Concentrated Photovoltaic CPV Market Report 2025 (Global Edition)

Current scenario of Concentrated Photovoltaic CPV market 

Key opportunity of the Concentrated Photovoltaic CPV market

• The growing need for energy consumption is driving the growth.

Concentrated photovoltaics (CPV) are in high demand due to growing energy consumption, which is driving the market's compound annual growth rate. Furthermore, it is anticipated that rising environmental concerns over the depletion of traditional energy sources will lead to an increase in infrastructure spending and a rise in the demand for CPV.  The increasing requirement for concentrated photovoltaics owing to the latest technology and the growing need for electricity are two major benefits of recent technological advancements. This strong argument has increased demand, and the market share of solar systems has become more concentrated. The growing need for electricity in developing countries is primarily due to industrial transformation, which should boost CPV sales. Future CPV demand is anticipated to increase as a result of the aforementioned problems. Additionally, the world's population is expected to grow, manufacturing is expected to expand in some developing countries, and infrastructure improvement efforts are expected to pick up speed. These factors, along with the increased investment in renewable energy, will cause the total demand for electricity in the urban sector to rise dramatically. 
This being the case and the fact that an increasing number of nations are enacting legislation to protect the environment, the major power production industry is compelled to vertically shift to more sustainable energy sources. Rising energy consumption and growing product demand from a variety of end-use industries will focus on the photovoltaic (CPV) market. Consequently, the global market's growth is being fueled by the rising prevalence of energy supplies.

For example,
This spring, Sumitomo Electric Industries, Ltd. will release its new Z2C fusion splicer, which will include the company's own "Nano Tune AI (artificial intelligence) programmed fusion technology in a redesigned, more robust chassis." Because of the growing need for energy savings, concentrated photovoltaic (CPV) systems are expected to become more and more in demand throughout the projection period. Therefore, the concentrated photovoltaic (CPV) market revenue is the driving force.

Source (https://sumitomoelectric.com/press/2022/03/prs011)

Key drivers of Concentrated Photovoltaic CPV market

• The surge in demand for grid-connected electricity is increasing the Concentrated Photovoltaic market.

The increasing use of Concentrated Photovoltaic (CPV) technology in a variety of industries is being driven by the need for grid-connected electricity and the awareness of renewable energy sources. In a world where natural gas markets are unstable, countries become more dependent on gas and there is a greater chance of economically devastating interruptions if grids are not developed. 

For example,
According to the Grid Delay Case, imports of coal will increase by around 50 million tonnes and gas will increase by over 80 billion cubic meters annually after 2030 compared to a scenario that complies with national climate targets. The likelihood of financially devastating outages, which cost about USD 100 billion annually, or 0.1% of the world's GDP, is also increased by delayed grid expansion. Regulations must be reviewed and revised to facilitate the deployment of new grids and enhance asset utilization to secure grids for the future.

Source (https://www.iea.org/reports/electricity-grids-and-secure-energy-transitions/executive-summary)

The adoption of CPV is being fueled by the declining costs of conventional PV modules and the small footprint of CPV installations. With manufacturers taking into account aspects like performance, affordability, and dependability, the CPV sector is growing. The United States is becoming a rapidly expanding market for CPV because of rising electricity consumption and strict government regulations. It is anticipated that CPV installations, which are mostly found in North America, will increase, particularly in public areas like educational institutions. Thanks to technological and design advancements as well as falling silicon PV costs, CPV is now a competitive and workable option for large-scale applications.

• Growing advancements in solar technology are raising the demand for the CPV market.

A key component of the shift to more sustainable and environmentally friendly activities is solar energy. The need for cutting-edge photovoltaic materials for highly efficient solar cells has arisen from the world's transition to sustainable energy sources.

For example,
To optimize the potential of brominated small molecule acceptors (SMAs) for organic solar cells (OSCs), researchers presented a novel strategy in a recent study. Although bromine presents distinct benefits in terms of adjusting energy levels and crystallinity, unfavorable film morphologies made high-performance brominated SMAs scarce. The work highlights the fine balance that must be struck to fully utilize bromine's benefits and get over its drawbacks, creating new opportunities for the development of organic photovoltaic technology.

Source (https://www.azom.com/article.aspx?ArticleID=23414)

For example,
The difficulties posed by concentrator photovoltaics (CPV), which use high-efficiency multijunction solar cells and optics to focus sunlight for increased energy generation, were discussed in a recent paper that was released in June 2023. To cut costs, a revolutionary micro-CPV that focuses on downsizing solar cells and optical components was introduced. Micro-CPV uses new system topologies and high-throughput production techniques to retain excellent electrical efficiency while reducing material volumes. Innovative module architectures, such as integrated tracking and hybrid CPV/silicon PV systems, are made possible by this micro-scale strategy and provide better performance and cost-effectiveness for a variety of applications, including rooftop installations and situations with limited space. The study emphasizes how micro-CPV can help develop affordable, highly efficient solar systems for widespread electricity production.

Key restraints of the Concentrated Photovoltaic CPV market

• The high initial investment required for installation and maintenance acts as a hindrance to the market.

The development of numerous solar technologies to capture the sun's plentiful energy has been fueled by the search for clean and sustainable energy sources. Among these technologies, concentrated solar power (CSP) and photovoltaic (PV) systems have shown promise; each has special qualities and uses. The large initial outlay needed for CPV system installation and maintenance is a significant barrier to the market's expansion. When compared to conventional photovoltaic systems, CPV technology is relatively new, and one of the key challenges is the high cost of installation and maintenance. Using mirrors or lenses, CSP systems focus sunlight onto a narrow area, creating high temperatures that produce steam, which powers turbines. When comparing CSP technologies to conventional PV systems, efficiency levels are frequently greater. Power towers and parabolic troughs are two examples of sophisticated CSP systems that can reach efficiencies of over 40%. However, several variables, including location, climate, and the particular technology used, have a significant impact on the efficiency of CSP systems. Furthermore, the market is constrained by the scarcity of competent labor for CPV system installation and maintenance. A further problem impeding market expansion is end users' ignorance of the advantages and benefits of CPV technology.

How did COVID-19 impact the Concentrated Photovoltaic CPV market

The COVID-19 epidemic has had a major effect on the renewable energy sector, which has negatively damaged the global supply chain. Many nations are experiencing a labor shortage, which has caused ongoing projects to be placed on indefinite hold. Solar energy has grown dramatically in the last two decades. However, the crisis caused by the COVID-19 pandemic disrupted the market significantly. More than ever, governments played a central role in addressing these challenges and determining the pace of solar power deployment in the future. Stimulus programs to get the world economy back on track will be particularly important. When designing these packages, governments must take into account the structural benefits that solar energy can bring not only to the energy sector but also to the health, transport, and agriculture sectors, and industry, in particular economic and sustainable development and job creation, while reducing emissions and promoting technological innovation.In contrast to other sectors like transportation and agriculture, the solar energy industry is anticipated to rebound more swiftly, spurring investments in CPV technology across several nations and expanding the market at a robust pace.

Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.

The Global Concentrated Photovoltaic CPV Market is witnessing significant growth in the near future.

In 2023, the High segment accounted for noticeable share of global Concentrated Photovoltaic CPV Market and is projected to experience significant growth in the near future.

The Utility segment is expected to expand at the significant CAGR retaining position throughout the forecast period.

Some of the key companies Radical Sun Systems , SolAero Technologies Corp. (U.S.) and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.

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