USD 900 million
Concentrated Photovoltaics (CPV) Market Size, Share, Growth Analysis, By Type(Solar Cells and Optics), By End-User(Commercial and Utility-Scale), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG55E2015 |
Region:
Global |
Published Date: March, 2024
Pages:
182
|Tables:
59
|Figures:
75
Concentrated Photovoltaics (CPV) Market Insights
Global Concentrated Photovoltaics (CPV) Market size was valued at USD 900 million in 2022 and is poised to grow from USD 1027.80 million in 2023 to USD 2973.29 million by 2031, growing at a CAGR of 14.2% during the forecast period (2024-2031).
The rising demand for grid-connected electricity and increasing awareness about renewable energy resources for power generation are expected to drive the adoption of Concentrated Photovoltaic (CPV) technology in various applications. The reduced cost of conventional PV modules has led to a surge in demand for CPV and other silicon-based solar technologies. Additionally, the installation of CPV requires less space, which is expected to boost its demand in the near future. However, the CPV industry is still in its infancy, and it is primarily used for specific purposes. Manufacturers in the global market for concentrated photovoltaics consider factors like performance, cost, reliability, and trade-offs. The US is a rapidly growing market for CPV due to the increasing demand for power and strict government regulations regarding the use of limited natural resources. Concentrated photovoltaic accounts for over 93.0% of the installed capacity in North America. Furthermore, augmenting CPV installations in public places like educational institutions is expected to drive market growth in the forecast period. The main drivers for CPV technology are its low cost and large-scale applications. However, the high cost of CPV systems compared to PV systems used to be a significant barrier for the CPV industry. In recent years, declining prices of silicon PV and continuous improvements in design and technology have positively impacted the market.
US Concentrated Photovoltaics (CPV) Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Solar Cells
Fastest Growth
Solar Cells
Growth Rate
14.2% CAGR
Global Concentrated Photovoltaics (CPV) Market 2021-2030 ($ Bn)
Country Share for North America Region- 2021 (%)
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Concentrated Photovoltaics (CPV) Market Segmental Analysis
The Global Concentrated Photovoltaics (CPV) market is segmented by type, end-user, and region. Based on type, the market can be segmented into solar cells, and optics. Based on end-user, the market is segmented into commercial and utility-scale. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Concentrated Photovoltaics (CPV) Market Analysis by Type
The solar cells segment dominated the CPV market since they are the key component of CPV systems and are responsible for converting sunlight into electricity. The growing demand for renewable energy sources, as well as the growing requirement for energy-efficient systems, are likely to fuel the expansion of the solar cells segment in the future years. Furthermore, technical improvements and research & development activities in the field of solar cells are likely to accelerate the expansion of this category.
The optics area of the CPV market is predicted to develop the fastest in the coming years. The optics portion includes numerous components including lenses, mirrors, and reflectors that are used to concentrate sunlight onto the solar cells. The expanding demand for CPV systems in the utility-scale sector, as well as the growing requirement for improved energy efficiency, are likely to drive the expansion of the optics segment. Furthermore, the development of new and sophisticated optics technologies, such as reflecting and refractive optics, is likely to accelerate the expansion of this market.
Concentrated Photovoltaics (CPV) Market Analysis by End-User
The utility-scale segment dominated the CPV market since it is the most common application for CPV installations. Utility-scale CPV systems are often utilised in power plants or huge solar farms to generate electricity on a massive scale. The rising need for renewable energy sources, as well as the expanding requirement for energy-efficient systems, are likely to propel the utility-scale segment forward in the coming years. Furthermore, government initiatives and laws encouraging the use of renewable energy sources are projected to accelerate the expansion of this market.
The commercial segment of the CPV market is predicted to develop the fastest in the coming years. Commercial applications include rooftop installations for commercial buildings, schools, hospitals, and shopping malls. The growing awareness of the benefits of renewable energy sources, combined with rising demand for energy-efficient equipment in the business sector, is likely to boost commercial segment growth. Furthermore, the development of new and sophisticated CPV technologies that are more suitable for commercial applications is likely to accelerate the growth of this market.
Global Concentrated Photovoltaics (CPV) Market Size By Type, 2021 (%)
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Concentrated Photovoltaics (CPV) Market Regional Insights
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.
APAC is predicted to be the fastest-growing region in the global CPV market, with significant contributors including China, Japan, and India. The rapid expansion of the APAC market can be ascribed to rising electricity consumption in the region as well as the implementation of government policies and programmes encouraging renewable energy. Because of the government's emphasis on creating renewable energy sources, China is likely to be a major contributor to the growth of the APAC CPV market.
Global Concentrated Photovoltaics (CPV) Market By Geography, 2021-2030
- Largest
- Fastest
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Concentrated Photovoltaics (CPV) Market Dynamics
Concentrated Photovoltaics (CPV) Market Drivers
Increasing demand for renewable energy resources
- 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 Restraints
High initial investment required for installation and maintenance
- One major restraint for the growth of the Concentrated Photovoltaic (CPV) market is the high initial investment required for installation and maintenance of CPV systems. CPV technology is relatively new compared to traditional photovoltaic systems, and the high cost of installation and maintenance remains a major challenge. Additionally, the limited availability of skilled labor for CPV system installation and maintenance also acts as a restraint for the market. The lack of awareness among end-users regarding the benefits and advantages of CPV technology is another factor that limits the market growth.
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Concentrated Photovoltaics (CPV) Market Competitive Landscape
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.
Concentrated Photovoltaics (CPV) Market Top Player’s Company Profiles
- Amonix (US)
- China Sunergy (China)
- 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)
Concentrated Photovoltaics (CPV) Market Recent Developments
- In April 2023, CPV manufacturer Solfocus announced a $15m investment from Chinese solar module manufacturer JA Solar to expand its CPV product line.
- In March 2023, CPV technology provider SolFocus announced a partnership with Chinese solar module manufacturer Trina Solar to supply CPV modules for a 200 MW solar project in China.
- In January 2023, CPV module manufacturer Solaria announced the completion of a $40m funding round to expand its CPV product line.
- In September 2022, CPV manufacturer Concentrix Solar announced a partnership with Sener, a Spanish engineering and technology company, to supply CPV systems for a 100 MW solar project in Saudi Arabia.
- In August 2022, CPV manufacturer Cogenra Solar announced the acquisition of Solaria Corporation, a US-based solar module manufacturer, to expand its CPV product line.
Concentrated Photovoltaics (CPV) Key Market Trends
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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.
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The growing demand for electricity, which should boost sales of concentrated photovoltaic (CPV), is mostly due to industrialization in developing countries. Because of the aforementioned difficulties, demand for concentrated photovoltaic (CPV) systems is likely to expand in the future. Furthermore, with increased investment in renewable energy, total demand for electricity in the urban sector is expected to skyrocket due to a variety of factors, including the world's growing population, the expansion of manufacturing in some developing countries, and the acceleration of infrastructure improvement efforts. As a result of this, and as more nations implement legislation to protect the environment, the primary power production industry is being obliged to make a vertical shift to more sustainable energy sources. The photovoltaic (CPV) Market will be dominated by expanding product demand from various end-use sectors and rising energy demand.
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As a result, the increasing prevalence of energy supply is propelling the international market's expansion. For instance, Sumitomo Electric Industries, Ltd.'s new Z2C fusion splicer will be released this spring, and it will have the company's proprietary "Nano Tune AI (artificial intelligence) programmed fusion technology in a redesigned more robust chassis. As a result of the increased demand for energy savings, the market for Concentrated Photovoltaic (CPV) is expected to rise over the forecasted time period. As a result, the concentrated photovoltaic (CPV) market revenue is the driving element.
Concentrated Photovoltaics (CPV) Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global Concentrated Photovoltaic (CPV) market analysis, the market is witnessing steady growth due to the increasing demand for renewable energy resources and the need to reduce greenhouse gas emissions. The market is characterized by intense competition among players, who are investing in research and development to develop innovative and cost-effective CPV systems. However, high initial investment costs and limited availability of skilled labor remain key challenges for the market. The adoption of CPV technology in utility-scale solar power plants is a key trend, driven by the technology's high efficiency and ability to generate more electricity than traditional photovoltaic systems in areas with high direct normal irradiance.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 900 million |
| Market size value in 2031 | USD 2973.29 million |
| Growth Rate | 14.2% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Concentrated Photovoltaics (CPV) Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Concentrated Photovoltaics (CPV) Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Concentrated Photovoltaics (CPV) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Concentrated Photovoltaics (CPV) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Concentrated Photovoltaics (CPV) Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Concentrated Photovoltaics (CPV) Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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