Concentrated Photovoltaic Market

Growing need for energy consumption is driving the market growth

Major advantages of recent technical advances include the increased need for concentrated photovoltaics due to the latest technology and the rising need for electricity. Demand has surged because of this compelling reason, and the photovoltaic market share has been increasingly consolidated. The increasing need for electrical power, which should enhance sales of concentrated photovoltaic (CPV), is largely attributable to industrial change in developing nations. Demand for concentrated photovoltaic (CPV) is expected to rise due to the issues mentioned above in the future.

Additionally, with the increasing investment in renewable energy, the total demand for electricity in the urban sector is expected to climb dramatically due to several causes, including the world's growing population, the expansion of manufacturing in some developing countries, and the acceleration of infrastructure improvement efforts.

For instance, the new Z2C fusion splicer from Sumitomo Electric Industries, Ltd. will be available this spring, and it is going to feature the company's unique "Nano Tune AI (artificial intelligence) programmed fusion technology in a redesigned more durable chassis. As a result, the demand for Concentrated Photovoltaic (CPV) is predicted to grow throughout the forecasted time due to the rising demand for energy savings. Thus, the driving factor is the concentrated photovoltaic (CPV) market revenue.

The Global Concentrated Photovoltaic (CPV) Market Industry is on a trajectory of substantial growth, with projections indicating a market size of 2.88 USD Billion in 2024 and an anticipated increase to 13.0 USD Billion by 2035. This growth is underpinned by various factors, including technological advancements, government support, and rising energy demands. The market is expected to experience a compound annual growth rate (CAGR) of 14.71% from 2025 to 2035, reflecting the increasing adoption of CPV systems across diverse regions. Such projections highlight the potential of CPV technologies to play a pivotal role in the global transition towards sustainable energy.

Government policies and incentives significantly influence the growth trajectory of the Global Concentrated Photovoltaic (CPV) Market Industry. Many countries are implementing favorable regulations, tax credits, and subsidies to encourage the adoption of solar technologies. For example, feed-in tariffs and renewable portfolio standards create a conducive environment for CPV investments. These initiatives not only lower the financial barriers for developers but also enhance the attractiveness of CPV projects. As governments worldwide commit to achieving net-zero emissions, the support for CPV technologies is expected to intensify, thereby propelling the market forward.

The increasing global emphasis on renewable energy sources drives the Global Concentrated Photovoltaic (CPV) Market Industry. Countries are striving to meet ambitious climate goals and reduce greenhouse gas emissions, leading to a surge in investments in solar technologies. For instance, the global market is projected to reach 2.88 USD Billion in 2024, reflecting a robust demand for sustainable energy solutions. Governments are implementing supportive policies and incentives to promote solar energy adoption, which further stimulates the CPV market. As nations transition towards cleaner energy, the CPV sector is poised to benefit significantly from this growing demand.

Technological innovations play a pivotal role in enhancing the efficiency and cost-effectiveness of Concentrated Photovoltaic (CPV) systems. Recent advancements in optics, tracking systems, and materials have improved energy conversion rates, making CPV more competitive with traditional solar technologies. The Global Concentrated Photovoltaic (CPV) Market Industry is witnessing the introduction of high-performance modules that can operate efficiently in diverse climatic conditions. These innovations not only increase energy output but also reduce the levelized cost of electricity. As technology continues to evolve, it is likely that CPV systems will capture a larger share of the solar market, contributing to the projected growth to 13.0 USD Billion by 2035.

Investment in solar infrastructure is a critical driver for the Global Concentrated Photovoltaic (CPV) Market Industry. As the global energy landscape evolves, substantial capital is being directed towards the development of solar projects, including CPV installations. This influx of investment is expected to facilitate the expansion of CPV technologies, enabling the construction of large-scale solar farms and enhancing grid integration. With a projected compound annual growth rate (CAGR) of 14.71% from 2025 to 2035, the CPV market is poised for significant growth, supported by increasing financial commitments from both public and private sectors.

The escalating costs of conventional energy sources and the growing concerns regarding energy security are propelling the Global Concentrated Photovoltaic (CPV) Market Industry. As fossil fuel prices fluctuate, consumers and businesses are increasingly seeking stable and sustainable energy alternatives. CPV systems offer a viable solution by harnessing solar energy, which is abundant and free. This shift towards renewable energy not only mitigates the impact of energy price volatility but also enhances energy independence. Consequently, the CPV market is likely to experience robust growth as stakeholders prioritize energy security and sustainability in their energy strategies.

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American concentrated photovoltaic (CPV) market will dominate because more and more people are choosing to install solar panels in their homes, businesses, and communities. Solar CPV use is growing due to financing from organizations like the U.S. Department of Energy and the Electric Power Research Institute for CPV projects with utility applications.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Concentrated Photovoltaic (Cpv) Market Share By Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review

Europe’s concentrated photovoltaic (CPV) market accounts for the second-largest market share due to increasing the market value of photovoltaic solar energy by raising consumer and producer knowledge and production. In addition, the growing solar power is becoming more widely used. Further, the German concentrated photovoltaic (CPV) market held the largest market share, and the UK concentrated photovoltaic (CPV) market was the fastest-growing market in the European region.

The Asia-Pacific concentrated photovoltaic (CPV) market is expected to grow at the fastest CAGR from 2023 to 2032 due to the rising need for energy is the primary element propelling business activity. There is a great need for electricity in the area, lots of sunlight, and falling prices for concentrated photovoltaics. Moreover, China’s concentrated photovoltaic (CPV) market held the largest market share, and the Indian concentrated photovoltaic (CPV) market was the fastest-rising market in the Asia-Pacific region.

Leading market players are investing heavily in research and development to expand their product lines, which will help the concentrated photovoltaic (CPV) market grow even more. There are some strategies for action that market participants are implementing to increase their presence around the world's footprint, with important market developments including new product launches, contractual agreements and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the concentrated photovoltaic (CPV) industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturer use in the concentrated photovoltaic (CPV) industry to benefit clients and increase the market sector. In recent years, the concentrated photovoltaic (CPV) industry has offered some of the most significant technological advancements. Major players in the concentrated photovoltaic (CPV) market, including Radical Sun Systems, Inc. (U.S.), SolAero Technologies Corp. (U.S.), and Arzon Solar LLC. (U.S.), Cool Earth Solar (U.S.), Morgan Solar Inc. (Canada), ARIMA Group (Taiwan), Suncore Photovoltaic Technology Company Limited (China), and Guangdong Redsolar Photovoltaic Technology Co. Ltd (China).

Sumitomo Electric Industries, Ltd. (Japan), Saint-Augustin Canada Electric Inc. (STACE) (Canada), Sanan Optoelectronics Technology Co., Ltd (China), Suntrix Company Ltd (China), and Macsun Solar Energy Technology Co., Ltd. (China), and others are attempting to grow market demand by investing in research and development operations.

Cool Earth Solar, founded in 2007 in Pleasanton, California, believes everyone should have access to cheap, plentiful, and clean energy. The business offers a fully managed solar system to customers who own houses and businesses. Cool Earth Solar offers various project services, including site assessment, financial analysis, engineering and design, procurement, building, utility hookup, start-up and commissioning, plant monitoring, and continuing operation and maintenance. By creating solar power plants that are clean, sustainable, and beneficial to the environment, Cool Earth Solar encourages people to go solar.

In March 2022, Cool Earth Solar, a Pleasanton-based company that installs and provides storage for solar energy systems for homes and businesses, was promoted to the level of "Elite Dealer" by SunPower. Since approximately seven years ago, their track record with SunPower has been gradually improving.

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In May 2023, according to the agreement, Sumitomo Electric will start selling industrial 5G terminals in 2024 to support "Private 5G," a 5G-managed service for businesses that SoftBank unveiled on March 29, 2023. Artificial intelligence (AI)-based video compression and analysis solutions, derived from Sumitomo Electric's unique technology, will boost industrial facilities' digital transformation (DX). Promotion of efficiency improvement initiatives will be made at plants, including those owned by the Sumitomo Electric Group.