The increasing global concentrator photovoltaic market is driven by high energy conversion efficiency, cost reduction potential through small solar cells demand during the forecast period 2024-2028
According to TechSci Research report, “Global Concentrator Photovoltaic Market – Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028, The Global Concentrator Photovoltaic (CPV) Market is witnessing a transformative surge driven by technological innovations, increasing environmental awareness, and the growing need for efficient solar energy solutions. CPV technology, characterized by its capacity to concentrate sunlight onto high-efficiency solar cells, stands out for its superior energy conversion efficiency. High concentration CPV systems, in particular, dominate the market landscape, offering increased output and potential cost reductions.
The Asia Pacific region takes a lead role, leveraging its commitment to renewable energy and robust manufacturing capabilities. Reflectors, crucial components of CPV systems, play a significant role in optimizing land use and reducing overall costs, contributing to the technology’s dominance. The utility-scale application, with its scalability and efficiency, is a driving force, especially in sunbelt regions with high solar irradiance.
Government support and policies worldwide further propel the CPV market, fostering a conducive environment for investment and growth. As the global shift towards sustainable energy intensifies, the CPV market continues to evolve, offering a competitive and innovative alternative in the ever-expanding landscape of solar technologies. With ongoing advancements and increasing adoption, CPV systems are poised to play a pivotal role in reshaping the future of solar energy generation on a global scale.
The global concentrator photovoltaic market is segmented into product, application, concentration level, and region. Based on product, the market is segmented into reflector and refractor. Based on application, the market is segmented into utility and commercial. Based on concentration level, the market is segmented into high and low. Based on region, the market is further bifurcated into North America, Asia-Pacific, Europe, South America, Middle East & Africa.
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Based on concentration level, high dominated in the global concentrator photovoltaic market in 2022. One of the primary drivers behind the dominance of high concentration level CPV is the significantly enhanced energy conversion efficiency they offer. By using advanced optical components such as lenses or mirrors, high concentration CPV systems can intensify sunlight onto small solar cells, achieving concentration ratios that can exceed 500 times the normal sunlight intensity. This concentrated sunlight enables a more efficient generation of electricity, making high concentration CPV systems a preferred choice for projects where maximizing energy output is paramount.
The superior efficiency of high concentration CPV systems is particularly beneficial in regions with high direct sunlight, commonly found in sunbelt areas like the Middle East, North Africa, and parts of the Asia Pacific. The technology’s effectiveness in harnessing solar energy in these regions aligns with the global trend of deploying solar technologies in areas with optimal solar conditions. As governments and businesses seek to maximize the potential of solar energy, high concentration CPV systems become instrumental in meeting the energy demands of these sunbelt regions.
Furthermore, the dominance of high concentration CPV is reinforced by its potential for reducing the overall cost of electricity generation. While high concentration systems may involve higher upfront costs due to precision optics and advanced tracking systems, their ability to use smaller, high-efficiency solar cells contributes to cost savings. The reduction in the amount of expensive semiconductor material required per unit of electricity generated enhances the economic viability of high concentration CPV projects, making them attractive options for both utility-scale and commercial applications.
Key market players in the global concentrator photovoltaic market are: –
- First Solar, Inc.
- Azzurro Group
- ArcelorMittal Solar
- Envision Energy
- Huaneng First Solar
- eSolar
- AREVA Solar
- Abengoa Solar
- BrightSource Energy
- Solar Trust of America
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“The Global Concentrator Photovoltaic (CPV) Market is rapidly advancing, driven by technological innovation and a rising demand for efficient solar energy solutions. CPV systems, known for concentrating sunlight onto high-efficiency solar cells, offer enhanced energy conversion efficiency. Dominated by high concentration CPV, especially in sunbelt regions, the market showcases its scalability and potential for cost reduction. Reflectors play a key role in optimizing land use.
With increasing government support and a focus on sustainability, the CPV market is positioned as a competitive player in reshaping the global solar energy landscape, providing innovative and effective solutions to meet escalating energy demands.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Concentrator Photovoltaic Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product (Reflector and Refractor), By Application (Utility and Commercial), By Concentration Level (High and Low), By Region, and By Competition, 2018-2028,” has evaluated the future growth potential of Global Concentrator Photovoltaic Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Concentrator Photovoltaic Market.
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