The global concentrated photovoltaic (CPV) market is expected to grow from USD 76.0 billion in 2020 to USD 113.0 billion by 2025, at a CAGR of 8.0% during the forecast period.

CPV technology uses optics such as curved mirrors or lenses for vast amounts of sunlight to generate energy from a small area of solar photovoltaic (PV) cells. The advantages of CPV systems over non-concentrated photovoltaic systems are numerous. As a smaller photovoltaic area is needed, the solar cells can save CPV money.

To absorb the same sunlight as non-concentrated PV, CPV requires less photovoltaic materials. CPV uses high efficiency, but cost-effectively viable multi-connection cells due to lower space requirements. However, CPV systems need to spend additional money on solar trackers, focusing optics (mirrors, lenses) and cooling systems to achieve sunlight focus on the limited photovoltaic region. Continuous research and development nevertheless seek to boost and minimize CPV technology costs.

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Europe is projected to remain the largest regional market with 16,48 GW of PV demand, which accounts for approximately half of the global demand, according to the Plastics Institute of America. Asia-Pacific was the second largest market driven by the Chinese market's remarkable growth.

To become the world's leading PV user, China is expected to outpace Germany in the coming year. The three main factors that drive solar adoption worldwide are government green goals, financial incentives, and technology cost reductions. Major drivers for solar photovoltaics are government policies. Solar, regardless of government policies and incentives around the world, is expected to be cost-effective in 2020 for conventional electricity.

By Region:

- Asia Pacific
- Europe
- Middle East and Africa
- North America
- Central and South America
By value, Asia Pacific was with just over 50.0 percent of the share the largest regional market. China, which is expected to increase its concentrated photovoltaic power, is particularly driving demand in the Region. The second fastest-growing region is projected to be the Middle East and Africa, with increasing demand mainly driven in South Africa. Areas covered in sand dunes achieve full surface sunlight and the installation of CPV is greatly increased. Further demand for concentrated photovoltaics will be increased over the forecast period in future solar projects in Morocco and Jordan.

SOURCE: VynZ Research