September 20, 2023 09:11 ET | Source: Market.Us Market.Us
New York, Sept. 20, 2023 (GLOBE NEWSWIRE) -- According to Market.us, the CPV Solar Market size was estimated to reach USD 5,321.7 Million in 2022 and is projected to surpass around USD 16,206.5 Million by 2032, and it is poised to reach a registered CAGR of 12.1% from 2023 to 2032. Grid Connected Inverter
Concentrated Photovoltaic technology uses lenses that focus sunlight onto efficient photovoltaic cells that convert more of this radiant light to electricity compared to traditional PV panels. This technology can easily adapt to regions with high direct sunlight levels, seamlessly integrate into existing power infrastructures, and generate clean, sustainable energy production - offering an effective sustainable energy solution. CPV solar's higher conversion efficiency of over 40% makes it ideal for utility-scale installations, with concentrated sunlight also shrinking photovoltaic cells, thereby decreasing maintenance costs and increasing performance - these advantages make CPV an appealing solution when considering renewable energy deployment.
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Factors affecting the growth of the CPV Solar industry?
There are several factors that are affecting the growth of the CPV Solar industry.
Top Trends in the CPV Solar Market
The focus has been on enhancing the efficiency of Concentrated Photovoltaic (CPV) solar systems while reducing their costs. Advancements in materials, manufacturing processes, and tracking systems have made CPV more competitive with traditional PV technologies. Integrating energy storage solutions, such as batteries, mitigates the intermittent nature of solar energy generation, making CPV systems more suitable for applications requiring stable energy output. CPV technology has also been integrated with other renewable energy technologies to create hybrid systems, combining CPV and concentrated solar power (CSP) systems to maximize energy generation throughout the day. This hybrid approach offers a more comprehensive and versatile solution for addressing energy demand and grid stability.
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In 2022, APAC was the most dominant region in the market, with a 50.7% market share of the total revenue, and it is projected to register a CAGR of 13.1% during the forecasted period. The dominance is because the three major solar energy countries lie in this region, which contributes to the dominance of this region in the global CPV solar market. North America accounts for the second largest market share in the market, and this region is estimated to register a CAGR of 10.5% during the forecasted period.
The global Concentrated Photovoltaic (CPV) Solar market is competitive with major players like SunPower Corp., 5N Plus, Inc, Almeco Group, Sumitomo Electric Industries, Saint-Augustin Canada Electric Inc., Zytech Group, Arzon Solar, BSQ Solar, Green Rhino Energy, Electron test equipment limited., Radical Sun Systems Inc., Solergy, Other Key Players. Each company strives to innovate, expand, and lead in the market, focusing on efficient and sustainable solar energy solutions. Strategic maneuvers and technological advancements drive the market.
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CPV solar technology has long been recognized for its effectiveness at harvesting solar energy, thanks to sophisticated optics that focus sunlight onto small, efficient cells. These systems produce higher energy yield compared to traditional photovoltaic panels, making them attractive options for large projects and distributed energy setups. Particularly suitable are regions with moderate sunlight. Market demand is also driven by climate change mitigation efforts that rely on sustainable and clean energy sources, with solar PV panels helping combat global climate change while guaranteeing energy security. Their reduced land usage makes CPV solar technologies suitable for space-constrained areas or conflicts over land usage issues; their design also facilitates integration into existing infrastructure to expand renewable energy's role as a renewable source.
The Global CPV Solar market faces the challenge of high initial installation costs due to the complexity of optical components and tracking mechanisms for concentrating sunlight onto small, high-efficiency solar cells. This increases manufacturing and maintenance expenses, hindering market growth. CPV technology is primarily suitable for regions with abundant sunlight and high electricity costs. Land use and environmental concerns also pose challenges, as concentrated sunlight can increase energy output and lead to higher operating temperatures, potentially harming ecosystems and limiting land's dual-use possibilities. A balance between energy production and environmental impact is crucial for sustainable CPV technology growth.
CPV systems boast greater energy output and efficiency compared to traditional flat-panel photovoltaic systems, particularly when exposed to strong direct sunlight in regions with plenty of it. This results in increased energy production as well as revenue generation. CPV technology is ideal for utility-scale solar installations like solar farms and power plants, as its solar cells concentrate light onto a concentrated area with higher efficiency cells.
As demand for cleaner energy sources continues to increase, more large-scale projects like these are emerging. Thanks to their small footprint size and lightweight nature, this type of technology makes CPV suitable for remote locations or off-grid areas with limited space; opening doors in previously underserved markets such as remote communities, communications infrastructure or mining operations.
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Report Segmentation of the CPV Solar Market
The Concentrating Photovoltaic Solar Market can be divided into LCPV, MCPV and HCPV segments with HCPV being the most profitable segment. By 2022 it held an 85.3% market share with an anticipated compound annual compound annual compound annual compound growth rate from 2023-2032 projected of 12.7% due to superior energy efficiency and potential for greater power production; HCPV systems utilize advanced optics that focus sunlight onto small solar cells making them suitable for both commercial and industrial use.
The CPV Solar market is divided into utility and commercial sectors. Utility accounts for 82.9% of the market in 2022, with a projected CAGR of 12.5%. This is due to economies of scale and efficient land utilization. Large-scale utility projects benefit from high-efficiency CPV systems, maximizing energy output and minimizing costs. Larger land availability allows for optimal solar module positioning, enhancing overall energy production. The commercial sector is expected to grow at a CAGR of 10.0% from 2023 to 2032, as commercial establishments require consistent energy supply. CPV solar systems are ideal for concentrating sunlight onto small, high-efficiency cells, maximizing energy production within limited space.
Some of the major players include:
Recent Development of the CPV Solar Market
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