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Concentrated Photovoltaic Market Analysis

ID: MRFR//4490-CR | 185 Pages | Author: Anshula Mandaokar| October 2020

The global Concentrated Photovoltaic market is set to reach US$ 8.63 BN by 2032, at a 17.00% CAGR between years 2023-2032. The CPV market is characterised by dynamic change based on the technological developments, demand in the market and environmental causes. The most notable technology in the solar energy field is CPV, which utilizes optical systems to focus light upon the small but high efficiency solar cells.
This focus makes it possible for CPV systems to convert the energy more efficiently than the contemporary photovoltaic technologies. The continuous development of CPV technology is one major market driver. Manufacturers are constantly improving the efficiency and cost-efficiency of CPV systems as research and development activities continue.
Optical designs, tracking mechanisms and materials play a big part in the improved efficiency of CPVs rendering them as very viable alternatives to utility-scale or distributed solar installations. Thanks to the advanced technology trends, CPV is a very competitive force in the solar energy markets. Another factor influencing the patterns of CPV market dynamics is the market demand.
The demand for solar energy solutions has been rising steadily as the world re-directs its attention to renewable and sustainable sources. However, CPV has found popularity in such areas due to its potential for generating higher energy yields in many places with plenty of sunshine that would otherwise be challenging using the conventional photovoltaic systems.
The use of CPV technology as a renewable energy source is gaining the interest among the governments and companies looking for clean-energy solutions. Cost factors heavily in the market dynamics of CPV. Traditionally, CPV systems had certain problems of the increased manufacture costs and also complicated installation procedures. But constant improvements and also economies of scale continue to reduce the costs slowly but surely.
Although production methods continue to advance and the demand rises, the general price of CPV systems should expand after market entry. Cost-effectiveness plays a very critical role in ensuring the widespread adoption of CPV technology and its incorporation into the mainstream energy life. In the CPV market, there are both many established companies and also new startups. The market matures and the companies strive for an edge by using innovative approach, smart partnerships and lean manufacturing.
Established solar energy companies are diversifying their products to add CPV solutions, and start-ups enter with many different concepts of concentration optics as well as system design. This competitive setting drives an ongoing improvement process, which in turn benefits the end-users by providing a variety of CPV alternatives for their specific requirements. Environmental factors, in turn, define the CPV market dynamics.
Solar power is a very clean and green source of energy which supports the efforts to mitigate carbon emissions on an international level. The same can be said about the CPV that shows its high efficiency and low environmental impact, which makes it attractive. With regulatory frameworks and awareness about the environment further shaping the energy policies around the world, CPV is all set to gain popularity as a favored means of achieving renewable energy goals.

Global Concentrated Photovoltaic (CPV) Market Overview:

Concentrated Photovoltaic (CPV) Market Size was valued at USD 2.46 Billion in 2023. The Concentrated Photovoltaic (CPV) market industry is projected to grow from USD 2.88 Billion in 2024 to USD 8.63 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 14.71% during the forecast period (2024 - 2032). Increased spending on renewable energies and a rise in electrical power consumption are the key market drivers enhancing market growth.

Global Concentrated Photovoltaic (CPV) Market Overview

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Concentrated Photovoltaic (CPV) Market Trends

  • Growing need for energy consumption is driving the market growth

Market CAGR for concentrated photovoltaics (CPV) is driven by the rising energy demand that has increased the demand for concentrated photovoltaics. Moreover, growing environmental worries about the depletion of conventional energy sources are projected to draw additional infrastructure expenditures to increase demand for concentrated photovoltaic (CPV). 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. Since this is the case, and more and more countries are passing laws to safeguard the environment, the primary power production business is forced to make a vertical transition to more sustainable energy sources. Increasing product demand from various end-use sectors and rising energy demand will concentrate on the photovoltaic (CPV) Market. Therefore, the increasing prevalence of energy supply is fueling the expansion of the international market.

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.

Concentrated Photovoltaic (CPV) Market Segment Insights:

Concentrated Photovoltaic (CPV) Type Insights

The concentrated photovoltaic (CPV) market segmentation, based on type, includes high concentrated photovoltaic (HCPV) and low concentrated photovoltaic (LCPV). In 2022, the high concentrated photovoltaic (HCPV) category was anticipated to grow at a CAGR of 17.00% over the projected period, making up the largest market share due to the increased installation of HCPV across various large-scale power plants is largely attributable to the fact that doing so improves the efficiency of individual modules and lowers the area-related expenses of the entire power generating project across a wide range of sectors.

Concentrated Photovoltaic (CPV) Application Insights

The concentrated photovoltaic (CPV) market segmentation, based on application, includes commercial and utilities. In 2022, the utilities segment led the concentrated photovoltaic market in revenue because of a projected increase in utility-scale concentrated photovoltaic projects thanks to a rise in power purchase agreements signed by electricity boards and private sector enterprises.

Figure 1: Concentrated Photovoltaic (CPV) Market by Application, 2024 & 2032 (USD Billion)

Concentrated Photovoltaic (CPV) Market by Application, 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Concentrated Photovoltaic (CPV) Regional Insights

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)

Concentrated Photovoltaic (Cpv) Market Share By Region 2022

Source: Secondary Research, Primary Research, MRFR 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.

Concentrated Photovoltaic (CPV) Key Market Players & Competitive Insights

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.

The Sumitomo Electric-produced industrial 5G terminals contain a connector for connecting to various factory cameras, equipment, and sensors. Additionally, they assist 5G millimeter waves. Water and dustproof devices can be employed in harsh environments like factories and the outdoors. Additionally, they employ a container-based virtualization*2 architecture for edge processing, which makes it simple to install and use programs made for OSes other than the one used by 5G terminals. The first commercial rollout of Sumitomo Electric's industrial 5G terminals will be made possible by SoftBank's Private 5G. 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.

Key Companies in the Concentrated Photovoltaic (CPV) Market include

  • Radical Sun Systems, Inc. (U.S.)

  • SolAero Technologies Corp. (U.S.)

  • Arzon Solar LLC. (U.S.)

  • Cool Earth Solar (U.S.)

  • Morgan Solar Inc. (Canada)

  • ARIMA Group (Taiwan)

  • Suncore Photovoltaic Technology Company Limited (China)

  • Sumitomo Electric Industries, Ltd. (Japan)

  • Saint-Augustin Canada Electric Inc. (STACE) (Canada)

  • Sanan Optoelectronics Technology Co., Ltd (China)

  • Suntrix Company Ltd (China)

  • Macsun Solar Energy Technology Co., Ltd. (China)

Concentrated Photovoltaic (CPV) Industry Developments

May 2023:Morgan Solar unveiled the IV DAQ 550W as the newest addition to its IoT sensor platform. More than 90% of already installed silicon-based PV technologies are now covered by this new model, created because of the rising interest in DC health monitoring of higher-power solar panels.

April 2023:Sumitomo Electric Industries, Ltd. and the National Institute of Information and Communications Technology (NICT) developed a randomly coupled multi-core optical fiber with 19 cores, the most ever for a multi-core optical fiber*1 with a standard outer diameter*2 (0.125 mm), and they were successful in transmitting 1.7 petabits per second over 63.5 km.

April 2023:Saint-Augustin Canada Electric Inc. has acquired the concentrated photovoltaic (CPV) system technology from Soitec. This acquisition supports STACE's goal of completing its product portfolio and expanding its market reach in the solar energy industry.

Concentrated Photovoltaic (CPV) Market Segmentation:

Concentrated Photovoltaic (CPV) Type Outlook

  • High Concentrated Photovoltaic (HCPV)

  • Low Concentrated Photovoltaic (LCPV)

Concentrated Photovoltaic (CPV) Application Outlook

  • Commercial

  • Utilities

Concentrated Photovoltaic (CPV) Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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