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

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.