"Actionable Insights to Fuel Your Growth"

High Concentrated Photovoltaic Market Size, Share & Industry Analysis, By Product ( Reflector, Refractor ), By Application ( Utility, Non-Utility ), By Conversion Rate ( Below 30%, 30% - 40%, Above 40% ) and regional Forecast, 2024-2032

Region :Global | Report ID: FBI103929 | Status : Ongoing



A concentrated photovoltaic (CPV) is a technology that transforms the sunlight into electrical energy in the same way conventional photovoltaic technology does. CPV systems often use solar trackers and sometimes a cooling system to further increase their efficiency. They possess the highest efficiency of all existing PV technologies, and a smaller photovoltaic array also reduces the balance of system costs. CPV technology employs optics such as curved mirrors or lenses to collect a large amount of sunlight on a small area of solar photovoltaic (PV) cells to generate electricity. CPV systems offer several advantages over non-concentrated photovoltaics. As a smaller area of photovoltaic material is required, CPV can save money on the cost of the solar cells. CPV requires less photovoltaic material to capture the same sunlight as non-concentrating PV. CPV makes use of high-efficiency but expensive multi-junction cells cost-effectively viable due to smaller space requirements. However, to get sunlight focused on the small photovoltaic area, CPV systems need extra spending on solar trackers, concentrating optics (mirrors or lenses), and cooling systems. 

Based on the product, the market is segmented into reflector and refractor. Refractors lead the concentrated photovoltaic market due to the rising preference for the Fresnel lens. Fresnel lens and high concentration photovoltaic systems together provide maximum efficiency, owing to which, their demand is expected to be high in the coming years.

Based on the application, the market is segmented into utility and non-utility. The utility application segment leads the market with an increase in the number of power purchase agreements between electricity boards and private sector companies, which are expected to boost concentrated photovoltaic installations in the utility segment.

Based on the conversion rate, the market is segmented into below 30%, 30%-40%, and above 40%. The above 40% segment is expected to lead the market, which results in trimming the size of the solar module, which, in turn, improves overall cost efficiency. Growing demand for high-efficiency and low-cost modules among manufacturers are anticipated to have a positive impact on the market penetration of high concentration photovoltaic.

The key market driver of this market is the growing investment in renewable energy owing to its advantages and numerous applications. Other factors that boost the market include an increase in demand for electricity, stringent environmental protection regulations, and a decrease in the price of conventional PV modules.

The key restraint for the market is that it has low efficiency compared to other renewable sources of energy. Other factors that restrain the market growth include high capital cost for energy storage, inability to provide power in diffused light conditions, and energy generation depends on the weather and climate (in rainy and cloudy weather energy generation is low).

Key Market Driver -

Growing investment in renewable energy

Key Market Restraint -

Low efficiency

Key Players Covered:

Some of the major companies in the high concentrated photovoltaic market are Ravano Green Power, SunPower Corporation, Zytech Group, SunCore Energy Group, Morgan Solar Inc., Suntrix Company Limited, Cool Earth, ISOFOTON, Amonix Inc, Solar Junction Corporation, MagPower Systems Inc., and Semprius.

Regional Analysis:

To gain extensive insights into the market, Request for Customization

The global high concentrated photovoltaic market is studied across different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America region is dominating the market due to increasing solar installations in the industrial, commercial, and residential sectors. Also, the U.S. Department of Energy and the Electric Power Research Institute is funding CPV projects for utility applications, which in turn is increasing the use of solar CPV. In Europe, the European Energy Research Alliance is boosting the awareness and production of photovoltaic solar energy, which is uplifting the market. Also, an increase in the adoption of solar energy is raising the market. In the Asia Pacific region, an increase in energy demand is the major factor driving the market. Also, an increase in industrialization in countries like India, China, and Malaysia will boost the market. In the Middle East & Africa, dropping costs for concentrated photovoltaic coupled with plenty of sunlight and the huge need for electricity in the region will create an opportunity for the market in countries like the UAE and Saudi Arabia.




By Product

  • Reflector

  • Refractor

By Application

  • Utility

  • Non-Utility

By Conversion Rate

  • Below 30%

  • 30% - 40%

  • Above 40%

By Geography

  • North America (U.S. and Canada)

  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)

  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico and Rest of Latin America)

  • Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)


Key Industry Developments

  • In May 2020, The world’s largest concentrated solar power plant, The Noor Energy 1 facility is a hybrid 700MW concentrated solar power (CSP) and 250MW photovoltaic (PV) plant and is being built for the Dubai Electricity and Water Authority (DEWA) by a consortium led by DEWA and ACWA Power. They say the project will increase the share of the city’s clean energy to 25% by 2030, allowing a saving of 1.6 million tonnes of carbon dioxide.

  • In July 2017, at Pennsylvania State University, a concentrating photovoltaic system with embedded micro tracking can produce over 50 percent more energy per day than standard silicon solar cells in a head-to-head competition.

  • Ongoing
  • 2023
  • 2019-2022

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Energy & Power Clients


Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.