At a double-digit CAGR of 12.2% between 2022 and 2032, the market for high concentration photovoltaics, which is currently valued at US$ 2856.3 billion, is anticipated to grow to US$ 9019.3 billion by the year 2032. Solar trackers and perhaps even a cooling system are used in concentrated photovoltaic systems to increase efficiency. They do have the best level of efficiency among the available PV technologies. The balance of the system costs are decreased by the smaller photovoltaic array.
The market for high-concentration photovoltaics is anticipated to increase rapidly in the near future because of rising investments in renewable energy. To support utility applications, the US Department of Energy and the Electric Power Research Institute are funding CPV initiatives. Alliance for European Energy Research
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The market for high-concentration photovoltaics is dominated by reflectors. This might be explained by a rising propensity for Fresnel lenses. Fresnel lenses allow for maximum efficiency along with a higher concentration of photovoltaic lenses, therefore their demand is anticipated to remain increasing over the projection period. The main features of the high-concentration photovoltaics market are the refractor’s capability to show tolerance towards solar cells’ misalignment and operate in places connected to fluctuating light intensity.
However, it is impossible to overlook the fact that high concentration photovoltaic cells are less effective than other renewable energy sources. The market for high concentration photovoltaics may be constrained by additional issues such as greater capital costs for energy storage and the difficulty to supply electricity in diffused light. In its most recent industry report, titled “High Concentration Photovoltaics Market,” Future Market Insights walked over these facts with regard to future prospects.
Key Takeaways from High Concentration Photovoltaics Market
- North America holds over 32% of the market share. This could be credited to the US being a remarkable contributor to high-concentration photovoltaics market with technological advancements.
- LATAM is expected to grow with Mexico carrying the baton.
- Europe holds a significant market share with France dominating the overall scenario. Along these lines, the government of France does offer high feed-in tariff regarding electricity generated through photovoltaic components integrated into the buildings. The other countries are also into increasing HCPV installations with Energy Payback Time. Growing demand for building integrated photovoltaics is on the grounds of minimizing dependency on non-renewable energy resources.
- The Asia-Pacific is expected to grow at the fastest rate in the high concentration photovoltaics market in the forecast period with growing awareness amongst consumers for clean energy. Risen Energy, in April 2022, did announce launching the new BIPV (Building Integrated Photovoltaics) products. The line-up claims to be eco-friendlier and does have an enhanced energy generation performance as compared to initial line-up.
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Competitive Concentration
- Abengoa, in January 2022, completed constructing 3 solar fields (200 MW each) of parabolic trough collectors at Mohammed bin Rashid Al Maktoum Solar Park (MBR) (the world’s largest one situated in Saih al Dahal area, 50 Km away from Dubai’s southern area).
- Cool Earth Solar, in March 2021, did advance to ‘Elite Dealer’ status as one of the authorized dealers of SunPower.
- Pennsylvania State University, since the year 2017, has embedded micro tracking that could produce more than 50% more energy/day as compared to standard silicon solar cells in head-to-head competition.
- Jinko Solar Co., Ltd. emphasizes on integrated clean energy solution and integrated photovoltaic products.
“HCPV (High Concentration Photovoltaics) systems do occupy concentrating optics that include dish reflectors or Fresnel lenses concentrating sunlight for intensifying it; which could be equated with 1L suns or even more than them”, says an analyst from Future Market Insights.
How does the Report concentrate?
- The research study is based on type of power generation (electric power and thermal power), by application (industrial, residential and commercial rooftops, telecom or mobile towers, rural electrification, water pumping solutions, street lighting, government or military (Mobile Off Grid), municipalities, and hospitals, hotels and restaurants).
- The concentrated photovoltaics technology is used for generating electricity by making use of curved mirrors or lenses for focusing large quantity of sunlight on small area with proficient MJ (Multi-Junction) solar cells.
Key Segments Profiled in the High Concentration Photovoltaics Industry
High Concentration Photovoltaics Market by Type of Power Generation:
- Electric Power
- Thermal Power
High Concentration Photovoltaics Market by Application:
- Industrial, Residential and Commercial Rooftops
- Telecom or Mobile Towers
- Rural Electrification
- Water Pumping Solutions
- Street Lighting
- Government or Military (Mobile Off Grid)
- Municipalities
- Hospitals, Hotels and Restaurants
Global High-Concentration Photovoltaics Market by Region:
- North America High-Concentration Photovoltaics Market
- Latin America High-Concentration Photovoltaics Market
- Europe High-Concentration Photovoltaics Market
- Asia Pacific High-Concentration Photovoltaics Market
- Middle East and Africa High-Concentration Photovoltaics Market
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About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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