Global High Concentrated Photovoltaic Market Size To Grow At A CAGR Of 28% In The Forecast Period Of 2023-2028

PRESS RELEASE
Published February 14, 2023

The ‘Global High Concentrated Photovoltaic Market Size, Share, Price, Trends, Growth, Analysis, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global high concentrated photovoltaic market, assessing the market on the basis of its segments like product, application, conversion rate, and major regions.

The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.



High Concentrated Photovoltaic Market Share, Size, Price, Growth, Trends, Industry Report, Key Player, Major Segments and Forecast

The key highlights of the report include:

Market Overview (2018-2028)

• Forecast CAGR (2023-2028): 28% 

The growing expansion of the solar energy sector, supported by the increasing initiatives against global warming and climate change, is generating a steady demand for high concentrated photovoltaics. High concentrated photovoltaics are considered better than conventional photovoltaics owing to their greater efficiency, low system cost, and lower initial investments. In addition, high concentrated photovoltaics are scalable.

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Meanwhile, the increasing emphasis on utilising renewable sources of energy is another crucial driving factor of the high concentrated photovoltaic market. The rising dependence on grid-connected solutions is further expanding the market opportunities. Over the forecast period, the anticipated increase in demand for electricity across various end use industries such as space, military and defence, and hospitality, among others, is expected to bolster the incorporation of high concentration photovoltaic technologies.

In addition, rapid digitalisation across the urban areas is electrifying both utilities and non-utilities sectors, thereby, adding to the growth of high concentrated photovoltaic market. High concentrated photovoltaics are stable under high temperatures which is another crucial advantage offered by the product which is likely to lead to a greater application across the large-scale industrial end users to facilitate intense production operations in the coming years.

High Concentrated Photovoltaic Industry Definition and Major Segments

A high concentrated photovoltaic is defined as a photovoltaic instrument which produces electricity using the energy transmitted by light. However, a high concentrated photovoltaic is different from a conventional photovoltaic as it enables the focus of large area of sunlight on one cell. Major components of high concentrated photovoltaic include lenses, curved mirrors, and optical devices.

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Based on product, the market is bifurcated into:

• Reflector
• Refractor

On the basis of application, the market is segmented into:

• Utility
• Non-Utility

By conversion rate, the market is classified into:

• Below 30%
• 30% to 40%
• Above 40%

On the basis of region, the market is categorised into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

High Concentrated Photovoltaic Market Trends

The key trends in the global high concentrated photovoltaic market include the upgradations and technological advancements in the designs of solar concentrators leading to a heightened incorporation of modern features such as solar tracking and light gathering. These advancements are anticipated to bolster the application of high concentrated photovoltaics in space exploration activities in the forecast period.

High concentrated photovoltaics are gaining traction in the military and defence industry because of their high efficiency and lower costs of operations. In this regard, the anticipated increase in military expenditure, coupled with increasing emphasis on digitalised infrastructure across sovereign military powers are key trends in the high concentrated photovoltaic market. Growing strategic collaborations and commercial agreements by major solar equipment manufacturing companies aimed towards producing high-efficiency concentrated photovoltaic panels to develop solar generators are expected to contribute to the market in the forecast period.

In regional terms, Asia Pacific accounts for a decent share in the market, driven by the heightened electrification in the industrial and commercial sectors across emerging economies such as India and China. Favourable policies of governments in the region aimed towards encouraging the use of renewable sources of energy are the key market fuelling trends in the Asia Pacific.

Key Market Players

The major players in the global high concentrated photovoltaic market report are

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

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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