by 2031, growing at a CAGR of 17% in the forecast period (2024-2031).

The high concentrated photovoltaic market is characterised by the presence of well-established players as well as several small and medium-sized players. These manufacturers are pursuing a variety of strategies, including new product launches, product portfolio expansion, and mergers and acquisitions. Several large firms are forming multiple strategic alliances in order to increase their market share and get a competitive edge. 'Amonix Inc. (acquired by Soitec S.A.)', 'Morgan Solar Inc.', 'Semprius Inc.', 'Arzon Solar LLC (acquired by SolFocus Inc.)', 'Soitec S.A.', 'Concentrix Solar GmbH (acquired by Soitec S.A.)', 'SunCore Technologies LLC', 'Sumitomo Electric Industries Ltd.', 'Zytech Solar', 'SolAero Technologies Corp.', 'Ravano Green Powers S.r.l.', 'EMCORE Corporation', 'Cool Earth Solar', 'SunPower Corporation', 'Solar Junction Corporation', 'Solaria Corporation', 'Solaria Energía y Medio Ambiente, S.A.', 'CPV Ltd.', 'SolFocus Inc.', 'RayGen Resources Pty Ltd.'

HCPV’s price competitiveness, enhanced dependability, and efficiency improvements are projected to boost global demand in the years to come. Furthermore, the rise in the high concentration PV sector can be attributable to both government incentives and subsidies to satisfy renewable energy targets. However, due to extensive solar installations, these subsidies have been eliminated. Furthermore, these subsidies are likely to be too expensive to keep the system going for the next two decades. The key drivers of HCPV technology are low-cost, large-scale applications.

Increased awareness of the use of renewable resources for power generation, combined with rising demand for grid-connected electricity, has had a significant impact on the expansion of the high concentrated photovoltaic sector. The decline in silicone prices, as well as advancements in module design, are other major variables favouring the growth of the high concentrated photovoltaic market from 2022 to 2027. Rising population, booming businesses in emerging economies, rising disposable income, and increased infrastructure building activities all contribute to the worldwide high concentration photovoltaic market's growth.

Based on region global high concentrated photovoltaic market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East Africa. Asia Pacific had the largest regional market by volume, with a share of just over 50.0 percent. China is predicted to develop its concentrated photovoltaic capacity at a CAGR of 12.2 percent from 2017 to 2025, driving demand in the region. The Chinese government's 13th Five Year Plan wants to reduce carbon footprint, which is boosting CPV installations throughout the country. In addition, the direct normal irradiance over China is high, which is projected to enhance the market. Middle East and Africa are likely to be the second-fastest-growing regions, with increased installations in South Africa driving demand. With a share of slightly more than 50%, Asia Pacific had the largest regional market by volume. China's concentrated photovoltaic capacity is expected to grow at a CAGR of 12.2 percent, fuelling demand in the region. The Chinese government's 13th Five Year Plan aims to lower the country's carbon footprint, which is driving up HCPV installation across the country. Furthermore, the direct normal irradiance over China is high, which is expected to benefit the market. The Middle East and Africa are expected to be the second-fastest growing regions, with South Africa driving demand.

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