High Concentrated Photovoltaic Market Size, Share & Industry Analysis, By Product ( Reflector, Refractor ), By Application ( Utility, Non-Utility ), By Conversion Rate ( Below 30%, 30% - 40%, Above 40% ) and regional Forecast, 2024-2032

A concentrated photovoltaic (CPV) is a technology that transforms the sunlight into electrical energy in the same way conventional photovoltaic technology does. CPV systems often use solar trackers and sometimes a cooling system to further increase their efficiency. They possess the highest efficiency of all existing PV technologies, and a smaller photovoltaic array also reduces the balance of system costs. CPV technology employs optics such as curved mirrors or lenses to collect a large amount of sunlight on a small area of solar photovoltaic (PV) cells to generate electricity. CPV systems offer several advantages over non-concentrated photovoltaics. As a smaller area of photovoltaic material is required, CPV can save money on the cost of the solar cells. CPV requires less photovoltaic material to capture the same sunlight as non-concentrating PV. CPV makes use of high-efficiency but expensive multi-junction cells cost-effectively viable due to smaller space requirements. However, to get sunlight focused on the small photovoltaic area, CPV systems need extra spending on solar trackers, concentrating optics (mirrors or lenses), and cooling systems. 

Based on the product, the market is segmented into reflector and refractor. Refractors lead the concentrated photovoltaic market due to the rising preference for the Fresnel lens. Fresnel lens and high concentration photovoltaic systems together provide maximum efficiency, owing to which, their demand is expected to be high in the coming years.

Based on the application, the market is segmented into utility and non-utility. The utility application segment leads the market with an increase in the number of power purchase agreements between electricity boards and private sector companies, which are expected to boost concentrated photovoltaic installations in the utility segment.

Based on the conversion rate, the market is segmented into below 30%, 30%-40%, and above 40%. The above 40% segment is expected to lead the market, which results in trimming 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 have a positive impact on the market penetration of high concentration photovoltaic.

The key market driver of this market is the growing investment in renewable energy owing to its advantages and numerous applications. Other factors that boost the market include an increase in demand for electricity, stringent environmental protection regulations, and a decrease in the price of conventional PV modules.

The key restraint for the market is that it has low efficiency compared to other renewable sources of energy. Other factors that restrain the market growth include high capital cost for energy storage, inability to provide power in diffused light conditions, and energy generation depends on the weather and climate (in rainy and cloudy weather energy generation is low).

Key Players Covered:

Some of the major companies in the high concentrated photovoltaic market are Ravano Green Power, SunPower Corporation, Zytech Group, SunCore Energy Group, Morgan Solar Inc., Suntrix Company Limited, Cool Earth, ISOFOTON, Amonix Inc, Solar Junction Corporation, MagPower Systems Inc., and Semprius.

Regional Analysis:

The global high concentrated photovoltaic market is studied across different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America region is dominating the market due to increasing solar installations in the industrial, commercial, and residential sectors. Also, the U.S. Department of Energy and the Electric Power Research Institute is funding CPV projects for utility applications, which in turn is increasing the use of solar CPV. In Europe, the European Energy Research Alliance is boosting the awareness and production of photovoltaic solar energy, which is uplifting the market. Also, an increase in the adoption of solar energy is raising the market. In the Asia Pacific region, an increase in energy demand is the major factor driving the market. Also, an increase in industrialization in countries like India, China, and Malaysia will boost the market. In the Middle East & Africa, dropping costs for concentrated photovoltaic coupled with plenty of sunlight and the huge need for electricity in the region will create an opportunity for the market in countries like the UAE and Saudi Arabia.

Segmentation

Key Industry Developments

• In May 2020, The world’s largest concentrated solar power plant, The Noor Energy 1 facility is a hybrid 700MW concentrated solar power (CSP) and 250MW photovoltaic (PV) plant and is being built for the Dubai Electricity and Water Authority (DEWA) by a consortium led by DEWA and ACWA Power. They say the project will increase the share of the city’s clean energy to 25% by 2030, allowing a saving of 1.6 million tonnes of carbon dioxide.


• In July 2017, at Pennsylvania State University, a concentrating photovoltaic system with embedded micro tracking can produce over 50 percent more energy per day than standard silicon solar cells in a head-to-head competition.