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The concentrated photovoltaic systems market share is expected to increase by USD 1.79 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 10.4%.
This concentrated photovoltaic systems market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers concentrated photovoltaic systems market segmentation by
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The concentrated photovoltaic systems market report also offers information on several market vendors, including ARIMA Group, Arzon Solar LLC, BSQ Solar, Chiyoda Corp., Cool Earth Solar, Green Rhino Energy Ltd., Macsun Solar Energy Technology Co. Ltd., Ravano Green Powers, SAINT AUGUSTIN CANADA ELECTRIC INC., Sanan Optoelectronics Technology Co. Ltd., Siemens Energy AG, SOLARTRON ENERGY, Sumitomo Electric Industries Ltd., Valldoreix Greenpower S L U, WHITEFIELD SOLAR, and Zytech Solar among others.
The advantages of CPV systems is notably driving the concentrated photovoltaic systems market growth, although factors such as the declining cost of solar PV modules may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the concentrated photovoltaic systems industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Concentrated Photovoltaic Systems Market Driver
One of the key factors driving the global concentrated photovoltaic systems (PV) industry growth is the advantages of CPV systems. CPV systems generate approximately two to three times more energy per module area than solar PV systems. The CPV technology is best suited for very sunny, desert-like locations with high solar irradiation. In addition, CPV has high efficiency of conversion of light to electricity, a smaller solar cell size allowing for less use of expensive PV material, higher and stable energy production during the day due to the solar tracking mechanism, and lower energy payback time when compared with solar PV systems. The world is rapidly moving toward increased power generation from renewable sources, especially solar and wind power, which will drive the global concentrated photovoltaic systems market during the forecast period.
Key Concentrated Photovoltaic Systems Market Challenge
One of the key challenges to the global concentrated photovoltaic systems industry growth is the declining cost of solar PV modules. This has caused many CPV manufacturing companies to enter bankruptcy, be acquired by larger firms, or shift to the manufacturing of solar PV modules. This has made the solar PV market regain focus. Solar PV system installations have been rising rapidly worldwide, driven by the declining cost. Although CPV systems offer higher efficiency than flat panel solar PV systems, continuous technological advances have resulted in increasing the conversion efficiency of solar PV modules. The cost of solar PV systems declined by more than three-fourths from 2015 to 2021. This will hinder the growth of the global concentrated photovoltaic systems market during the forecast period.
Key Concentrated Photovoltaic Systems Market Trend
Hybrid CPV systems is one of the key concentrated PV market trends that is expected to impact the industry positively in the forecast period. This new hybrid system mainly comprises CPV modules along with its evaporative cooling subsystem on the back of the module. A solar thermal receiver surrounds the CPV module along with the ORC equipment. The CPV module generates electricity from the incident sunlight, and the refrigerant or coolant absorbs the dissipated heat from solar cells and becomes saturated vapor. This saturated vapor is fed into receiver tubes and becomes superheated vapor after being heated by the peripheral solar radiation. The superheated vapor is used to generate electricity through the ORC. The CPV/CSP hybrid system offers a high-efficient solar power generation option. Adoption of such systems will further support the market growth in the coming years.
This concentrated photovoltaic systems market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the concentrated photovoltaic systems market encompasses successful business strategies deployed by the key vendors. The concentrated photovoltaic systems market is fragmented and the vendors are deploying growth strategies such as technological innovation to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The concentrated photovoltaic systems market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
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52% of the market's growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for concentrated photovoltaic systems in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The significant increase in GHG emissions in countries such as China and India has shifted focus toward renewables, such as solar energy, for power generation, which will facilitate the concentrated photovoltaic systems market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the COVID-19 outbreak in APAC disrupted various verticals of industries, mainly the renewable energy industry. Many CPV projects across the region were postponed or canceled due to lockdowns in various countries, such as India, China, South Korea, and Japan. However, the resumption of manufacturing hubs after nationwide lockdowns and shifting preference toward sustainable power sources may proliferate the growth of the CPV industry and the regional CPV systems market during the forecast period.
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The concentrated photovoltaic systems market share growth by the HPCV segment will be significant during the forecast period. The significant increase in the power requirement in developing nations in APAC will increase the installation of utility-scale solar energy, which will support the segment growth in the coming years. In addition, countries such as China, the US, India, and the European Union (EU) nations are rapidly developing renewable sources for power generation.
This report provides an accurate prediction of the contribution of all the segments to the growth of the concentrated photovoltaic systems market size and actionable market insights on post COVID-19 impact on each segment.
Technavio categorizes the global concentrated photovoltaic systems market as a part of the global renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the concentrated photovoltaic systems market during the forecast period.
Our report provides extensive information on the value chain analysis for the concentrated photovoltaic systems market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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Concentrated Photovoltaic Systems Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.4% |
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Market growth 2022-2026 |
$ 1.79 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
10.13 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 52% |
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Key consumer countries |
US, China, Japan, India, and Germany |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
ARIMA Group, Arzon Solar LLC, BSQ Solar, Chiyoda Corp., Cool Earth Solar, Green Rhino Energy Ltd., Macsun Solar Energy Technology Co. Ltd., Ravano Green Powers, SAINT AUGUSTIN CANADA ELECTRIC INC., Sanan Optoelectronics Technology Co. Ltd., Siemens Energy AG, SOLARTRON ENERGY, Sumitomo Electric Industries Ltd., Valldoreix Greenpower S L U, WHITEFIELD SOLAR, and Zytech Solar |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Technology
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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