What is Global Concentrated Photovoltaic (CPV) Market?
The Global Concentrated Photovoltaic (CPV) Market is a specialized sector within the broader photovoltaic industry. CPV technology concentrates sunlight onto a small area of solar cells to generate electricity, thereby increasing the efficiency of the solar panel. This technology is particularly beneficial in areas with high direct sunlight, making it an attractive option for solar power generation in many parts of the world. The CPV market is a dynamic and evolving field, with advancements in technology and changes in market conditions driving its growth and development. As of 2022, the global CPV market was valued at US$ 871.7 million, and it is projected to reach US$ 1361.6 million by 2029. This represents a compound annual growth rate (CAGR) of 6.5% during the forecast period from 2023 to 2029.
LCPV, HCPV in the Global Concentrated Photovoltaic (CPV) Market Market:
The CPV market is divided into two main segments: Low Concentrated Photovoltaic (LCPV) and High Concentrated Photovoltaic (HCPV). LCPV systems use lenses or mirrors to focus sunlight onto smaller, highly efficient solar cells. HCPV systems, on the other hand, use a larger array of lenses or mirrors to concentrate sunlight onto a smaller area of solar cells. Both LCPV and HCPV technologies offer unique advantages and challenges, and their adoption and development are influenced by a variety of factors, including technological advancements, cost considerations, and market demand. Key manufacturers in the CPV market include Arzon Solar (Amonix), Magpower, Semprius Inc., Suncore Photovoltaic, Sunpower Corporation, and Zytech Solar, which collectively hold approximately 12% of the market share.
Commercial, Utility-Scale, Others in the Global Concentrated Photovoltaic (CPV) Market Market:
The CPV technology is used in a variety of settings, including commercial, utility-scale, and other applications. In the commercial sector, CPV systems can be used to generate electricity for businesses, reducing their reliance on grid electricity and lowering their energy costs. Utility-scale applications involve the use of large CPV installations to generate electricity on a large scale, often for sale to the grid. Other applications of CPV technology include off-grid power generation in remote areas, where traditional grid electricity is not available or reliable. Regardless of the application, the use of CPV technology offers the potential for significant energy savings and environmental benefits.
Global Concentrated Photovoltaic (CPV) Market Market Outlook:
The outlook for the global Concentrated Photovoltaic (CPV) market is positive, with significant growth expected in the coming years. The market was valued at US$ 871.7 million in 2022 and is projected to reach US$ 1361.6 million by 2029, representing a CAGR of 6.5% during the forecast period from 2023 to 2029. Key players in the CPV market include Arzon Solar (Amonix), Magpower, Semprius Inc., Suncore Photovoltaic, Sunpower Corporation, and Zytech Solar, which collectively hold about 12% of the market share. These manufacturers are likely to play a crucial role in shaping the future of the CPV market, through their innovations and strategic market activities.
| Report Metric | Details |
| Report Name | Concentrated Photovoltaic (CPV) Market |
| Accounted market size in 2022 | US$ 871.7 million |
| Forecasted market size in 2029 | US$ 1361.6 million |
| CAGR | 6.5% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Arzon Solar (Amonix), Isofoton S.A., Magpower, Semprius Inc., Soitec, Solar Junction, Silex, Suncore Photovoltaic, Sunpower Corporation, Zytech Solar, SolFocus |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
