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 increasing the efficiency. They do possess the highest level of efficiency of the PV technologies that exist. The smaller photovoltaic array does reduce balance of the system costs.
With increasing investments in renewable energy, the high concentration photovoltaics market is expected to grow inadvertently in the near future. The US Department of Energy and the Electric Power Research Institute is investing in the CPV projects to cater to utility applications. The European Energy Research Alliance is bolstering production and awareness of the photovoltaic solar energy.
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Refractors hold the largest share of high concentration photovoltaics market. This could be attributed to growing inclination toward Fresnel lenses. Fresnel lenses, in combination with higher concentration of the 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 the other renewable sources of energy can’t be ignored. The other factors like higher capital cost for storage of energy and inability of providing power in the 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 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, 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 the 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 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 on integrated clean energy solution 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 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).
- The concentrated photovoltaics technology is used for generating electricity by making use of curved mirrors or lenses for focusing large quantity of sunlight on small area with proficient MJ (Multi-Junction) solar cells.
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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
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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