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

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.