Concentrator Photovoltaic (CPV) Market is expected to register exponential growth

According to the latest research report published by Market Data Forecast, the global concentrator photovoltaic (CPV) market size is estimated at USD 987.46 million in 2023 and is predicted to grow at a CAGR of 11.83% between 2023 and 2028. It is predicted to reach around USD 1931.39 million in 2029 during the foreseen period 2024-2029.

Photovoltaic technology uses sun energy to create electricity is known as concentration photovoltaics (CPV) or concentration photovoltaics. It employs curved mirrors or lenses to direct sunlight onto high-grade, tiny, multi-junction (MJ) solar cells. Also, these are incredibly efficient at producing power. CPV systems can enhance efficiency by incorporating sun trackers and a cooling system, which traditional solar systems lack.

Global Concentrator Photovoltaic (CPV) Market Report Scope:

• Market Size (2029): USD 1931.39 million
• Market Size (2023): USD 987.46 million
• CAGR (2024 to 2029): 11.83%
• Base Year: 2023
• Forecast Period: 2024 to 2029
• Segments Analysed: Product, Application, Concentration level, and Geography
• Geographies Covered: North America, Europe, APAC, Latin America, and Middle East & Africa
• Key Market Players Profiled: Radical Sun Systems, Inc. (U.S.), SolAero Technologies Corp. (U.S.), Arzon Solar LLC. (U.S.), Cool Earth Solar (U.S.), Morgan Solar Inc. (Canada), ARIMA Group (Taiwan), Suncore Photovoltaic Technology Company Limited (China), Guangdong Redsolar Photovoltaic Technology Co. Ltd (China), Sumitomo Electric Industries, Ltd. (Japan), Saint-Augustin Canada Electric Inc. (STACE) (Canada), Sanan Optoelectronics Technology Co., Ltd (China), and Others.

Market Drivers:

The concentrator photovoltaic (CPV) market is growing at a significant pace in recent times Furthermore, it is anticipated to expand at a similar rate due to several factors. This includes the growing need for more efficient solar energy solutions, technological developments and the rising demand for renewable energy.

The concentrator photovoltaic (CPV) industry is expected to grow from 1.16 terawatts to 2.11 terawatts in five years. It is driven by government efforts to ensure electricity access in remote regions. Furthermore, advancements in solar photovoltaic modules and off-grid application utilisation should present significant potential in the future.

The increased energy output and efficiency of CPV drive market expansion and increase its demand globally. CPV technology boasts over 40% energy conversion efficiencies, significantly improving the efficiency of standard solar panels, enabling more energy production from the same amount of sunlight.

Additionally, by improving solar energy conversion efficiency in areas with strong direct sunshine, the CPV industry offers substantial prospects within the renewable energy sector.

Market Restraints:

Although CPV has many potential benefits, there are several drawbacks as well. For example, the installation of CPV systems is more expensive than that of regular photovoltaic systems, and it requires sunny areas with high direct normal irradiance.

The significant upfront expenses linked to CPV components may hinder the expansion of the sector. Elevated installation costs are a result of specialised optical concentrators, highly efficient solar cells, and intricate tracking devices. Despite CPV's better efficiency, this upfront investment barrier sets it apart from standard flat-plate solar systems, especially in residential and small-scale applications. It takes several years for the energy savings to pay for the original expenditure.

The susceptibility of CPV systems to environmental factors presents issues that reduce their efficiency. Since accurate monitoring techniques are essential to maintaining the concentration of sunlight on cells, CPV systems are vulnerable to interference from elements such as wind, dust, and shade. In an attempt to shield CPV systems from these environmental factors, maintenance expenses increase. This is especially difficult in dry or dusty areas where dust buildup on optical components reduces system efficiency.

Browse full details of the report @ https://www.marketdataforecast.com/market-reports/concentrator-photovoltaic-market

SEGMENTATION INCLUDED IN THIS REPORT:

By Product:
• Reflector
• Refractor

By Application:
• Utility
• Commercial

By Concentration Level:
• High
• Low

By Region:
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Key Insights from The Report:

• Based on product, the refractor segment led the market and accounted for the largest share of the global market in 2023.
• Based on application, the utility segment captured the highest share of the global market in 2023.
• Based on concentration level, the high segment dominated the market in 2023.
• Asia-Pacific dominated the concentrator photovoltaic (CPV) market in 2023. Middle East and Africa accounted for the second-highest share of the global market in 2023 and on the other hand, the North America region is estimated to grow at the fastest CAGR during the forecast period.

TABLE OF CONTENTS:

1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year, and Forecast Periods

2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline

3. Report Overview
3.1 Executive Summary
3.2 Key Inferences

4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends

5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market Share Analysis
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquisition Landscape
5.3 Joint Ventures & Collaborations

6. Market Segmentation
6.1 Concentrator Photovoltaic (CPV) Market, By Product
6.1.1 Reflector
6.1.2 Refractor
6.1.3 Market Size Estimations & Forecasts (2024-2029)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Concentrator Photovoltaic (CPV) Market, By Application
6.2.1 Utility
6.2.2 Commercial
6.2.3 Market Size Estimations & Forecasts (2024-2029)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index
6.3 Concentrator Photovoltaic (CPV) Market, By Concentration Level
6.3.1 High
6.3.2 Low
6.3.3 Market Size Estimations & Forecasts (2024-2029)
6.3.4 Y-o-Y Growth Rate Analysis
6.3.5 Market Attractiveness Index

7. Geographical Landscape
7.1 Global Concentrator Photovoltaic (CPV) Market, by Region
7.2 North America - Market Analysis (2024-2029)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Product
7.2.3 By Application
7.2.4 By Concentration Level
7.3 Europe
7.3.1 By Country
7.3.1.1 UK
7.3.1.2 France
7.3.1.3 Germany
7.3.1.4 Spain
7.3.1.5 Italy
7.3.1.6 Rest of Europe
7.3.2 By Product
7.3.3 By Application
7.3.4 By Concentration Level
7.4 Asia Pacific
7.4.1 By Country
7.4.1.1 China
7.4.1.2 India
7.4.1.3 japan
7.4.1.4 South Korea
7.4.1.5 South East Asia
7.4.1.6 Australia & NZ
7.4.1.7 Rest of Asia-Pacific
7.4.2 By Product
7.4.3 By Application
7.4.4 By Concentration Level
7.5 Latin America
7.5.1 By Country
7.5.1.1 brazil
7.5.1.2 Argentina
7.5.1.3 Mexico
7.5.1.4 Rest of Latin America
7.5.2 By Product
7.5.3 By Application
7.5.4 By Concentration Level
7.6 Middle East and Africa
7.6.1 By Country
7.6.1.1 Middle East
7.6.1.2 Africa
7.6.2 By Product
7.6.3 By Application
7.6.4 By Concentration Level

8. Key Player Analysis
8.1 Radical Sun Systems, Inc
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 SolAero Technologies Corp
8.3 Morgan Solar Inc
8.4 ARIMA Group
8.5 Suncore Photovoltaic Technology Company Limited
8.6 Sumitomo Electric Industries, Ltd
8.7 Saint-Augustin Canada Electric Inc
8.8 Suntrix Company Ltd
8.9 Arzon Solar LLC
8.10 Sanan Optoelectronics Technology Co., Ltd

9. Market Outlook & Investment Opportunities

10. Appendix
List of Tables
List of Figures

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