The global high-concentration photovoltaics market is worth US$ 2.86 Bn as of now and is expected to reach US$ 9.02 Bn by the year 2032 at a double-digit CAGR of 12.2% between 2022 and 2032. Concentrated photovoltaic systems utilize solar trackers and, at times, even a cooling system for increased efficiency. They do possess the highest level of efficiency of the PV technologies that exist. The smaller photovoltaic array does reduce the balance of the system costs.
With increasing investments in renewable energy, the high-concentration photovoltaics market is expected to grow inadvertently shortly. The US Department of Energy and the Electric Power Research Institute is investing in CPV projects to cater to utility applications. The European Energy Research Alliance is bolstering production and awareness of photovoltaic solar energy.
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Refractors hold the largest share of the high-concentration photovoltaics market. This could be attributed to a growing inclination toward Fresnel lenses. Fresnel lenses, in combination with higher concentrations of photovoltaic lenses, make way for maximum efficiency, due to which their demand is expected to stay higher in the forecast period. Refractors’ ability to show tolerance toward solar cells’ misalignment and perform in regions related to variable light intensity are the headstrong aspects of the high-concentration photovoltaics market.
At the same time, the fact that high-concentration photovoltaic cells are less efficient than other renewable sources of energy can’t be ignored. Other factors like higher capital costs for storage of energy and the inability of providing power in diffused light conditions could restrain the high-concentration photovoltaics market. Future Market Insights has walked through these facts with future prospects in its latest market study entitled ‘High Concentration Photovoltaics Market’.
Key Takeaways from High Concentration Photovoltaics Market
- North America holds over 32% of the market share. This could be credited to the US being a remarkable contributor to the high-concentration photovoltaics market with technological advancements.
- LATAM is expected to grow with Mexico carrying the baton.
- Europe holds a significant market share with France dominating the overall scenario. Along these lines, the government of France does offer high feed-in tariff regarding electricity generated through photovoltaic components integrated into the buildings. The other countries are also into increasing HCPV installations with Energy Payback Time. Growing demand for building integrated photovoltaics is on the grounds of minimizing dependency on non-renewable energy resources.
- The Asia-Pacific is expected to grow at the fastest rate in the high-concentration photovoltaics market in the forecast period with growing awareness amongst consumers for clean energy. Risen Energy, in April 2022, did announce launching the new BIPV (Building Integrated Photovoltaics) products. The line-up claims to be eco-friendlier and does have an enhanced energy generation performance as compared to the initial line-up.
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Competitive Concentration
Abengoa, in January 2022, completed constructing 3 solar fields (200 MW each) of parabolic trough collectors at Mohammed bin Rashid Al Maktoum Solar Park (MBR) (the world’s largest one situated in Saih al Dahal area, 50 Km away from Dubai’s southern area).
Cool Earth Solar, in March 2021, did advance to ‘Elite Dealer’ status as one of the authorized dealers of SunPower.
Pennsylvania State University, since the year 2017, has embedded micro tracking that could produce more than 50% more energy/day as compared to standard silicon solar cells in head-to-head competition.
Jinko Solar Co., Ltd. emphasizes integrated clean energy solutions and integrated photovoltaic products.
“HCPV (High Concentration Photovoltaics) systems do occupy concentrating optics that include dish reflectors or Fresnel lenses concentrating sunlight for intensifying it; which could be equated with 1L suns or even more than them”, says an analyst from Future Market Insights.
How does the Report concentrate?
- The research study is based on the type of power generation (electric power and thermal power), by application (industrial, residential and commercial rooftops, telecom or mobile towers, rural electrification, water pumping solutions, street lighting, government or military (Mobile Off-Grid), municipalities, and hospitals, hotels, and restaurants).
- Concentrated photovoltaics technology is used for generating electricity by making use of curved mirrors or lenses for focusing large quantities of sunlight on small areas with proficient MJ (Multi-Junction) solar cells.
Key Segments Profiled in the High-Concentration Photovoltaics Industry
High Concentration Photovoltaics Market by Type of Power Generation:
- Electric Power
- Thermal Power
High Concentration Photovoltaics Market by Application:
- Industrial, Residential, and Commercial Rooftops
- Telecom or Mobile Towers
- Rural Electrification
- Water Pumping Solutions
- Street Lighting
- Government or Military (Mobile Off Grid)
- Municipalities
- Hospitals, Hotels, and Restaurants
Global High-Concentration Photovoltaics Market by Region:
- North America High-Concentration Photovoltaics Market
- Latin America High-Concentration Photovoltaics Market
- Europe High-Concentration Photovoltaics Market
- Asia Pacific High-Concentration Photovoltaics Market
- Middle East and Africa High-Concentration Photovoltaics Market
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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