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 Insights

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).

Concentrated photovoltaic (CPV) technology converts sunlight into electrical energy in the same way that traditional photovoltaic technology does. To boost efficiency, CPV systems frequently employ sun trackers and, in certain cases, a cooling system. They have the highest efficiency of any existing PV technology, and a smaller photovoltaic array minimises system balancing costs. To generate energy, CPV technology uses optics such as curved mirrors or lenses to collect a significant amount of sunlight on a tiny area of solar photovoltaic (PV) cells. CPV systems have a number of advantages over non-concentrated photovoltaic systems. CPV can reduce the cost of solar cells by requiring a smaller area of photovoltaic material. To collect the same amount of sunlight as non-concentrating PV, CPV requires less photovoltaic material. Because of the decreased space requirements, CPV permits the use of high-efficiency but expensive multi-junction cells cost effectively practical. However, in order to focus sunlight on the small photovoltaic area, CPV systems require additional investment in solar trackers, concentrating optics (mirrors or lenses), and cooling systems.

US High Concentrated Photovoltaic Market is poised to grow at a sustainable CAGR for the next forecast year.

Global High Concentrated Photovoltaic Market Report Snapshots

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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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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

Global High Concentrated Photovoltaic Market Insights

Global High Concentrated Photovoltaic Market Report Snapshots

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