The global concentrated photovoltaic (CPV) market is expected to grow from USD 76.0 billion in 2021 to USD 113.0 billion by 2027, at a CAGR of 8.0% during the forecast period.

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.

The market for concentrated photovoltaics is expected to increase awareness of the use of renewable energy for generating power, combined with the rising demand for grid-connected electricity. Previously, high photovoltaic prices relative to solar photovoltaics were a big restrain.

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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.

Rapid price declines for traditional photovoltaic modules have led to a rise in CPV demand and other silicon-based solar technologies. In addition, CPV needs a rather smaller installation area which is expected soon to increase its demand.

The global industry demand for CPV will drive in the coming year's forecasts of market competition, improved reliability, and efficiency improvements. In addition, the boom in the global photovoltaic concentrator market can be driven by incentives and government subsidies for achieving renewable energy objectives.

Competitive Landscape and Key Players

- MagPowerSystems
- Zytech Solar
- Solar Junction
- SunPower Corporation
- Morgan Solar Inc.
- Abengoa
- BrightSource Energy
- ACWA Power
- Aalborg CSP
- SolarReserve

Source: VynZ Research