High Concentrated Photovoltaic Market Outlook
According to a new report by Expert Market Research titled, “High Concentrated Photovoltaic Market Size, Share, Analysis, Report and Forecast 2024-2032″, the high concentrated photovoltaic market is projected to grow at a CAGR of 28.00% between 2024 and 2032. Aided by the rising demand for renewable energy and the broadening applications of HCPV in different sectors, the market is expected to grow significantly by 2032.
High concentrated photovoltaic technology captures sunlight and converts it into electrical energy, boasting efficiency levels above 40%, much higher than conventional photovoltaic systems. The HCPV technology utilises lenses and curved mirrors to focus sunlight onto small, highly efficient solar cells. HCPV is often deployed in areas with high direct normal irradiance, making it a fitting solution for utility-scale power plants and off-grid applications.
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The increasing consumer and governmental focus on renewable energy is driving the global high concentrated photovoltaic market growth. As the awareness of environmental issues and the urgency to reduce carbon emissions increase, there has been a significant shift towards renewable energy resources, leading to a surge in demand for high-efficiency HCPV systems. Additionally, the ongoing trend of digitalisation and electrification in various sectors has contributed to the mounting popularity of HCPV, given its ability to provide clean and reliable power.
The expansion of HCPV applications across industries also plays a significant role in fuelling the high concentrated photovoltaic market development. In the utilities sector, HCPV is gaining traction due to its high-power output and low land usage, making it ideal for utility-scale power plants. The industrial sector is exploring the benefits of HCPV for off-grid applications, where power reliability is a critical concern. Additionally, the rising population, thriving industries in emerging economies, rising disposable income, and an increase in infrastructure development activities also positively impacts the growth of the global high concentrated photovoltaic market.
Furthermore, the demand for sustainable solutions in the power sector has intensified the focus on HCPV as a high-efficiency and eco-friendly technology. With the rise of sustainable development goals and the increasing popularity of green technologies, HCPV has emerged as a critical component in the renewable energy mix, thereby boosting the high concentrated photovoltaic market expansion.
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High Concentrated Photovoltaic Market Segmentation
The market can be divided based on product, application, conversion rate, and region.
Market Breakup by Product
- Reflector
- Refractor
Market Breakup by Application
- Utility
- Non-Utility
Market Breakup by Conversion Rate
- Below 30%
- 30% to 40%
- Above 40%
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global high concentrated photovoltaic companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Ravano Green Power
- SunPower Corporation
- Zytech Group
- SunCore Energy Group
- Morgan Solar Inc.
- Suntrix Company Limited
- Others
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