Global Concentrated Photovoltaic (CPV) Market

Global Concentrated Photovoltaic (CPV) Market was valued US$ 3.19 Bn in 2018 and is estimated to reach US$ XX Bn by 2026 at a CAGR of about XX % during a forecast period.

Global Concentrated Photovoltaic (CPV) Market

The CPV technology uses mirrors or lenses in order to focus sunlight onto solar cells. CPV modules continue to develop in terms of efficiency, realizing conversion rates far beyond what is possible from traditional flat-panel PV modules. Decrease in the price of conventional PV modules have resulted in increased demand for CPV and other silicon-based solar technologies. Moreover, CPV requires a relatively smaller area for installation, which is anticipated to boost its demand in the upcoming year.

Low-cost and large-scale applications act as key drivers for CPV market. Previously, high cost of CPV systems compared to PV systems was a major barrier for the CPV market. Higher efficiency with low system cost coupled with renewable energy resources are expected to be the major factor driving the demand growth over the forecast period.Concentrated photovoltaic (CPV) market is segmented into product, application, concentration level, and region.

On the basis of product, refractors lead the concentrated photovoltaic market, due to rise in preference for Fresnel lens. Fresnel lens and high concentration photovoltaic systems together provide maximum efficiency, owing to which their demand is anticipated to remain high over the forecast period. The ability of refractors to exhibit tolerance toward misalignment of solar cells and perform in areas involving variable light intensity are robust aspects estimated to drive its demand.

Based on application, Commercial and utility are the major application segments where concentrated photovoltaic market is employed. The utility application segment dominated the industry with a volume-based share of XX % in 2018. This can be mainly attributed to the fact that they experience high irradiance. Increase in number of power purchase agreements between electricity boards and private sector companies are anticipated to boost concentrated photovoltaic installations in the utility segment.

By concentration level, the concentration ratio is directly proportional to output power. High concentration photovoltaic is anticipated to witness high demand over the forecast period. High efficiency results in trimming of the size of the solar module, which, in turn, improves overall cost efficiency. Growing demand for high-efficiency and low-cost modules among manufacturers are anticipated to positive impact on the market penetration of high concentration photovoltaic.

In terms of region, Asia Pacific is one of the leading market for the global CPV market. Middle East and Africa is anticipated to be the second-fastest growing region, with demand majorly driven by rise in installations in South Africa. The CPV market in North America is estimated to register a CAGR of XX % from 2018 to 2027 in terms of volume. The advantage of low labor cost and introduction of smaller rooftop systems are also anticipated to boost market growth.

The objective of the report is to present comprehensive analysis of Global Concentrated Photovoltaic (CPV) Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of industry with dedicated study of key players that includes market leaders, followers and new entrants by region.

PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give clear futuristic view of the industry to the decision makers. The report also helps in understanding Global Concentrated Photovoltaic (CPV) Market dynamics, structure by analyzing the market segments, and project the Global Concentrated Photovoltaic (CPV) Market size.

Clear representation of competitive analysis of key players by Global Concentrated Photovoltaic (CPV) Market Type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Concentrated Photovoltaic (CPV) Market make the report investor’s guide.

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Market Scope of Global Concentrated Photovoltaic (CPV) Market

Global Concentrated Photovoltaic (CPV) Market, by Product

• Reflector

• Refractor

Global Concentrated Photovoltaic (CPV) Market, by Application

• Utility

• Commercial

Global Concentrated Photovoltaic (CPV) Market, by Concentration Level

• High

• Low

Global Concentrated Photovoltaic (CPV) Market, by Geography

• North America

• Europe

• Asia-Pacific

• Middle East & Africa

• Latin America

Key Players operating in the Global Concentrated Photovoltaic (CPV) Market

• Ravano Green Powers

• Sunpower Corporation

• Zytech Solar

• Soitec

• Suncore Photovoltaic Technology Co. Ltd.

• Solarsystem

• Solar Junction

• Semprius Inc.

• Magpower

• Isofoton S.A.

• Amonix

• Saint-Augustin Canada Electric Inc.

• Morgan Solar

• Chroma Energy

• Akhter Solar

• Cool Earth Solar

• ARIMA Group

• Sanan Optoelectronics Technology Co., Ltd

• Macsun Solar Energy Technology Co., Ltd.

• Suntrix Company Ltd

• Sumitomo Electric Industries, Ltd.

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[Dhruv Bindhani]

The Global Concentrated Photovoltaic (CPV) Market, valued at US$ 3.19 Bn in 2018, is projected for significant growth by 2026. While the exact figures for 2026 and the CAGR are not explicitly provided in the text, the overall sentiment points to a robust expansion. This growth is driven by CPV's superior efficiency compared to traditional flat-panel PV modules and its ability to operate effectively in smaller installation areas.

Key Drivers and Market Dynamics​

The market is primarily propelled by the demand for low-cost and large-scale applications. Historically, the higher cost of CPV systems was a barrier, but decreasing costs coupled with higher efficiency and the global push for renewable energy are now major growth factors.1 The increasing demand for CPV is also linked to a decrease in the price of conventional PV modules, which surprisingly increases interest in CPV and other silicon-based solar technologies.

Market Segmentation Insights​

The CPV market is segmented by product, application, concentration level, and region:2

• Product: Refractors currently lead the market, with a rising preference for Fresnel lenses.3 This is attributed to their high efficiency when combined with high concentration photovoltaic systems, and their tolerance towards solar cell misalignment and variable light intensity.4
  
  
  
• Application: The Commercial and Utility segments are the main application areas.5 The utility sector dominated in 2018, benefiting from high irradiance and an increasing number of power purchase agreements between electricity boards and private companies.6
  
  
  
• Concentration Level: High Concentration Photovoltaic (HCPV)is expected to see high demand. This is due to its superior efficiency, which allows for smaller solar modules and improved overall cost efficiency.7 The growing demand for high-efficiency, low-cost modules from manufacturers is positively impacting HCPV market penetration.8
  
  
  
• Region: Asia Pacific is a leading market, while the Middle East and Africa are anticipated to be the second-fastest growing regions, largely driven by installations in South Africa.9 North America is also expected to exhibit significant growth in volume, supported by lower labor costs and the introduction of smaller rooftop systems.10
  
  

Report Objectives and Scope​

The report aims to provide a comprehensive analysis of the Global Concentrated Photovoltaic (CPV) Market, covering past and current status, forecasted market size, and trends.11 It delves into all industry aspects, including a dedicated study of key players (leaders, followers, and new entrants by region). Analytical tools like PORTER, SVOR, and PESTEL analysis are used to understand the impact of micro-economic factors and external/internal influences on the market.12 The report also offers competitive analysis, including market type, price, financial position, product portfolio, growth strategies, and regional presence of key players, serving as an investor's guide.13






Key players mentioned in the CPV market include Ravano Green Powers, Sunpower Corporation, Zytech Solar, Soitec, Suncore Photovoltaic Technology Co.14 Ltd., and many others.