Global High Concentrated Photovoltaic Market Report and Forecast 2024-2032

Global High Concentrated Photovoltaic Market Outlook

The global market for high concentrated photovoltaic is expected to grow at a CAGR of about 28.00% in the forecast period of 2024-2032 owing to the increasing investment in renewable energy.

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Asia Pacific and Middle East and Africa to be the Significant Regional Markets for High Concentrated Photovoltaic

The Asia Pacific region is anticipated to lead the high concentrated photovoltaic market in the next five years due to a growing shift towards renewable energy sources and government initiatives in constituent countries like China and Japan, with China primarily driving the demand in the region. The 13th Five Year Plan adopted by the government of China aims to reduce carbon footprint, driving the concentrated photovoltaic installations in the country. Also, the direct normal irradiance over China is high, which is likely to boost the market. The rising disposable income among individuals, increasing population, and the strong presence of emerging economies such as China and India, within this region, are further driving the market growth in the Asia Pacific.

The Middle East and Africa is expected to be the second-fastest-growing region, with demand majorly driven by rising installations in South Africa. Areas covered in sand dunes receive maximum sunlight in terms of surface area, and this significantly propels the installation of concentrated photovoltaics. Upcoming solar projects in Morocco and Jordan are expected to further promote the demand for high concentrated photovoltaics over the forecast period.

The high concentrated photovoltaic market in North America is expected to register a significant CAGR over the forecast period. Favourable state and federal policies in the United States and Canada are primarily driving the demand for this technology. Legislative mandates and financial incentives are expected to drive high concentrated photovoltaic installations over the forecast period.

Market Segmentations

Concentrated photovoltaic is a type of photovoltaic technology that uses sunlight to generate electricity. With the help of optical equipment, a huge area of sunlight is concentrated on a solar cell in this method. Optical devices, such as lenses and curved mirrors, are used to centre sunlight on the multi-junction solar cell.

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By product, the market includes:

• Reflector
• Refractor

The major applications of the market are:

• Utility
• Non-Utility

Based on conversion rate, the market is divided into:

• Below 30%
• 30% to 40%
• Above 40%

The regional markets for the high concentrated photovoltaic market can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

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Rising Awareness on Using Renewable Energy Augmenting the Market Growth

The rising awareness regarding the use of renewable resources for power generation associated with the growing demand for grid-connected electricity has highly influenced the growth of the high concentrated photovoltaic market. The declining prices of silicone and development in the designs of the modules are also acting as key determinants favouring the market growth of the high concentrated photovoltaic over the forecast period of 2023 to 2027. The rising population, thriving industries in emerging economies, rising disposable income, and an increase in infrastructure development activities also positively impacts the growth of the global high concentrated photovoltaic market. Besides this, the higher efficiency with low system cost and renewable energy resources are also flourishing the growth of the concentrated photovoltaic market. The increasing number of power purchase agreements among private companies and electricity boards is likely to propel the demand for concentrated photovoltaic for utility applications, which will further offer a variety of growth opportunities for the high concentrated photovoltaic market in the forecast period.

Additionally, a global increase in demand for sustainable energy resources has been observed, accompanied by favourable government policies. These policies aim to reduce the reliance on fossil fuels while also helping to reduce pollution. This, in turn, is favouring the demand for renewable energy sources like solar energy and is the key driver that fuels the demand for high concentrated photovoltaics.

Key Players in the Global Market for High Concentrated Photovoltaic

The report gives a detailed analysis of the following key players in the global high concentrated photovoltaic market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Ravano Green Power
• SunPower Corporation
• Zytech Group
• SunCore Energy Group
• Morgan Solar Inc.
• Suntrix Company Limited
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report