What is the global market size of the Concentrated Photovoltaics (CPV) Market?

Global Concentrated Photovoltaics (CPV) Market size was valued at USD 0.8 billion in 2021 and is poised to grow from USD 0.9 billion in 2022 to USD 2.30 billion by 2030, growing at a CAGR of 14.2% in the forecast period (2023-2030).

What is the key market trend for the Global Concentrated Photovoltaics (CPV) Market?

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.

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

Q: Who are the key vendors in the Global Concentrated Photovoltaics (CPV) Market?

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)'

Report ID: SQMIG55E2015 | Region: Global | Published Date: March, 2024
Pages: 182 | Tables: 59 | Figures: 75

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.

Concentrated Photovoltaics (CPV) Market Report Snapshots

License Type Top market research company in USA

File Type

$5,300

BUY NOW GET FREE SAMPLE

Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

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 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.

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.

Feedback From Our Clients

"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "

- Mr. Ali Zali, Commercial Director, ICIIC Iran.

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

Concentrated Photovoltaics (CPV) Market Dynamics

Concentrated Photovoltaics (CPV) Market Report Snapshots

Want to customize this report?

FAQs

What is the market size of Concentrated Photovoltaics (CPV) Market?

Who are the key vendors in the Concentrated Photovoltaics (CPV) Market?

What is the key driver of Concentrated Photovoltaics (CPV) Market?

What is the key market trend for Concentrated Photovoltaics (CPV) Market?

Which region accounted for the largest share in Concentrated Photovoltaics (CPV) Market?

Request Free Customization

Related Reports

Feedback From Our Clients

$5,300