Refractor segment is Expected to Dominate the Global Commercial Concentrated Photovoltaic Market

Growing demand for grid-connected electricity and increased spending on renewable energies are major factor attributable to the growth of the market.

According to TechSci Research report, “Global Commercial Concentrated Photovoltaic  Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”. The Global  Commercial Concentrated Photovoltaic  is anticipated to project robust growth in the forecast period with a CAGR of  10.63% through 2028. The growing demand for grid-connected electricity, along with increasing awareness of renewable resources for power generation, is expected to drive the adoption of Concentrated Photovoltaic (CPV) technology across various applications. The declining cost of conventional PV modules has led to a surge in demand for CPV and other silicon-based solar technologies. Additionally, the relatively smaller installation area required by CPV is projected to further fuel its demand in the near future. Solar technology is primarily deployed in regions with abundant direct sunlight. Ongoing research and development efforts are currently focused on enhancing multi-junction solar cells utilized in Concentrated Photovoltaic (CPV) systems. The primary objective of these endeavors is to improve the efficiency of solar cells, resulting in higher energy yields and superior performance, particularly in regions with abundant sunlight.

As the CPV market continues to expand, economies of scale can contribute to reduced manufacturing and installation costs. With increased production volumes, CPV systems can become more cost-competitive compared to traditional photovoltaic technologies.  Furthermore, advancements in the design and manufacturing of optical components, such as lenses and mirrors, have the potential to offer cost-effective solutions while maintaining or even enhancing CPV system efficiency.

Based on product, the Refractor segment is projected to dominate the market throughout the forecast period. The design and precision of refractors play a crucial role in the performance of CPV systems. Careful engineering is required to achieve the desired concentration ratio and ensure accurate redirection of concentrated sunlight onto solar cells. Some CPV systems utilize curved lenses, such as parabolic or spherical shapes, depending on the design specifications. Refractors must withstand outdoor environmental conditions, including sunlight exposure, temperature fluctuations, and humidity. Advancements in materials and coatings are enhancing the durability and longevity of refractors. Moreover, scalable refractor designs are essential for large utility-scale CPV installations, as they help reduce the cost per unit of concentrated sunlight, thus enhancing the competitiveness of CPV technology. In summary, the refractor segment in the global concentrated photovoltaic market significantly influences CPV system efficiency and performance. Continuous advancements in refractor technology, precision design, material selection, and cost-effectiveness are pivotal for driving the adoption of CPV technology and enhancing its competitiveness in the renewable energy landscape. The efficiency gains achieved through refractors reinforce CPV's appeal as a promising option for utility-scale solar installations.

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Based on Region, Asia Pacific emerged as the dominant player in the global concentrated photovoltaic market in 2022, holding the largest market share. The Asia-Pacific region plays a significant role in the global concentrated photovoltaic (CPV) market owing to its increasing energy demands, growing emphasis on renewable energy, and rapid expansion of the solar industry. The Asia-Pacific region is home to populous countries, including China and India, which are experiencing rapid urbanization and industrialization. Consequently, there is a substantial and rising demand for electricity in the region. This demand, coupled with a growing interest in clean energy solutions, presents significant growth potential for the CPV market.

Numerous countries in the Asia-Pacific region possess abundant solar resources, including high levels of direct sunlight. These favorable conditions make CPV an attractive option for electricity generation. CPV systems are renowned for their efficiency in converting sunlight into electricity, making them a suitable choice for harnessing solar energy in this region.

Several countries in the Asia-Pacific region have implemented supportive policies and incentives to promote the adoption of renewable energy technologies, including CPV. These policies often include feed-in tariffs, tax incentives, and renewable energy targets, which encourage investments in CPV projects.

The Asia-Pacific region is witnessing an increasing interest in high-efficiency solar technologies. CPV's ability to achieve higher conversion efficiencies compared to traditional photovoltaic systems aligns with the region's pursuit of more efficient and cost-effective renewable energy solutions. Some projects in the Asia-Pacific region are exploring hybrid solar solutions that combine CPV with other solar technologies or energy storage systems. These combinations can enhance energy generation reliability and grid integration

Key market players in the Global Commercial Concentrated Photovoltaic  Market are following:-

• Radical Sun Systems, Inc.
• SolAero Technologies Corp.
• Arzon Solar LLC.
• Cool Earth Solar
• Morgan Solar Inc.
• ARIMA Group
• Suncore Photovoltaic Technology Company Limited
• Sumitomo Electric Industries, Ltd.
• Saint-Augustin Canada Electric Inc. (STACE)
• Sanan Optoelectronics Technology Co., Ltd         

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“Asia Pacific is expected to dominate the market during the forecast period. The region is currently experiencing significant growth in large-scale CPV projects, particularly in countries with abundant solar resources. These projects primarily aim to meet the increasing energy demands by focusing on utility-scale electricity generation. CPV technology is also being explored for rural electrification initiatives in remote areas of the Asia-Pacific region. Such systems have the potential to offer reliable and sustainable electricity access to off-grid and underserved communities.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based  global management consulting firm.

Commercial Concentrated Photovoltaic Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented by Product (Reflector and Refractor), By Concentration (Low and High), By Region, Competition 2018-2028 has evaluated the future growth potential of Global  Commercial Concentrated Photovoltaic  Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Global  Commercial Concentrated Photovoltaic  Market.

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