Global CPV Solar Market By Type (LCPV & MCPV and HCPV) By Application (Utility and Commercial), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

In 2022, the Global CPV Solar Market was valued at USD 5,321.7 Million and is expected to reach USD 16,206.5 Million in 2032. Between 2023 and 2032, this market is estimated to register a CAGR of 12.1%.

Concentrated Photovoltaic (CPV) solar technology is a cutting-edge approach to harnessing solar energy. It employs specialized lenses or mirrors to concentrate sunlight onto small, highly efficient photovoltaic cells. This concentration significantly boosts the energy output, as CPV systems can achieve higher solar-to-electricity conversion compared to traditional PV panels.

The technology’s adaptability to regions with high direct sunlight and its potential for integration into existing power infrastructures positions CPV as a promising solution for sustainable energy generation. The benefits of CPV solar are evident in various aspects. Its higher energy conversion efficiency, often exceeding 40%, results in increased power generation, making it favorable for utility-scale installations.

The concentration of sunlight reduces the size of photovoltaic cells required, reducing the costs of maintaining and improving performance. These advantages collectively make CPV technology an attractive option for advancing renewable energy deployment and addressing the global energy challenge.

Actual Numbers Might Vary in the Final Report

Key Takeaways

• Market Growth: The Global CPV Solar Market is growing at a CAGR of 12.1% between 2023 and 2032.
• CPV Technology: Concentrated Photovoltaic (CPV) solar technology uses specialized lenses or mirrors to concentrate sunlight onto small, highly efficient photovoltaic cells, achieving higher solar-to-electricity conversion than traditional PV panels.
• Efficiency and Sustainability: CPV technology is driven by its efficiency in capturing solar energy, making it attractive for large-scale and distributed energy projects. Its land-efficient design supports sustainability goals.
• Top 3 Solar Countries: China, the US, and Japan are leading solar countries in terms of capacity, with China accounting for nearly 50% of new global renewables capacity in 2022.
• Restraining Factors: High initial installation costs and environmental impact are challenges for CPV solar. Specialized components increase costs, and excess heat generated can harm the environment.
• COVID-19 Impact: The pandemic disrupted the CPV solar market initially but led to innovation in digitalization and remote monitoring technologies. Renewed interest in green energy and government commitments are driving recovery.
• HCPV Dominance: High Concentrated Photovoltaic (HCPV) systems dominate the CPV solar market due to their superior energy efficiency, accounting for 85.3% of the market in 2022.
• Utility vs. Commercial: Utility applications hold the majority of the market share (82.9% in 2022) due to economies of scale and efficient land use, while commercial applications are also growing steadily.
• Growth Opportunities: Large-scale projects and remote applications in regions with abundant sunlight offer significant growth opportunities. CPV’s high efficiency can lead to increased energy production and revenue generation.
• Latest Trends: Trends include improving CPV system efficiency, cost reduction, integration with energy storage solutions, and hybrid systems combining CPV with other renewable technologies.
• Regional Dominance: Asia-Pacific is the dominant region in the CPV solar market (50.7% market share in 2022), with North America following closely.
• Key Players: Major players in the CPV solar market include SunPower Corp, 5N Plus, Almeco Group, and Sumitomo Electric Industries, focusing on technological innovation and market expansion.

Driving Factors

Efficiency and Sustainability of Concentrated Photovoltaic Technology are Propelling The Growth Of The Global CPV Solar Market.

The global CPV solar market is driven by its exceptional efficiency in capturing solar energy. CPV employs advanced optics to concentrate sunlight onto small, efficient solar cells, resulting in higher energy output compared to traditional photovoltaic systems. This makes CPV attractive for large-scale solar projects and distributed energy setups, especially in regions with moderate sunlight.

The efficiency advantage boosts energy production and lowers solar energy costs, encouraging worldwide adoption. The push for sustainable and clean energy sources significantly influences the global CPV solar market. This shift is crucial for combating climate change and ensuring energy security.

CPV solar technology supports these goals by delivering high-energy output in a smaller area, reducing land usage compared to other solar methods. This efficiency allows CPV to be used in space-constrained areas or where land conflicts arise. Additionally, its effective design enables integration with existing infrastructure, expanding its role in renewable energy.

The Top 3 Solar Countries in the World

• China- 430 GW. China accounted for almost 50% of the new global renewables capacity in 2022.
• The US- 141.8 GW. Currently, 3% of US electricity is sourced through solar power plants.
• Japan- 84.9 GW. The share of renewable energy in Japan’s total electricity generation in 2022 was 22.7%.

Restraining Factors

High Costs and Environmental Impact Constrain Global CPV Solar Market Growth

The Global CPV Solar market faces a significant restraint in the form of high initial installation costs. CPV requires complex optical components and tracking mechanisms to concentrate sunlight onto small, high-efficiency solar cells.

These specialized components elevate the system’s manufacturing and maintenance expenses, hindering market growth. Consequently, CPV solar technology remains a niche solution primarily suitable for regions with abundant sunlight and high electricity costs.

Moreover, land use and environmental concerns present another challenge for the CPV solar market. The concentration of sunlight in a small area increases the system’s energy output but also leads to higher operating temperatures.

This excess heat can adversely affect the surrounding environment, harming ecosystems and limiting the land’s dual-use possibilities. Striking a balance between energy production and environmental impact is crucial for the sustainable growth of CPV technology, requiring innovative cooling solutions and responsible site selection practices.

Market Scope

By Type Analysis

HCPV Segment Dominates CPV Solar Market Due to Superior Energy Efficiency and High Power Generation Potential.

Based on Type, the market for CPV Solar is segmented into LCPV (Low Concentrated Photovoltaic), MCPV (Medium Concentrated Photovoltaic), and HCPV (High Concentrated Photovoltaic). Among these, the HCPV segment is the most lucrative in the CPV solar market.

In 2022, the HCPV segment accounted for a market share of 85.3%, and it is estimated to register a CAGR of 12.7% from 2023 to 2032. This dominance is due to its superior energy efficiency and potential for higher power generation. HCPV systems utilize advanced optics to concentrate sunlight onto small, highly efficient solar cells, making them suitable for commercial and industrial applications.

By Application Analysis

The Utility Segment Held a Major Market Share in 2022 due to Economies of Scale and Increased Efficiency.

By application, the market for CPV Solar is further divided into utility and commercial. Among these, the utility segment accounted for 82.9% market share in 2022 and is predicted to grow at a CAGR of 12.5% during the forecasted period.

This dominance is due to its advantages in economies of scale and efficient land utilization. Large-scale utility projects benefit from the concentration of high-efficiency CPV systems, maximizing energy output while minimizing installation and maintenance costs per unit of electricity generated.

Additionally, the more extensive land availability in utility-scale installations enables optimal positioning and tracking of solar modules, harnessing maximum sunlight throughout the day. This enhances overall energy production. The commercial segment is estimated to register a CAGR of 10.0% from 2023 to 2032.

Commercial establishments, from office complexes to retail outlets, require a consistent and reliable energy supply to meet operational demands. CPV solar systems are well-suited for commercial settings because they can concentrate sunlight onto small, high-efficiency solar cells, maximizing energy production within limited space.

Key Market Segments

Based on Type

• LCPV & MCPV
• HCPV

Based on Application

• Utility
• Commercial

Growth Opportunities

Large-Scale And Remote Applications Present Growth Opportunities In The Cpv Solar Market

CPV systems have the potential to achieve higher efficiency and energy output compared to traditional flat-panel photovoltaic systems, especially in regions with strong direct sunlight, which presents significant growth opportunities in these regions. This efficiency advantage can translate into increased energy production and, subsequently, higher revenue generation.

Furthermore, CPV technology is well-suited for utility-scale solar installations, such as solar farms and power plants. Concentrating sunlight onto a small area of high-efficiency cells enables the creation of compact and powerful solar arrays. As the world transitions towards cleaner energy sources, there is an increasing demand for large-scale solar projects.

Moreover, CPV technology’s ability to generate more power in a smaller footprint makes it a suitable option for remote and off-grid areas with limited available space.

These regions often rely on diesel generators or other non-renewable sources for power generation by offering CPV solutions tailored to the unique energy needs of remote locations. This presents opportunities in previously underserved market segments, including powering remote communities, communication infrastructure, and mining operations.

Latest Trends

In recent years, there has been a significant focus on improving the efficiency of CPV solar systems while simultaneously reducing their costs. Additionally, advancements in materials, manufacturing processes, and tracking systems have contributed to cost reductions, making CPV more competitive with traditional PV technologies. Another prominent trend in the CPV solar market is integrating energy storage solutions.

Coupling CPV systems with energy storage technologies like batteries can mitigate the intermittent nature of solar energy generation. This allows for a more reliable and consistent power supply, making CPV systems more attractive for applications that require stable energy output, such as microgrids, remote areas, and industrial facilities.

CPV technology has been increasingly integrated with other renewable energy technologies to create hybrid systems. For instance, CPV and concentrated solar power (CSP) systems can be combined to maximize energy generation throughout the day.

This hybrid approach capitalizes on CPV’s high efficiency in capturing direct sunlight and CSP’s ability to store and dispatch energy when needed. Such combinations offer a more comprehensive and versatile solution for addressing energy demand and grid stability.

Regional Analysis

The Asia-Pacific Region Emerged As The Dominant Region In The Global CPV Solar Market

In 2022, APAC was the most dominant region in the market, with a 50.7% market share of the total revenue, and it is projected to register a CAGR of 13.1% during the forecasted period.

The growth is attributed because the three major solar energy countries lie in this region, which contributes to the dominance of this region in the global CPV solar market. North America accounts for the second largest market share, and this region is estimated to register a CAGR of 10.5% during the forecasted period.

• The USA ranks second among the top solar countries with a capacity of 141.8 GW.

Key Regions and Countries

• North America
  • The US
  • Canada
• Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Russia & CIS
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • ASEAN
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of MEA

Key Players Analysis

Significant players like SunPower Corp, 5N Plus, Almeco Group, and Sumitomo Electric Industries dominate the global Concentrated Photovoltaic (CPV) Solar market. Each company strives to showcase its technological innovation, market reach, and operational prowess.

The market is characterized by strategic maneuvers, technological advancements, and expansion initiatives, focusing on advancing efficient and sustainable solar energy solutions on a large scale.

Market Key Players

• SunPower Corp
• 5N Plus, Inc
• Almeco Group
• Sumitomo Electric Industries
• Saint-Augustin Canada Electric Inc.
• Zytech Group
• Arzon Solar
• BSQ Solar
• Green Rhino Energy
• Electron test equipment limited.
• Radical Sun Systems Inc.
• Solergy
• Other Key Players

Recent Developments

• In August 2023, 5N Plus Inc. announced that its solar cell technology was being used to power Chandrayaan-3, India’s third lunar exploration mission.
• In Jan 2023, Power plant developer Competitive Power Ventures launched a retail power supply company for commercial and industrial customers in the PJM Interconnection market.
• In Jan 2023, Sumitomo Electric delivered PLC String Monitoring Units to 1,000-volt PV Power Generation Systems in Germany. The products have been installed at an existing solar power plant.

Report Scope