Concentrator photovoltaic (CPV) market size is like to grow at CAGR of over 14% from 2016 to 2023.

Increasing adoption of this technology is anticipated to boost the demand growth over the coming few years. The installations were around 400 MV in 2014 and are estimated to reach around 110 MV by 2023.

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Installation of low-concentration photovoltaic (LCPV) and high-concentration photovoltaic (HCPV) systems is anticipated to expand at significant growth rates over the forecast period. in 2015, China and Southeast Asia are the largest regions with CPV installed capacity and are likely to account for over 80 MW to 90 MW. In addition, the combined installations taken place in the U.S. and Central America regions, accounted for about 60 MW in 2015. Southern Europe accounted for over 50 MV in the same year.

CPV market price competitiveness, enhanced reliability and efficiency improvements are estimated to drive the global industry demand over the next few years. In addition, the surge in the global concentrator photovoltaic market can be attributed to the incentives as well as subsidies offered by government to accomplish renewable energy targets. However, these subsidies have been revoked owing to intense PV installations. Furthermore, these subsidies are likely to prove too expensive to hold the scheme over the next two decades.

The concentrator photovoltaic technology utilizes mirrors or lenses in order to focus sunlight onto solar cells. The increasing adoption of added optics for focusing sunlight has amplified up the cost compared to other conventional installations. Potential consumers are expected to prefer CPV systems in the overall solar PV market as they exhibit higher return on investment. Proliferating number of installations and flourishing deployment rate of technology are anticipated to drive HCPV installation price downwards HCPV cost was valued over USD 2.58 per watt in 2014 and is anticipated to decline by 6.3% to reach over USD 2.75 in 2015.

Higher efficiency with low system cost coupled with renewable energy resources are anticipated to be the major factors driving the demand growth over the forecast period. In addition, less land requirement is also expected to surge the demand growth from 2016 to 2023. However, lack of acceptance of technology and limited locations with high direct normal irradiation are likely to hinder the demand growth over the coming few years.

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