The global Concentrated Photovoltaic Market size is expected to reach USD 6.35 billion by 2030 at a 10.1% CAGR during the forecast period, according to a new report by Grand View Research, Inc. Demand for concentrated photovoltaic is anticipated to register rapid growth owing to its ability to harness solar energy in areas with no space constraints.
CPV technology is yet to gain worldwide acceptance and manufacturers are constantly engaged in developing new modules with improved efficiency. Growing popularity of PV has overshadowed the efficiency and advantages of CPV. However, the technology shows great promise owing to its scalability and efficiency.
Globally, Asia Pacific is the largest market for CPV. Presence of a large number of module manufacturers, coupled with favorable government initiatives, is driving the demand for this technology. The advantage of low labor cost and introduction of smaller rooftop systems are also expected to boost market growth.
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Concentrated Photovoltaic Market Report Highlights
- The High-Concentrated Photovoltaic (HCPV) segment accounted for 93.5% of the market revenue in 2023, attributed to its advanced technology and exceptional efficiency.
- The utility segment dominated the market in 2023. Utility-scale CPV installation benefits from the high efficiency and scalability, making it particularly attractive for utility companies looking to meet increasing energy demands while reducing carbon emissions.
- The commercial segment is expected to grow the fastest over the forecast period from 2024 to 2030 attributed to the increasing adoption of CPV systems by commercial entities seeking to reduce their energy costs and carbon footprint.
- The Asia Pacific region held the largest revenue share of 47.7% in the global concentrated photovoltaic market in 2023 due to the rapid industrialization and urbanization in countries such as China and India, which are leading to increased energy demand.
Concentrated Photovoltaic Market Segmentation
Grand View Research has segmented the global concentrated photovoltaic market report based on type, application, and region:
- Type Outlook (Revenue, USD Million, 2018 - 2030)
- High Concentrated Photovoltaic (HCPV)
- Low Concentrated Photovoltaic (LCPV)
- Application Outlook (Revenue, USD Million, 2018 - 2030)
- Utility
- Commercial
- Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- Russia
- France
- Italy
- Spain
- Asia Pacific
- Japan
- China
- India
- South Korea
- Australia
- Latin America
- Brazil
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
