Concentrator Photovoltaic Market Size, Share | Industry Report, 2024 | Hexa Research

CPV system can save money on the cost of solar cells owing to a requirement of less photovoltaic material to capture the radiation from the sun.

Concentrated Photovoltaic (CPV) is a technology which generated electricity from sunlight by using curved mirrors and lenses to focus sunlight on small area. The optics used concentrates the radiation received from the sun by a factor of 500 to 1,000 and focuses it on the photovoltaic cells, which are then reduced to a small fraction of the CPV module.

This helps in reducing the cost of the system. In order to increase the efficiency of the system solar trackers and cooling systems are used. CPV system can save money on the cost of solar cells owing to a requirement of less photovoltaic material to capture the radiation from the sun. CPV requires a high level of irradiance concentration to increase the output and solar trackers assist in monitoring the sun's rays at day time to focus the radiation falling over a vast area onto a small set of photovoltaic cells.CPV uses high-efficiency multi-junction cells owing to lower space requirements.

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In addition, these systems require extra spending on cooling systems, lenses, and solar trackers. Owing to additional costs employed in the installation of CPV system, they are less common compared to non-concentrated photovoltaics. Research & Developments are ongoing to improve the technology used in CPV and to lower the cost employed in installation. Favorable government policies and technological advances in the industry is anticipated to drive the market over the next seven years. The government is providing subsidies to install concentrated photovoltaic and with the favorable policies, the technology is expected to become profitable in future. Most CPV systems require cooling systems that include active and passive cooling. In active cooling, liquid metal is used as the fluid to cool the system whereas, in passive cooling, a cell placed on a ceramic substitute with high thermal conductivity is used. Ceramic also provides electric insulation. Falling average prices of installation is the key market driver driving the concentrator photovoltaic market globally.

The market is segmented into high, low concentrator photovoltaic and luminescent solar concentration. System using high concentrator photovoltaic possesses high efficiency amongst all photovoltaic technology and reduces the balance system cost. The HCPV system is best suited for areas receiving high direct irradiance or Sun Belt regions. Low concentration photovoltaic system (LCPV) have high acceptance angle, and the requirement of the complicated steering system is negligible. These properties allow the system friendly for residential customers, and they are potentially cheaper than plain arrays. HCPV is being installed in larger scale owing to the developed technology over LCPV system. Luminescent solar concentration (LSC) is a device used for concentrating solar radiation to generate electricity. The principle employed in LSC device is a collection of solar irradiation over a large area and converting it by fluorescence thereby directing the radiation into a small output target.

Asia Pacific was the second largest market in 2015 owing to renewable power generation in China that is expected to outpace Germany in the upcoming year. Government policies, incentives and technology cost reduction, are the primary forces driving the solar power installations across the globe. Government renewable targets are significant drivers for solar PV market.

The market is segmented into commercial and utility scale based on application. The commercial is the fastest growing application owing to the installation of solar power systems in houses especially in China, India, Vietnam and South Korea. Most parts of Spain receive high direct normal irradiance that attracted several industries to invest in Spain. Countries such as India, South Korea, Australia, Italy and China are the emerging market in CPV technology. Feed in tariffs, high direct normal irradiance, and favorable government policies are attracting the CPV players to invest in these regions.

The players in the market are adopting strategies such as agreements, contracts, and mergers & acquisitions to serve various sectors over the globe. These companies are generally acquiring the regional providers to expand their operations and are focusing on the emerging markets to gain competitive advantage. Key players in the market include Ravano Green Powers, Suncore Photovoltaic Technology Company Limited, Magpower, Soitec, Solar Junction, Amonix, SunPower Corporations, Zytech Solar, Isofoton, SolarSystems, Whitfield Solar, Silicon CPV Plc, C Power SRL, Everphoton Energy Corporation, Inc., Sol 3G, Suncore Photovoltaic Technology Company Limited, Opel International Inc., GuascorFoton, JX Crystals and Solar Tec International AG.

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