12.1% CAGR of CPV Solar Market to Gain USD 16,206.5 Million by 2032 | APAC - Top Spot with a 50.7% Revenue Share in 2022

The growth of the CPV (Concentrated Photovoltaic) solar industry can be largely attributed to advancements in technology and innovation. Research and development initiatives are continually enhancing the efficiency and cost-effectiveness of CPV systems, providing the industry with a competitive advantage.

New York, Sept. 20, 2023 (GLOBE NEWSWIRE) -- According to Market.us, the CPV Solar Market size was estimated to reach USD 5,321.7 Million in 2022 and is projected to surpass around USD 16,206.5 Million by 2032, and it is poised to reach a registered CAGR of 12.1% from 2023 to 2032.

Concentrated Photovoltaic technology uses lenses that focus sunlight onto efficient photovoltaic cells that convert more of this radiant light to electricity compared to traditional PV panels. This technology can easily adapt to regions with high direct sunlight levels, seamlessly integrate into existing power infrastructures, and generate clean, sustainable energy production - offering an effective sustainable energy solution. CPV solar's higher conversion efficiency of over 40% makes it ideal for utility-scale installations, with concentrated sunlight also shrinking photovoltaic cells, thereby decreasing maintenance costs and increasing performance - these advantages make CPV an appealing solution when considering renewable energy deployment.

CPV Solar Market

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Key Takeaway:

  • By type, in 2022, the HCPV Segment dominated the CPV Solar market because of its superior energy efficiency and potential for higher power generation.
  • By application, the utility segment is the most lucrative market. In 2022 the utility segment accounted for the largest global revenue market share.
  • In 2022, APAC dominated the market with the highest revenue share of 50.7% due to its abundant sunlight resources, growing energy demand, and increasing environmental concerns.
  • North America is expected to grow significantly, driven by technological advancements, declining solar panel costs, and favorable regulatory frameworks.

Factors affecting the growth of the CPV Solar industry?

There are several factors that are affecting the growth of the CPV Solar industry.

  • Technological Advancements and Innovation: The CPV solar industry's growth is largely attributed to technological advancements and innovations. Research and development efforts improve the efficiency and cost-effectiveness of CPV systems, giving the industry a competitive edge. Novel materials, improved tracking mechanisms, and enhanced concentrator designs boost energy conversion efficiency and reduce production costs.
  • Government Policies: Government policies and incentives significantly influence the growth of the CPV solar industry. Supportive policies like feed-in tariffs and tax credits boost market demand and investment. Conversely, regulatory uncertainties can hinder growth. Stable, long-term policies promote renewable energy adoption.
  • Economic Viability and Cost Competitiveness: The cost competitiveness and economic viability of CPV systems significantly impact the industry's growth prospects. As production processes become more efficient, achieving cost parity with conventional energy sources enhances CPV's attractiveness, stimulates adoption, and contributes to industry expansion.
  • Environmental Considerations and Sustainability: The growing focus on sustainability and environmental consciousness has increased the appeal of CPV solar technology, as it offers higher energy yields per unit area, particularly in regions with limited land, and its potential to offset greenhouse gas emissions aligns with sustainability goals.

Top Trends in the CPV Solar Market

The focus has been on enhancing the efficiency of Concentrated Photovoltaic (CPV) solar systems while reducing their costs. Advancements in materials, manufacturing processes, and tracking systems have made CPV more competitive with traditional PV technologies. Integrating energy storage solutions, such as batteries, mitigates the intermittent nature of solar energy generation, making CPV systems more suitable for applications requiring stable energy output. CPV technology has also been integrated with other renewable energy technologies to create hybrid systems, combining CPV and concentrated solar power (CSP) systems to maximize energy generation throughout the day. This hybrid approach offers a more comprehensive and versatile solution for addressing energy demand and grid stability.

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Regional Analysis

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 dominance is 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 in the market, and this region is estimated to register a CAGR of 10.5% during the forecasted period.

CPV Solar Market Regional Analysis

Competitive Landscape

The global Concentrated Photovoltaic (CPV) Solar market is competitive with major players like 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. Each company strives to innovate, expand, and lead in the market, focusing on efficient and sustainable solar energy solutions. Strategic maneuvers and technological advancements drive the market.

Scope of the Report

Report AttributesDetails
Market Value (2022)USD 5,321.7 Million
Forecast Revenue 2032USD 16,206.5 Million
CAGR (2023 to 2032)12.1%
APAC Revenue Share50.7%
Base Year2022
Historic Period2016 to 2022
Forecast Year2023 to 2032

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Market Drivers

CPV solar technology has long been recognized for its effectiveness at harvesting solar energy, thanks to sophisticated optics that focus sunlight onto small, efficient cells. These systems produce higher energy yield compared to traditional photovoltaic panels, making them attractive options for large projects and distributed energy setups. Particularly suitable are regions with moderate sunlight. Market demand is also driven by climate change mitigation efforts that rely on sustainable and clean energy sources, with solar PV panels helping combat global climate change while guaranteeing energy security. Their reduced land usage makes CPV solar technologies suitable for space-constrained areas or conflicts over land usage issues; their design also facilitates integration into existing infrastructure to expand renewable energy's role as a renewable source.

Market Restraints

The Global CPV Solar market faces the challenge of high initial installation costs due to the complexity of optical components and tracking mechanisms for concentrating sunlight onto small, high-efficiency solar cells. This increases manufacturing and maintenance expenses, hindering market growth. CPV technology is primarily suitable for regions with abundant sunlight and high electricity costs. Land use and environmental concerns also pose challenges, as concentrated sunlight can increase energy output and lead to higher operating temperatures, potentially harming ecosystems and limiting land's dual-use possibilities. A balance between energy production and environmental impact is crucial for sustainable CPV technology growth.

Market Opportunities

CPV systems boast greater energy output and efficiency compared to traditional flat-panel photovoltaic systems, particularly when exposed to strong direct sunlight in regions with plenty of it. This results in increased energy production as well as revenue generation. CPV technology is ideal for utility-scale solar installations like solar farms and power plants, as its solar cells concentrate light onto a concentrated area with higher efficiency cells.

As demand for cleaner energy sources continues to increase, more large-scale projects like these are emerging. Thanks to their small footprint size and lightweight nature, this type of technology makes CPV suitable for remote locations or off-grid areas with limited space; opening doors in previously underserved markets such as remote communities, communications infrastructure or mining operations.

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Report Segmentation of the CPV Solar Market

Type Insight

The Concentrating Photovoltaic Solar Market can be divided into LCPV, MCPV and HCPV segments with HCPV being the most profitable segment. By 2022 it held an 85.3% market share with an anticipated compound annual compound annual compound annual compound growth rate from 2023-2032 projected of 12.7% due to superior energy efficiency and potential for greater power production; HCPV systems utilize advanced optics that focus sunlight onto small solar cells making them suitable for both commercial and industrial use.

Application Insight

The CPV Solar market is divided into utility and commercial sectors. Utility accounts for 82.9% of the market in 2022, with a projected CAGR of 12.5%. This is due to economies of scale and efficient land utilization. Large-scale utility projects benefit from high-efficiency CPV systems, maximizing energy output and minimizing costs. Larger land availability allows for optimal solar module positioning, enhancing overall energy production. The commercial sector is expected to grow at a CAGR of 10.0% from 2023 to 2032, as commercial establishments require consistent energy supply. CPV solar systems are ideal for concentrating sunlight onto small, high-efficiency cells, maximizing energy production within limited space.

CPV Solar Market Share

Market Segmentation

By Type

  • HCPV

By Application

  • Utility
  • Commercial

By Geography

  • 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

Some of the major players include:

  • 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 Development of the CPV Solar Market

  • 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 existing solar power plants.

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