Concentrator Photovoltaic (CPV) Market Growth, Size, Share, Trends, and Forecast 2032

According to the report published by Zion Market Research, the global Concentrator Photovoltaic (CPV) Market size was valued at USD 1,117.30 Million in 2023 and is predicted to reach USD 3,073.50 Million by the end of 2032. The market is expected to grow with a CAGR of 11.90% during the forecast period. The report analyzes the global Concentrator Photovoltaic (CPV) Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Concentrator Photovoltaic (CPV) Market industry.

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Global Concentrator Photovoltaic Market: Overview

Concentrator photovoltaic is a technology that produces electricity from the sun by absorbing sunlight. It uses lenses and curved mirror to focus the sunlight on to small highly efficient multi-junction (MJ) solar cell. Ongoing research and development are rapidly improving their competitiveness in utility scale. This sort of technology can be used in smaller areas. There are two types of CPV available in the market, High Concentrator Photovoltaic (HCPV) and Low Concentrator Photovoltaic (LCPV). Systems using HCPV have the potential to become competitive in the near future. HCPV is majorly preferred in hot climates.

HCPV system consists of dish reflectors or Fresnel lenses that concentrate sunlight to intensities of sun or more while LCPV systems have the lower solar concentration of 2-100 suns. LCPV is mostly used in smaller areas.

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Global Concentrator Photovoltaic Market: Growth Factors

Increasing demand for this technology is anticipated to boost the demand over the coming few years. Installation of High Concentrator Photovoltaic and Low Concentrator Photovoltaic’s anticipated to expand at significant growth rates over the forecast period. China and Southeast Asia are the largest regions with CPV installed capacity. Potential consumers are expected to prefer CPV systems in the overall Solar PV market as they exhibit higher return on investment. CPV market price competitiveness and efficiency improvements are estimated to drive the global industry demand over the next few years, there are some incentives and subsidies provided by the government to accomplish the renewable energy targets. Furthermore, these subsidies are likely to prove too expensive to hold the scheme over the next two decades.

Global Concentrator Photovoltaic Market: Segmentation

Growing demand for the High Concentrator Photovoltaic (HCPV) and Low Concentrator Photovoltaic (LCPV) is high in the market. Growing demand for high efficiency and low-cost modules among manufacturers is expected to have a positive impact on the market. Governments across nations are undertaking efforts to increase the amount of electricity generated by solar energy.

• HCPV has higher demand as it has the intensity to absorb the sunlight at high efficiency and can generate electricity at a higher rate. Market price competitiveness and efficiency improvement are estimated to drive the global industry demand over the upcoming years.
• However, CPV technology is yet to gain worldwide acceptance and manufacturers are constantly engaged in developing new models with improved efficiency. The advantage of low labor cost and small rooftops are expected to boost the market growth.

Concentrator Photovoltaic (CPV) Market : Report Scope

Global Concentrator Photovoltaic Market: Regional Analysis

Currently, China has the largest CPV Power Plants in operation making and the Asia Pacific is the leading market globally. The Middle East and Africa region are expected to be the second fastest growing region. Furthermore, this region will also be producing a lot of profit opportunities in the forecast period. U.S and Europe also account a major share in the installed CPV capacity. CPV market in North America is expected to have highest CAGR by 2017-2025 in terms of volume. U.S and Canada are primarily driving demand for this technology.

Global Concentrator Photovoltaic Market: Competitive Players

Some of the most important companies in Global Concentrator Photovoltaic Market are:

• Sunpower Corporation
• Sunrose Photovoltaic technology Co. Ltd
• Zytech Solar
• Solarsystem
• Solar Junction
• Soitec
• Semprius Inc
• Ravano queen powers
• Manpower
• Amonix
• Isofoton S.A.

The Global Concentrator Photovoltaic (CPV) Market is segmented as follows:

By Demand 

• High Concentrator Photovoltaic (HCPV)
• Low Concentrator Photovoltaic (LCPV)

By Competitive Players 

• Sunpower Corporation
• Sunrose Photovoltaic technology Co. Ltd
• Zytech Solar
• Solarsystem
• Solar Junction

Global Concentrator Photovoltaic Market: Regional Segment analysis

• North America
  • The U.S.
• Europe
  • The UK
  • France
  • Germany
• The Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.