Concentrated Photovoltaic Market (By Product: Refractor, Reflector; By Application: Commercial, Utility; By Concentration Level: Low concentration photovoltaic, High concentration photovoltaic) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027

The global concentrated photovoltaic market value is expected to surpass of around US$ 5.2 Bn by 2027 and is anticipated to grow at a CAGR of around 11% in terms of revenue during the forecast period 2020 – 2027.

Concentrate photovoltaic is a technology for producing sunlight power. This technique relies on a wide spectrum of photons using optical sensors on a solar cell. Lenses and curved mirrors and are used to focus sunlight on the solar multi-joint layer.

The report provides analysis of global Concentrated Photovoltaic market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2019 is considered as the base year.

Market Insights

The need for concentrated photovoltaic systems is projected to increase perceptive of renewable energy used in power generation, along with the rising need for grid-connected electricity. The dramatic decrease in the prices of traditional photovoltaic modules resulted in an increase in demand for photovoltaic concentrations and other silicone-based technologies. High photovoltaic focused rates relative to solar photovoltaic’s constituted a significant constraint. Declining silicone prices and increased modular construction are projected to have a favorable industry effect over the forecast phase.

The photovoltaic market is dominated by the product group refractors. The increased desire for high performance due to increased power consumption is expected to fuel the market for concentrated photovoltaic refractory lenses.

Moreover, due to the increasing demand for high-efficiency modules, concentrated photovoltaics are expected to rise rapidly during this projected period. The demand for low cost and high performance modules is expected to rise over the forecast period for highly oriented photovoltaics.

Regional Stance

Asia Pacific held significant market share in 2019 and anticipated to administer the market during the forecast time span. The rising population and boost in disposable income of people are the key drivers of the growth of the CPV industry in the raise of high demand for electricity. The main markets in Asia-Pacific are China, Taiwan and Australia. China is the world's largest solar energy user and the most populated nation. The Chinese government tries to reduce CO2 pollution. In addition, CPV facilities in the country are welcomed. The installed CPV capacity was recorded as 169.89 MW in 2016, according to NERL.

Middle East and Africa is projected to benefit primarily from raising demand in South Africa. Areas covered with sand dunes are exposed to full surface sunshine, which vastly enhances CPV deployment. Further demand for centered photovoltaics is expected to be supported in Morocco and Jordan over coming years.

Report coverage

The market research study on “Concentrated Photovoltaic Market (Concentrated Photovoltaic Market By Type: Refractor, Reflector; Concentrated Photovoltaic Market By Application: Commercial, Utility; Concentrated Photovoltaic Market By Concentration Level: Low concentration photovoltaic, High concentration photovoltaic) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers a detailed insights on the global Concentrated Photovoltaic market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report covers global Concentrated Photovoltaic market size, and segment markets by type, construction, application, and geography along with the information on companies operating in the market. The Concentrated Photovoltaic market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.  

The global Concentrated Photovoltaic market is segmented as below:

Market Segmentation

Concentrated Photovoltaic Market By Product

• Refractor
• Reflector

Concentrated Photovoltaic Market By Application

• Commercial
• Utility

Concentrated Photovoltaic Market By Concentration Level

• Low concentration photovoltaic
• High concentration photovoltaic

Concentrated Photovoltaic Market By Geography

North America

• U.S.
• Canada

Europe

• UK
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

Key Players and Market Situation

Participants include major global players such Sunpower Corporation, Zytech Solar, Solar Junction, Suncore Photovoltaic Technology Co. Ltd., Solarsystem, Semprius Inc, Soitec, and Others.

The leading manufacturers concentrate on the strategy for fusions and acquisitions to gain a strategic advantage and have significant regional presence for the different industries.

The market's leading businesses concentrate on rising acquisitions and contracts with the key aim of representing a wide regional presence of different industries. In order to broaden its scope of activities, leading corporations are aquiringlocal or regional level focused photovoltaic suppliers.