High Concentrated Photovoltaic Market
Report ID: SQMIG55F2049
High Concentrated Photovoltaic Market Size, Share, Growth Analysis, By Product(Reflector, Refractor), By Application(Utility, Commercials), By Conversion rate(Below 30%, 30%-40%, Above 40%), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG55F2049 |
Region:
Global |
Published Date: April, 2024
Pages:
254
|Tables:
88
|Figures:
76
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.
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High Concentrated Photovoltaic Market Segmental Analysis
Global high concentrated photovoltaic market is segmented based on product, application, conversion rate. Based on product, market is segmented as reflector, refractor. Based on application, market is segmented as utility, non-utility. Based on conversion rate, market is segmented as below 30%, 30% - 40%, above 40%. Based on region, the global market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East Africa.
High Concentrated Photovoltaic Market Analysis by Product:
Based on product, high concentrated photovoltaic market is segmented into refractors and reflector. An optical concentrator is known as the primary component in CPV technology since it focuses sunlight on the solar cell. Because of the growing preference for Fresnel lenses, refractors dominate the concentrated photovoltaic industry. Fresnel lenses and high concentration photovoltaic systems work together to maximise efficiency, therefore demand for them is projected to stay high over the forecast period. The capacity of refractors to tolerate misalignment of solar cells and function in areas with changing light intensity are major factors expected to boost demand.
High Concentrated Photovoltaic Market Analysis by Application:
Governments around the world are working to boost the quantity of electricity generated by solar energy. High concentrated photovoltaic technology is mostly used in commercial and utility applications. With a volume-based share of 85.9 percent, the utilities application category dominated the industry. Manufacturers are preferring CPV over PV due to updated low CPV prices. Demand is predicted to rise as a result of investments in big project pipelines. This application market is predicted to grow rapidly in major economies. This is mostly due to the fact that they receive a lot of light. The growing number of power purchase agreements between power providers and the private sector is predicted to boost high concentrated photovoltaic installations in the utility sector.
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High Concentrated Photovoltaic Market Regional Insights
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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High Concentrated Photovoltaic Market Dynamics
High Concentrated Photovoltaic Market Drivers
- 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.
High Concentrated Photovoltaic Market Restraint
- Falling PV silicon prices have pushed some firms to exit the sector. In 2015, generation capacity was significantly impacted when the French business Soitec and the Chinese company Suncore decided to discontinue production of photovoltaic concentrators. Because of the growing popularity of photovoltaic modules and the rapidly lowering prices of CPV modules, manufacturers have abandoned CPV production. The industry's poor popularity of CPV can also be attributed to its late entry into a field dominated by photovoltaics.
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High Concentrated Photovoltaic Market Competitive Landscape
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.
Top Players in the Global High Concentrated Photovoltaic Market
- 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.
High Concentrated Photovoltaic Market Recent Developments
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.
High Concentrated Photovoltaic Key Market Trends
Rising Awareness of the Use of Renewable Energy Aiding Market Growth
- 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.
High Concentrated Photovoltaic 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 utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global high concentrated photovoltaic market analysis, growing need for grid-connected electricity, combined with increased awareness of the use of renewable resources for power generation, will drive the use of CPV technology in a variety of applications. The dramatic decline in the cost of conventional PV modules has fuelled demand for CPV and other silicon-based solar technologies. Furthermore, CPV requires a reduced installation area, which is expected to increase its demand in the near future. Solar technology is most commonly used in locations with direct sunlight.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1368.91 million |
| Market size value in 2031 | USD 6580.13 million |
| Growth Rate | 17% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| 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:-
|
| Historical Year | 2019 |
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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 High Concentrated Photovoltaic 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 High Concentrated Photovoltaic 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 High Concentrated Photovoltaic 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 High Concentrated Photovoltaic 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 High Concentrated Photovoltaic Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the High Concentrated Photovoltaic 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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