Global High-Concentration Photovoltaics Market: Soaring to $9.4 Billion by 2033

The high concentration photovoltaics market analysis report by Future Market Insights shows that global sales in 2023 are likely to reach US$ 3,141.9 million. With an 11.6% projected growth from 2023 to 2033, the market is expected to reach a valuation of US$ 9,443.4 million.

High concentration photovoltaics systems are preferred over traditional photovoltaics technologies as HCPV systems are proving to be efficient and require a reduced land footprint as compared to traditional solar panels. This leads to a dramatic fall in the prices of traditional solar panels and thereby boosts market growth in the high concentration photovoltaics market.

The rising environmental concerns about the impact of non-renewable sources of energy are leading consumers to shift toward using alternatives that are renewable resources of energy generation. This positively influences the market for high concentration photovoltaics.

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Businesses opt for HCVP as it reduces the area required and reduces cost as well with the rapid industrialization and less availability of properties. The government schemes and policies are friendly and in favor of the high concentration photovoltaics market in most regions.

The government is offering subsidies and incentives to meet renewable energy targets. This, when used for large-scale projects, reduces the overall setting-up costs for the system. This favorably impacts the growth in the high concentration photovoltaics market.

Key Takeaways

• Asia Pacific is expected to come out as the dominant leading market in the global high concentration photovoltaics market during the forecast period owing to the presence of well-established plants and the advantages of low labor costs in the region. The counties in the Asia Pacific region such as India and China are expected to expand at a CAGR of 16.5% and 14.5% respectively through 2033.
• North America is likely to sway the market dynamics in the projected period and accounted for a 25.1% share in 2022. The favorable government policies in Canada and the government funding by the countries in North America are estimated to drive market growth. The United States accounted for 19.4% of market value in 2022.
• Europe’s market for high concentration photovoltaics is anticipated to expand and has many key opportunities present for market growth. The high demand for energy and the growing population in the region accounted for 20.2% in 2022.

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Market Competition

The prominent players in the high concentration photovoltaics market are focusing on research and developments to improve the efficiency of the HCPV technology and drive innovation in the sector. The companies are working on decreasing production costs. With HCPV technology gaining momentum in the solar energy market, the market players are more competitive than ever although, the key roadblock for manufacturers in the market happens to be profitability due to scaling issues.

Recent Developments

• In July 2023, Fraunhofer Institute for Solar Energy Systems ISE announced that it is going to head the HybridKraft Project which aims at developing a system that ensures a cost-effective and stable electricity generation by utilizing the hybrid combination of solar thermal power plants, photovoltaics, and storage. The project was funded by the German Federal Ministry of Economics and Climate Protection.
• In April 2023, Abengoa, an innovative technology solution for sustainability in consortium with SEPCOII started its commercial operations of phase two of the Taweelah desalination plant in Abu Dhabi. This is the large reverse osmosis desalination plant in the world and is the first successful company to integrate the production of drinking water with the generation of clean energy.