The report "Concentrated Photovoltaic (CPV) Market by Product (Refractors, Reflectorsby), by Level of Concentration (High Concentration Photovoltaic, Low Concentration Photovoltaic), by Application (Utility, Commercial) - Global Forecast to 2025", was valued USD 76.0 billion in 2020 and is expected to generate revenue of around USD 113.0 billion by 2025, at a CAGR of 8.0% during the forecast period.
CPV technology uses optics such as curved mirrors or lenses for vast amounts of sunlight to generate energy from a small area of solar photovoltaic (PV) cells. The advantages of CPV systems over non-concentrated photovoltaic systems are numerous. As a smaller photovoltaic area is needed, the solar cells can save CPV money. To absorb the same sunlight as non-concentrated PV, CPV requires less photovoltaic materials. CPV uses high efficiency, but cost-effectively viable multi-connection cells due to lower space requirements. However, CPV systems need to spend additional money on solar trackers, focusing optics (mirrors, lenses) and cooling systems to achieve sunlight focus on the limited photovoltaic region. Continuous research and development nevertheless seek to boost and minimize CPV technology costs.
Market Analysis of Concentrated Photovoltaic Market
The market for concentrated photovoltaics is expected to increase awareness on the use of renewable energy for generating power, combined with rising demand for grid-connected electricity. Previously, high photovoltaic prices relative to solar photovoltaics were a big restrain. During its prediction time, decreasing silicone prices and improving modules designs should have a beneficial effect on the market.
Browse 53 market data Tables and 35 Figures spread through 165 Pages and in-depth TOC on "Concentrated Photovoltaic (CPV) Market by Product (Refractors, Reflectorsby), by Level of Concentration (High Concentration Photovoltaic, Low Concentration Photovoltaic), by Application (Utility, Commercial) - Global Forecast to 2025"
Europe is projected to remain the largest regional market with 16,48 GW of PV demand, which accounts for approximately half of the global demand, according to the Plastics Institute of America. Asia-Pacific was the second largest market driven by the Chinese market's remarkable growth. To become the world's leading PV user, China is expected to outpace Germany in the coming year. The three main factors that drive solar adoption worldwide are government green goals, financial incentives, and technology cost reductions. Major drivers for solar photovoltaics are government policies. Solar, regardless of government policies and incentives around the world, is expected to be cost-effective in 2020 for conventional electricity.
Growth Drivers of Concentrated Photovoltaic Market
Rapid price declines for traditional photovoltaic modules have led to a rise in CPV demand and other silicone-based solar technologies. In addition, CPV needs a rather smaller installation area which is expected soon to increase its demand. Solar technology in areas of direct sunlight is used. The industry is still in its infancy and is used mainly for special purposes.
Governments across countries seek to make use of renewable energy sources. Commercial and utility sectors are the main application segment involving concentrating photovoltaic technologies. The usage segment dominates the photovoltaic concentrated market. The growing demand for centralized photovoltaic applications over the forecast period is expected to increase over the projected period in the energy purchase agreements between private companies and electricity boards. The global concentrated photovoltaic market is expected to dominate the Asia Pacific region. The market is expected to boost the presence of emerging economies such as India and China. The government of China is expected to adopt the 13th five-year plan to reduce carbon emissions to fuel the growth over the forecasted period of the global concentrated photovoltaic market.
The global industry demand for CPV will drive in the coming years forecasts of market competition, improved reliability, and efficiency improvements. In addition, the boom in the global photovoltaic concentrator market can be driven by incentives and government subsidies for achieving renewable energy objectives.
Increased cost efficiency and renewable energy resources are projected to be the key driving factors for the growth of demand over the forecast period. Moreover, the demand growth from 2016 to 2023 is also expected to increase from lower land requirements. In the next few years, however, the lack of technical acceptance and the restricted sites with high direct normal irradiations would likely hamper growth in demand.
By value, Asia Pacific was with just over 50.0 percent of the share the largest regional market. China, which is expected to increase its concentrated photovoltaic power, is particularly driving demand in the Region. The second fastest-growing region is projected to be the Middle East and Africa, with increasing demand mainly driven in South Africa. Areas covered in sand dunes achieve full surface sunlight and the installation of CPV is greatly increased. Further demand for concentrated photovoltaics will be increased over the forecast period in future solar projects in Morocco and Jordan.
Competitive Landscape and Key Players
Mergers and acquisitions and development of new goods are some of these players' strategic initiatives. Many businesses have embraced the technology to produce solar cells by launching the multi-junction Solar Cell. Saint-Augustin Canada Electric (STACE) is one of the most significant acquisition of Soitec solar CPV technology. Profitability for the scaling challenges currently faces manufacturers. In response to favourable environmental conditions and governmental support, Zytech Solar announced plans to enter both New Zealand and Australian markets.
Global Concentrated Photovoltaic (CPV) Market Coverage
Product Insight and Forecast 2015-2025
Level of Concentration Insight and Forecast 2015-2025
Application Insight and Forecast 2015-2025
Concentrated Photovoltaic (CPV) Market by Region
Rest of the World (RoW)