As per MRFR analysis, the US Concentrated Photovoltaic Market Size was estimated at 258.3 (USD Million) in 2023. The US Concentrated Photovoltaic Market Industry is expected to grow from 350(USD Million) in 2024 to 1,500 (USD Million) by 2035. The US Concentrated Photovoltaic Market CAGR (growth rate) is expected to be around 14.145% during the forecast period (2025 - 2035).
Key US Concentrated Photovoltaic Market Trends Highlighted
The US Concentrated Photovoltaic (CPV) Market is experiencing significant growth driven by a combination of factors. One of the key market drivers is the increasing demand for renewable energy sources due to environmental concerns and the commitment to reducing greenhouse gas emissions. Federal and state government incentives, such as tax credits and grants for renewable energy projects, are also propelling adoption in the marketplace. Additionally, technological advancements in CPV systems are making them more efficient and cost-competitive compared to traditional photovoltaic systems, further encouraging their deployment in the US. Another important trend is the rise in utility-scale CPV projects, particularly in regions with high solar radiation, like the southwestern states.These areas are capitalizing on their geographical advantages to implement large-scale solar power plants, thereby contributing to local job creation and energy independence.
Moreover, the integration of energy storage systems with CPV technology is gaining attention, allowing for a more reliable energy supply and addressing intermittent generation issues common in solar energy. Opportunities to be explored include advancements in materials and designs to enhance CPV efficiency and reduce production costs. Innovative partnerships between technology providers, utility companies, and government entities could further stimulate development in this area.
The trend towards sustainability is also reflecting in corporate strategies, as more companies in the US prioritize investments in renewable assets to meet their sustainability goals. Overall, the CPV market in the US is poised for growth as it addresses the need for sustainable energy solutions while benefiting from favorable regulatory conditions and technological progress.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
US Concentrated Photovoltaic Market Drivers
Growing Demand for Renewable Energy Sources in the US
The US has been actively promoting the transition to renewable energy to combat climate change and reduce dependency on fossil fuels. The US Department of Energy has reported that renewable energy sources, including solar energy, accounted for 20% of the total electricity generation in 2020 and this number is expected to increase. This surge in demand for clean energy not only drives the concentration photovoltaic technology but also stimulates investments and innovations in the US Concentrated Photovoltaic Market Industry.
Established organizations such as the Solar Energy Industries Association have lauded these efforts, emphasizing that the US can achieve a 50% share of renewable energy by 2030 if sustainable policies are enacted. The increase in demand is critical as it reflects a paradigm shift towards greener alternatives, indicating a robust future both for solar technologies and specifically for the concentrated photovoltaic segment within the industry.
Technological Advancements in Concentrated Photovoltaics
Innovations in Concentrated Photovoltaic (CPV) technology are crucial drivers of the US Concentrated Photovoltaic Market Industry. With the aid of Research and Development (R&D) by prominent organizations such as the National Renewable Energy Laboratory, recent advancements have led to higher efficiencies and lower costs associated with CPV systems.
For example, the efficiency of CPV systems has reached up to 40% in laboratory conditions, significantly outperforming traditional photovoltaic systems.Additionally, improvements in tracking systems and photovoltaic cell design have contributed to making these technologies more viable for commercial application. Such breakthroughs spark interest within the market, pushing toward greater adoption and investment opportunities.
Favorable Government Policies and Incentives
The US government has introduced various incentives and policies designed to promote the adoption of renewable energy technologies. The Investment Tax Credit (ITC) allows a significant percentage to be deducted from federal taxes for solar energy systems, which has proven to be a strong catalyst for the US Concentrated Photovoltaic Market Industry.
As of 2022, the ITC was set at 26%, which directly correlates with a year-on-year increase in installations.This has made it economically attractive for businesses and homes alike to invest in solar technologies. Moreover, state-specific initiatives and local government rebates further support the push towards concentrated photovoltaic solutions. Such policies play a vital role in driving market growth and sustaining the relevance of CPV technologies in the clean energy landscape.
US Concentrated Photovoltaic Market Segment Insights:
Concentrated Photovoltaic Market Type Insights
The US Concentrated Photovoltaic Market encompasses various types, with High Concentrated Photovoltaic (HCPV) and Low Concentrated Photovoltaic (LCPV) serving as the primary classifications. HCPV systems employ optical devices such as lenses or mirrors to focus sunlight onto high-efficiency solar cells, leading to significantly improved energy conversion efficiencies. This technology aligns strongly with the US government's push for renewable energy sources, as HCPV remains a promising approach in reducing the overall cost of solar energy, making it more competitive against traditional energy sources.
The role of HCPV in achieving higher yields, especially in regions with high solar irradiation, amplifies its importance in current energy strategies aimed at sustainability. In contrast, LCPV utilizes lower concentration levels to enhance the performance of conventional solar PV panels without requiring intricate tracking systems. This makes LCPV systems cost-effective and easier to implement in various environments.
The flexibility of LCPV is appreciated by energy developers and helps to diversify the technology offerings within the renewable energy sector.As sustainability initiatives in the US continue to garner attention, both HCPV and LCPV seek to foster advancements in technology and efficiency, highlighting the growing interest in concentrated photovoltaic technologies. Expanding regulatory support and incentives for concentrating solar applications showcase the market’s potential while addressing challenges such as grid integration and technology maturity. Overall, the focus on enhancing the performance of these types reflects the broader trend of transitioning towards more sustainable energy solutions in the US.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Concentrated Photovoltaic Market Application Insights
The Application segment of the US Concentrated Photovoltaic Market is expected to play a crucial role in the overall market dynamics as demand for sustainable energy solutions surges across various sectors. The Commercial segment focuses on businesses seeking to optimize their energy consumption and reduce operational costs through the use of concentrated photovoltaic technologies. This segment caters to a wide range of industries, focusing on generating clean energy for self-consumption, ultimately enhancing energy efficiency and sustainability.
In contrast, the Utilities segment addresses the need for large-scale energy production, allowing utility providers to meet growing power demands while transitioning towards renewable energy sources. The increasing pressure to reduce carbon emissions and the growing support from governmental policies and incentives further propel the adoption of concentrated photovoltaic systems in these applications.
As a result, advancements in technology and capacity improvements in both commercial and utilities sectors are likely to dominate the landscape, paving the way for innovative solutions and substantial investments in the US Concentrated Photovoltaic Market.The market's growth is driven by the increasing awareness of renewable energy benefits and the urgent need for energy security in a rapidly evolving economy.
US Concentrated Photovoltaic Market Key Players and Competitive Insights:
The US Concentrated Photovoltaic Market is rapidly evolving, driven by technological advancements and increasing demand for renewable energy solutions. Competitive insights into this market reveal a landscape characterized by innovation, partnerships, and strategic initiatives among key players. As the shift toward sustainable energy sources accelerates, companies are vying to establish their presence by offering high-efficiency photovoltaic systems that maximize energy output. The market has seen a surge in investment and collaborative projects aimed at enhancing the efficiency and affordability of concentrated photovoltaic systems. This transformation is motivated not only by regulatory support but also by growing awareness regarding climate change and the need for cleaner energy alternatives. As new entrants and established manufacturers strive to capture market share, the competition is intensifying, leading to the development of cutting-edge technologies and improved service offerings.
TetraSun has emerged as a formidable player within the US Concentrated Photovoltaic Market, recognized for its commitment to delivering high-performance solar solutions. The company's strength lies in its innovative technology that optimizes solar energy conversion, resulting in superior efficiency compared to conventional photovoltaic systems. TetraSun's market presence is bolstered by its strategic partnerships and collaborations with local stakeholders, enabling the company to leverage regional expertise while effectively responding to the unique needs of US consumers. The brand is well-regarded for its robust research and development efforts, which have facilitated consistent advancements in product design and performance.
TetraSun's focus on quality and sustainability resonates with a growing consumer base that prioritizes environmentally friendly and cost-effective energy options, solidifying its competitive edge in an increasingly crowded marketplace.Emcore Corporation stands out in the US Concentrated Photovoltaic Market with its specialized focus on high-performance solar energy solutions. The company is known for its cutting-edge technology in multi-junction photovoltaic cells, which are specifically designed for operation in concentrated solar power systems. Emcore Corporation's extensive portfolio includes systems and components that are tailored for both utility-scale and residential applications.
The company boasts a significant market presence, underscored by strategic mergers and acquisitions that have expanded its capabilities and technological reach within the US. Emcore Corporation is also recognized for its strong focus on research and development, ensuring that it stays at the forefront of industry advancements. By emphasizing the importance of efficiency, scalability, and durability in its products, the company has established itself as a key player in the concentrated photovoltaic arena, enabling it to address the growing demand for solar solutions in the United States.
Key Companies in the US Concentrated Photovoltaic Market Include:
US Concentrated Photovoltaic Market Industry Developments
The US Concentrated Photovoltaic Market has seen significant developments recently, particularly in September 2023, when TetraSun announced advancements in its solar cell technology, emphasizing higher efficiency rates. Emcore Corporation has been active in enhancing its CPV module production capabilities, contributing to increased market growth.
Amonix, previously linked with NextEra Energy, continues to innovate in CPV solutions, fostering new partnerships to expand its reach. Notably, in April 2023, Solar Junction was awarded a contract for developing high-efficiency photovoltaic cells, showcasing robust growth in technology and market valuation. Solexel's recent efforts in Research and Development have been focused on producing low-cost, high-efficiency solar panels, aligning with the national push towards sustainable energy.
Additionally, November 2022 saw a collaboration between First Solar and NEXTracker aimed at optimizing solar farm efficiency. The HCPV Consortium is active in promoting and advocating for concentrated photovoltaics across the industry, signaling a united front toward market expansion. Noteworthy market fluctuations due to recent legislative changes surrounding clean energy could further impact future developments in the US solar energy landscape.
US Concentrated Photovoltaic Market Segmentation Insights
Concentrated Photovoltaic Market Type Outlook
Concentrated Photovoltaic Market Application Outlook
| Report Attribute/Metric Source: | Details |
| MARKET SIZE 2018 | 258.3(USD Million) |
| MARKET SIZE 2024 | 350.0(USD Million) |
| MARKET SIZE 2035 | 1500.0(USD Million) |
| COMPOUND ANNUAL GROWTH RATE (CAGR) | 14.145% (2025 - 2035) |
| REPORT COVERAGE | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| BASE YEAR | 2024 |
| MARKET FORECAST PERIOD | 2025 - 2035 |
| HISTORICAL DATA | 2019 - 2024 |
| MARKET FORECAST UNITS | USD Million |
| KEY COMPANIES PROFILED | TetraSun, Emcore Corporation, Amonix, Astonfield Renewables, Concentrix Solar, First Solar, Solexel, Newport Corporation, NEXTracker, HCPV Consortium, SunPower, Suncore Photovoltaics, NextEra Energy, Mitsubishi Electric, Solar Junction |
| SEGMENTS COVERED | Type, Application |
| KEY MARKET OPPORTUNITIES | Utility-scale solar projects, Technological advancements in CPV, Government incentives and subsidies, Increasing energy demand, Integration with hybrid systems |
| KEY MARKET DYNAMICS | Technological advancements, Cost reduction trends, Government incentives, Competitive landscape shifts, Increasing solar demand |
| COUNTRIES COVERED | US |
Frequently Asked Questions (FAQ) :
The US Concentrated Photovoltaic Market is expected to be valued at 350.0 million USD in 2024.
The market is projected to reach a value of 1500.0 million USD by 2035.
The expected CAGR for the US Concentrated Photovoltaic Market is 14.145% from 2025 to 2035.
Key players include TetraSun, Emcore Corporation, Amonix, Astonfield Renewables, and First Solar.
The High Concentrated Photovoltaic (HCPV) market is valued at 150.0 million USD in 2024.
The Low Concentrated Photovoltaic (LCPV) market is expected to be valued at 870.0 million USD in 2035.
The current focus is on increasing efficiency and reducing costs in the deployment of concentrated photovoltaic systems.
High Concentrated Photovoltaic (HCPV) is anticipated to experience faster growth compared to Low Concentrated Photovoltaic (LCPV) during the forecast period.
The market faces challenges such as high installation costs and the need for significant land area for solar farms.
There is a growing opportunity in harnessing technological advancements to improve the adoption of concentrated solar technologies.
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