Global Concentrated Photovoltaics (CPV) Market Size, Share, Growth Analysis, By Type(Solar Cells and Optics), By End-User(Commercial and Utility-Scale) - Industry Forecast 2024-2031

Global Concentrated Photovoltaics (CPV) Market size was valued at USD 900 million in 2022 and is poised to grow from USD 1027.80 million in 2023 to USD 2973.29 million by 2031, growing at a CAGR of 14.2% during the forecast period (2024-2031).

The surge in demand for grid-connected electricity and growing recognition of renewable energy sources for power generation are poised to propel the adoption of Concentrated Photovoltaic (CPV) technology across various sectors. This trend is further fueled by the decreasing costs of traditional PV modules, which have spurred interest in CPV and other silicon-based solar technologies. Moreover, the compact footprint required for CPV installations is anticipated to drive its uptake in the foreseeable future. Despite being in its early stages, the CPV industry is gaining momentum, with manufacturers worldwide considering factors such as performance, cost, and reliability. Particularly, the United States emerges as a burgeoning market for CPV, driven by escalating power demands and stringent governmental regulations on natural resource utilization. Notably, CPV installations, predominantly concentrated in North America, are expected to see a boost, especially in public spaces like educational institutions, catalyzing market expansion in the coming years. While historically the high cost of CPV systems posed a challenge, recent advancements in design and technology, coupled with declining prices of silicon PV, have significantly mitigated this barrier, positioning CPV as a competitive and viable solution for large-scale applications.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Concentrated Photovoltaics (CPV) Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Concentrated Photovoltaics (CPV) Market Segmental Analysis

The Global Concentrated Photovoltaics (CPV) market is segmented by type, end-user, and region. Based on type, the market can be segmented into solar cells, and optics. Based on end-user, the market is segmented into commercial and utility-scale. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Concentrated Photovoltaics (CPV) Market

A significant catalyst propelling the expansion of the Concentrated Photovoltaic (CPV) market is the rising global call for renewable energy sources coupled with the imperative to curtail greenhouse gas emissions. Across the globe, governments and institutions are rolling out policies and endeavors to bolster the uptake of renewable energy solutions like CPV. The appeal of CPV lies in its array of benefits, including its remarkable efficiency, minimal upkeep requirements, and scalability, rendering it a compelling choice for fulfilling the escalating electricity needs in a manner that's both sustainable and eco-conscious.

Restraints in the Global Concentrated Photovoltaics (CPV) Market

A significant obstacle hindering the expansion of the Concentrated Photovoltaic (CPV) market is the substantial upfront investment necessary for CPV system installation and upkeep, exacerbated by its comparative novelty against traditional photovoltaic systems. The high costs associated with both installation and maintenance pose a formidable challenge. Moreover, the scarcity of proficient labor skilled in CPV system installation and maintenance further constrains market progress. Additionally, the market's growth is impeded by a lack of awareness among end-users regarding the merits and advantages of CPV technology.

Market Trends of the Global Concentrated Photovoltaics (CPV) Market

The Compound Annual Growth Rate (CAGR) of the Concentrated Photovoltaics (CPV) market is propelled by the escalating energy requirements, leading to a surge in demand for CPV technology. Additionally, mounting environmental apprehensions regarding conventional energy resource depletion are anticipated to spur infrastructural investments, consequently driving the demand for CPV systems. Recent technological advancements have underscored two significant advantages: heightened necessity for CPV solutions and escalating power demand. Consequently, this compelling rationale has fueled increased demand and further consolidation of the photovoltaic market share.