The global high-concentration photovoltaics market is anticipated to be valued at USD 3,141.9 million in 2023, with a forecasted CAGR of 11.6% from 2023 to 2033, and is estimated to reach USD 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) | USD 3,141.9 million |
| Anticipated Forecast Value (2033) | USD 9,443.4 million |
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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.
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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,
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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) | USD 3,141.9 million |
| Anticipated Forecast Value (2033) | USD 9,443.4 million |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD 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 USD 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 USD 9,443.4 million.
North America accounts for a market share of 34.2% in the global market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type of Power Generation 5.1. Electric Power 5.2. Thermal Power 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Industrial, Residential, and Commercial Rooftops 6.2. Telecom or Mobile Towers 6.3. Rural Electrification 6.4. Water Pumping Solutions 6.5. Street Lighting 6.6. Government or Military (Mobile Off Grid) 6.7. Municipalities 6.8. Hospitals, Hotels, and Restaurants 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Abengoa Solar S.A 17.2. SunCore Energy Group 17.3. Cool Earth Solar 17.4. ES-SYSTEM 17.5. Green & Gold Solar Pty Ltd. 17.6. Fullsun Photovoltaics 17.7. Arzon Solar LLC 17.8. BSQ Solar 17.9. Fraunhofer ISE 17.10. RayGen 18. Assumptions & Acronyms Used 19. Research Methodology
Technology
November 2022
REP-GB-271
250 pages
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High Concentration Photovoltaics Market
