Concentrated Photovoltaic Market Analysis 

Concentrated Photovoltaic (CPV) Market is projected to be worth USD 4.81 billion, registering a CAGR of 17% during the forecast period (2022 - 2030).

Our Market Overview and Regional Analysis provide an understanding of the industries, companies and products within the market. Our Trends section provides an analysis of how the market is currently performing and looks set to perform in the future. Our Growth Forecast section gives you an idea about how our Market Analysis works, by giving us further details on how we can build our Market Forecast model for a particular domain within this report. Lastly, in our Metrics section we outline important data points relating to each of these sections as well as our current forecasted price range.

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Market Segmentation 

By type, the HCPV segment will lead the market over the forecast period for the substantial enhancement in the effectiveness of individual modules and a reduction in costs of the overall power generation projects. LCPV also has certain perks like the ability of reaching high efficiencies even with diffuse irradiance and its use of less expensive and widely proven silicon solar cells.

By application, the utilities segment will dominate the market over the forecast period. This will be followed by the commercial segment for its various benefits at commercial sites like low carbon footprint, minimized impact of rising energy costs, low electricity bills, and generation of electricity at the site itself.

Regional Analysis 

North America to Sway Concentrated Photovoltaic Market 

North America will sway the market over the forecast period. Favorable federal and state policies in Canada and the US, legislative mandates and financial incentives, the advantage of low labor cost, introduction of smaller rooftop systems, increasing solar installations in the residential, commercial, and industrial sector, the US Department of Energy & Electric Power Research Institute funding CPV projects for utility applications that is increasing the use of solar CPV are adding to the global concentrated photovoltaic market growth in the region. 

APAC to Have Admirable Growth in Concentrated Photovoltaic Market 

The APAC region will have admirable growth in the market over the forecast period. The high demand for energy in the region, expanding population base, surging disposable income among individuals, China being a highly populated country is the largest producer of solar energy, constant rise in population, improvement in lifestyle, growth in manufacturing industries, increase in economic growth rate, rise in foreign investments, and universal shift in production capacities from developed to emerging economies are adding to the global concentrated photovoltaic market share in the region. Australia, Taiwan, and China have the utmost market share. 

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Key Players 

Eminent players profiled in the global concentrated photovoltaic industry report include  Radical Sun Systems, Inc. (U.S.), SolAero Technologies Corp. (U.S.), Arzon Solar LLC. (US), Cool Earth Solar (US), Morgan Solar Inc. (Canada), ARIMA Group (Taiwan), and Suncore Photovoltaic Technology Company Limited (China). Besides, Guangdong Redsolar Photovoltaic Technology Co. Ltd (China), Sumitomo Electric Industries, Ltd. (Japan), Saint-Augustin Canada Electric Inc. (STACE) (Canada), Sanan Optoelectronics Technology Co., Ltd (China), Suntrix Company Ltd (China), and Macsun Solar Energy Technology Co., Ltd. (China) are among others.