The global high-concentration photovoltaics market is anticipated to be valued at US$ 3,141.9 million in 2023, with a forecasted CAGR of 11.6% from 2023 to 2033, and is estimated to reach US$ 9,443.4 million in 2033. Growth is attributed to the increasing demand for solar power generation. From 2018 to 2022 a CAGR of 9.5% was registered for the high-concentration photovoltaics market.
The CPV (Concentrated Photovoltaics) technology is used to generate electricity by using lenses or curved mirrors to gather huge amounts of sunlight on a small area with highly proficient Multi-Junction (MJ) solar cells.
HCPV (High Concentration Photovoltaics - a type of CPV technology) systems occupy concentrating optics which include Fresnel lenses or dish reflectors that concentrate sunlight to intensify it, equal to that of 1,000 suns or more. HCPV solar technology is the process through which maximum sun energy is converted into electricity.
HCPV can reduce the expenses of solar cells. Globally, the high-concentration photovoltaics market is growing due to high efficiency and an upsurge in yearly installed capacity (i.e., from 300 up to 1000 suns).
The installations of HCPV systems are expected to grow by a double-digit percentage every year. Further, high-concentration photovoltaics are mostly used in industrial, telecom, or mobile towers, rural electrification, and government or military sectors.
The high-concentration photovoltaics market is projected to expand at a healthy CAGR during the forecast period due to the:
| Data Points | Key Statistics |
|---|---|
| Growth Rate (2018 to 2022) | 9.5% CAGR |
| Projected Growth Rate (2023 to 2033) | 11.6% CAGR |
| Expected Market Value (2023) | US$ 3,141.9 million |
| Anticipated Forecast Value (2033) | US$ 9,443.4 million |
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
The Rising Adoption and Advancement of Renewable Energy Sources Boost the Growth of the High Concentration Photovoltaics Market
The drivers of the high-concentration photovoltaics market are minimum land space requirement, consistent improvements in its technology, awareness of renewable energy resources, and government assistance programs with essential financing schemes.
The adoption and advancement of renewable energy sources have grown immensely, with solar panels being among the most adopted forms of renewable energy. Attributing to this, the rising number of solar projects is estimated to be the primary driving factor for the growth in demand for high-concentration photovoltaic systems.
Reduction in the Levelized Cost of Electricity (LCOE) and improved efficiency with low system cost is another significant factor contributing to the surging global high-concentration photovoltaics market.
Challenges Faced by the High Concentration Photovoltaics Industry
Some of the restraints hindering the growth of the global high-concentration photovoltaics market are:
North America dominated the global high-concentration photovoltaics market in 2023. North America accounts for a market share of 34.2% in the global high-concentration photovoltaics market.
North America is a prominent contributor to the high-concentration photovoltaics market because of the technological advancements in the United States for solar power energy utilization. Latin America is the next vital region in the high-concentration photovoltaics market due to some large projects planned in Mexico.
Governments across the region are implementing stringent mandates to conserve the environment and are promoting the adoption of renewable by providing incentives to consumers and companies as well. For instance, the government of France offers a high feed-in tariff for electricity generated via photovoltaic components that are integrated into buildings. Such initiatives are expected to positively influence the demand for a high-concentration photovoltaic market during the forecasting period.
Principal Consultant
According to Future Market Insights, Europe is expected to provide immense growth opportunities for the high-concentration photovoltaics market, due to an increase in HCPV installations and Energy Payback Time. Europe’s high concentration photovoltaics market accounts for a 27.8% share of the total global market.
Increasing demand for building integrated photovoltaics to minimize reliance on non-renewable energy resources in the region to boost the growth of the market. Moreover, stringent mandates to ensure sustainability by governments are also expected to propel sales of high-concentration photovoltaics and other integrated photovoltaics over the coming years.
The increasing investments in research and development of novel integrated photovoltaics, rising consumer awareness for clean energy, and increasing demand for smart infrastructure development are prime factors that propel the high-concentration photovoltaics market in the region.
Asia Pacific is following North America and Latin America for the high-concentration photovoltaics market on account of growing HCPV production in China, Taiwan, and Japan.
Asia Pacific has a genuinely extensive populace that is reliably developing. The government initiatives for investments in renewable energy infrastructure in the developing countries in the region create growth prospects for the high-concentration photovoltaics market growth.
The manufacturers in the region are focusing on launching new and innovative products to maximize their sales potential. For instance,
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
The new entrants in the high-concentration photovoltaics market are continually indulging in several collaborations and highly investing in research and development activities to provide convenient solutions to industry verticals. Some of the key start-ups that are leading the development of the market are- Waaree, Risen Energy, Vikram Solar Pvt. Ltd., Inter Solar Systems, Solar Technologies, Jinko Solar Co., Ltd., and Solaria,
Jinko Solar Co., Ltd. is one of the most famous and innovative solar technology companies in the world. Its business covers the core links of the photovoltaic industry chain, focusing on the research and development of integrated photovoltaic products and integrated clean energy solutions.
Some of the key participants present in the global high concentration photovoltaics market include Abengoa Solar, S.A., Cool Earth Solar, ES-SYSTEM, Green & Gold Solar Pty Ltd., Fullsun Photovoltaics, Arzon Solar, LLC, and BSQ Solar, SL. among others.
Attributed to the presence of such a high number of participants, the market is highly competitive. While global players such as Abengoa Solar, S.A., Cool Earth Solar, and ES-SYSTEM account for considerable market size, several regional-level players are also operating across key growth regions, particularly in the Asia Pacific.
| Report Attributes | Details |
|---|---|
| Growth Rate | CAGR of 11.6% from 2023 to 2033 |
| Expected Market Value (2023) | US$ 3,141.9 million |
| Anticipated Forecast Value (2033) | US$ 9,443.4 million |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in US$ million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Power Generation, Application, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; The Middle East and Africa |
| Key Countries Profiled | The United States, Canada, Mexico, Brazil, Germany, Italy, France, The United Kingdom, Spain, China, Japan, India, South Korea, Malaysia, Singapore, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled | Abengoa Solar S.A; SunCore Energy Group; Cool Earth Solar; ES-SYSTEM; Green & Gold Solar Pty Ltd.; Fullsun Photovoltaics; Arzon Solar LLC; BSQ Solar; Fraunhofer ISE; RayGen |
| Customization | Available Upon Request |
The market in 2023 is valued at US$ 3,141.9 million.
The CAGR from 2023 to 2033 will be 11.6%.
From 2018 to 2022, the market expanded at a 9.5% CAGR.
By 2033, the market will reach US$ 9,443.4 million.
North America accounts for a market share of 34.2% in the global market.
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
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type of Power Generation
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Type of Power Generation, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Type of Power Generation, 2023 to 2033
5.3.1. Electric Power
5.3.2. Thermal Power
5.4. Y-o-Y Growth Trend Analysis By Type of Power Generation, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Type of Power Generation, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Application, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Application, 2023 to 2033
6.3.1. Industrial, Residential, and Commercial Rooftops
6.3.2. Telecom or Mobile Towers
6.3.3. Rural Electrification
6.3.4. Water Pumping Solutions
6.3.5. Street Lighting
6.3.6. Government or Military (Mobile Off Grid)
6.3.7. Municipalities
6.3.8. Hospitals, Hotels, and Restaurants
6.4. Y-o-Y Growth Trend Analysis By Application, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Application, 2023 to 2033
7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ Million) Analysis By Region, 2018 to 2022
7.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2023 to 2033
7.3.1. North America
7.3.2. Latin America
7.3.3. Western Europe
7.3.4. Eastern Europe
7.3.5. South Asia and Pacific
7.3.6. East Asia
7.3.7. Middle East and Africa
7.4. Market Attractiveness Analysis By Region
8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
8.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
8.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
8.2.1. By Country
8.2.1.1. USA
8.2.1.2. Canada
8.2.2. By Type of Power Generation
8.2.3. By Application
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By Type of Power Generation
8.3.3. By Application
8.4. Key Takeaways
9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
9.2.1. By Country
9.2.1.1. Brazil
9.2.1.2. Mexico
9.2.1.3. Rest of Latin America
9.2.2. By Type of Power Generation
9.2.3. By Application
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Type of Power Generation
9.3.3. By Application
9.4. Key Takeaways
10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By Country
10.2.1.1. Germany
10.2.1.2. UK
10.2.1.3. France
10.2.1.4. Spain
10.2.1.5. Italy
10.2.1.6. Rest of Western Europe
10.2.2. By Type of Power Generation
10.2.3. By Application
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Type of Power Generation
10.3.3. By Application
10.4. Key Takeaways
11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Country
11.2.1.1. Poland
11.2.1.2. Russia
11.2.1.3. Czech Republic
11.2.1.4. Romania
11.2.1.5. Rest of Eastern Europe
11.2.2. By Type of Power Generation
11.2.3. By Application
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Type of Power Generation
11.3.3. By Application
11.4. Key Takeaways
12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By Country
12.2.1.1. India
12.2.1.2. Bangladesh
12.2.1.3. Australia
12.2.1.4. New Zealand
12.2.1.5. Rest of South Asia and Pacific
12.2.2. By Type of Power Generation
12.2.3. By Application
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Type of Power Generation
12.3.3. By Application
12.4. Key Takeaways
13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
13.2.1. By Country
13.2.1.1. China
13.2.1.2. Japan
13.2.1.3. South Korea
13.2.2. By Type of Power Generation
13.2.3. By Application
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Type of Power Generation
13.3.3. By Application
13.4. Key Takeaways
14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
14.2.1. By Country
14.2.1.1. GCC Countries
14.2.1.2. South Africa
14.2.1.3. Israel
14.2.1.4. Rest of MEA
14.2.2. By Type of Power Generation
14.2.3. By Application
14.3. Market Attractiveness Analysis
14.3.1. By Country
14.3.2. By Type of Power Generation
14.3.3. By Application
14.4. Key Takeaways
15. Key Countries Market Analysis
15.1. USA
15.1.1. Pricing Analysis
15.1.2. Market Share Analysis, 2022
15.1.2.1. By Type of Power Generation
15.1.2.2. By Application
15.2. Canada
15.2.1. Pricing Analysis
15.2.2. Market Share Analysis, 2022
15.2.2.1. By Type of Power Generation
15.2.2.2. By Application
15.3. Brazil
15.3.1. Pricing Analysis
15.3.2. Market Share Analysis, 2022
15.3.2.1. By Type of Power Generation
15.3.2.2. By Application
15.4. Mexico
15.4.1. Pricing Analysis
15.4.2. Market Share Analysis, 2022
15.4.2.1. By Type of Power Generation
15.4.2.2. By Application
15.5. Germany
15.5.1. Pricing Analysis
15.5.2. Market Share Analysis, 2022
15.5.2.1. By Type of Power Generation
15.5.2.2. By Application
15.6. UK
15.6.1. Pricing Analysis
15.6.2. Market Share Analysis, 2022
15.6.2.1. By Type of Power Generation
15.6.2.2. By Application
15.7. France
15.7.1. Pricing Analysis
15.7.2. Market Share Analysis, 2022
15.7.2.1. By Type of Power Generation
15.7.2.2. By Application
15.8. Spain
15.8.1. Pricing Analysis
15.8.2. Market Share Analysis, 2022
15.8.2.1. By Type of Power Generation
15.8.2.2. By Application
15.9. Italy
15.9.1. Pricing Analysis
15.9.2. Market Share Analysis, 2022
15.9.2.1. By Type of Power Generation
15.9.2.2. By Application
15.10. Poland
15.10.1. Pricing Analysis
15.10.2. Market Share Analysis, 2022
15.10.2.1. By Type of Power Generation
15.10.2.2. By Application
15.11. Russia
15.11.1. Pricing Analysis
15.11.2. Market Share Analysis, 2022
15.11.2.1. By Type of Power Generation
15.11.2.2. By Application
15.12. Czech Republic
15.12.1. Pricing Analysis
15.12.2. Market Share Analysis, 2022
15.12.2.1. By Type of Power Generation
15.12.2.2. By Application
15.13. Romania
15.13.1. Pricing Analysis
15.13.2. Market Share Analysis, 2022
15.13.2.1. By Type of Power Generation
15.13.2.2. By Application
15.14. India
15.14.1. Pricing Analysis
15.14.2. Market Share Analysis, 2022
15.14.2.1. By Type of Power Generation
15.14.2.2. By Application
15.15. Bangladesh
15.15.1. Pricing Analysis
15.15.2. Market Share Analysis, 2022
15.15.2.1. By Type of Power Generation
15.15.2.2. By Application
15.16. Australia
15.16.1. Pricing Analysis
15.16.2. Market Share Analysis, 2022
15.16.2.1. By Type of Power Generation
15.16.2.2. By Application
15.17. New Zealand
15.17.1. Pricing Analysis
15.17.2. Market Share Analysis, 2022
15.17.2.1. By Type of Power Generation
15.17.2.2. By Application
15.18. China
15.18.1. Pricing Analysis
15.18.2. Market Share Analysis, 2022
15.18.2.1. By Type of Power Generation
15.18.2.2. By Application
15.19. Japan
15.19.1. Pricing Analysis
15.19.2. Market Share Analysis, 2022
15.19.2.1. By Type of Power Generation
15.19.2.2. By Application
15.20. South Korea
15.20.1. Pricing Analysis
15.20.2. Market Share Analysis, 2022
15.20.2.1. By Type of Power Generation
15.20.2.2. By Application
15.21. GCC Countries
15.21.1. Pricing Analysis
15.21.2. Market Share Analysis, 2022
15.21.2.1. By Type of Power Generation
15.21.2.2. By Application
15.22. South Africa
15.22.1. Pricing Analysis
15.22.2. Market Share Analysis, 2022
15.22.2.1. By Type of Power Generation
15.22.2.2. By Application
15.23. Israel
15.23.1. Pricing Analysis
15.23.2. Market Share Analysis, 2022
15.23.2.1. By Type of Power Generation
15.23.2.2. By Application
16. Market Structure Analysis
16.1. Competition Dashboard
16.2. Competition Benchmarking
16.3. Market Share Analysis of Top Players
16.3.1. By Regional
16.3.2. By Type of Power Generation
16.3.3. By Application
17. Competition Analysis
17.1. Competition Deep Dive
17.1.1. Abengoa Solar S.A
17.1.1.1. Overview
17.1.1.2. Product Portfolio
17.1.1.3. Profitability by Market Segments
17.1.1.4. Sales Footprint
17.1.1.5. Strategy Overview
17.1.1.5.1. Marketing Strategy
17.1.2. SunCore Energy Group
17.1.2.1. Overview
17.1.2.2. Product Portfolio
17.1.2.3. Profitability by Market Segments
17.1.2.4. Sales Footprint
17.1.2.5. Strategy Overview
17.1.2.5.1. Marketing Strategy
17.1.3. Cool Earth Solar
17.1.3.1. Overview
17.1.3.2. Product Portfolio
17.1.3.3. Profitability by Market Segments
17.1.3.4. Sales Footprint
17.1.3.5. Strategy Overview
17.1.3.5.1. Marketing Strategy
17.1.4. ES-SYSTEM
17.1.4.1. Overview
17.1.4.2. Product Portfolio
17.1.4.3. Profitability by Market Segments
17.1.4.4. Sales Footprint
17.1.4.5. Strategy Overview
17.1.4.5.1. Marketing Strategy
17.1.5. Green & Gold Solar Pty Ltd.
17.1.5.1. Overview
17.1.5.2. Product Portfolio
17.1.5.3. Profitability by Market Segments
17.1.5.4. Sales Footprint
17.1.5.5. Strategy Overview
17.1.5.5.1. Marketing Strategy
17.1.6. Fullsun Photovoltaics
17.1.6.1. Overview
17.1.6.2. Product Portfolio
17.1.6.3. Profitability by Market Segments
17.1.6.4. Sales Footprint
17.1.6.5. Strategy Overview
17.1.6.5.1. Marketing Strategy
17.1.7. Arzon Solar LLC
17.1.7.1. Overview
17.1.7.2. Product Portfolio
17.1.7.3. Profitability by Market Segments
17.1.7.4. Sales Footprint
17.1.7.5. Strategy Overview
17.1.7.5.1. Marketing Strategy
17.1.8. BSQ Solar
17.1.8.1. Overview
17.1.8.2. Product Portfolio
17.1.8.3. Profitability by Market Segments
17.1.8.4. Sales Footprint
17.1.8.5. Strategy Overview
17.1.8.5.1. Marketing Strategy
17.1.9. Fraunhofer ISE
17.1.9.1. Overview
17.1.9.2. Product Portfolio
17.1.9.3. Profitability by Market Segments
17.1.9.4. Sales Footprint
17.1.9.5. Strategy Overview
17.1.9.5.1. Marketing Strategy
17.1.10. RayGen
17.1.10.1. Overview
17.1.10.2. Product Portfolio
17.1.10.3. Profitability by Market Segments
17.1.10.4. Sales Footprint
17.1.10.5. Strategy Overview
17.1.10.5.1. Marketing Strategy
18. Assumptions & Acronyms Used
19. Research Methodology
Technology
November 2022
REP-GB-271
250 pages
Explore Technology Insights
View Reports
High Concentration Photovoltaics Market
