According to Future Market Insights’ market study report on high concentration photovoltaics, global sales are projected to reach US$ 3,141.9 million in 2023. The market is predicted to increase by 11.6% between 2023 and 2033, valuing it at US$ 9,443.4 million.
Since high concentration photovoltaics (HCPV) systems are more efficient and need less land than standard solar panels, they are chosen over traditional photovoltaic technology. As a result, the cost of conventional solar panels drops dramatically, which accelerates the expansion of the high concentration photovoltaics industry.
The rising environmental concerns about the impact of non-renewable sources of energy are leading consumers to shift toward using alternatives that are renewable resources of energy generation. This positively influences the market for high concentration photovoltaics.
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Businesses opt for HCVP as it reduces the area required and reduces cost as well with the rapid industrialization and less availability of properties. The government schemes and policies are friendly and in favor of the high concentration photovoltaics market in most regions.
The government is offering subsidies and incentives to meet renewable energy targets. This, when used for large-scale projects, reduces the overall setting-up costs for the system. This favorably impacts the growth in the high concentration photovoltaics market.
Key Takeaways
- Asia Pacific is expected to come out as the dominant leading market in the global high concentration photovoltaics market during the forecast period owing to the presence of well-established plants and the advantages of low labor costs in the region. The counties in the Asia Pacific region such as India and China are expected to expand at a CAGR of 16.5% and 14.5% respectively through 2033.
- North America is likely to sway the market dynamics in the projected period and accounted for a 25.1% share in 2022. The favorable government policies in Canada and the government funding by the countries in North America are estimated to drive market growth. The United States accounted for 19.4% of market value in 2022.
- Europe’s market for high concentration photovoltaics is anticipated to expand and has many key opportunities present for market growth. The high demand for energy and the growing population in the region accounted for 20.2% in 2022.
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Market Competition
The prominent players in the high concentration photovoltaics market are focusing on research and developments to improve the efficiency of the HCPV technology and drive innovation in the sector. The companies are working on decreasing production costs. With HCPV technology gaining momentum in the solar energy market, the market players are more competitive than ever although, the key roadblock for manufacturers in the market happens to be profitability due to scaling issues.
Recent Developments
- In July 2023, Fraunhofer Institute for Solar Energy Systems ISE announced that it is going to head the HybridKraft Project which aims at developing a system that ensures a cost-effective and stable electricity generation by utilizing the hybrid combination of solar thermal power plants, photovoltaics, and storage. The project was funded by the German Federal Ministry of Economics and Climate Protection.
- In April 2023, Abengoa, an innovative technology solution for sustainability in consortium with SEPCOII started its commercial operations of phase two of the Taweelah desalination plant in Abu Dhabi. This is the large reverse osmosis desalination plant in the world and is the first successful company to integrate the production of drinking water with the generation of clean energy.
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Key Segments Profiled in the High Concentration Photovoltaics Industry
By Type of Power Generation:
- Electric Power
- 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
- Hospitals, Hotels, and Restaurants
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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