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Report
India Concentrated Photovoltaic Market, By Product (Reflectors, Refractors), By Concentration (High Concentration Photovoltaic, Low Concentration Photovoltaic), By End Use (Commercial, Utilities, Others), By Region, Competition, Forecast & Opportunities, 2021-2031F
Market Report I 2025-06-06 I 82 Pages I TechSci Research
Market Overview
India's Concentrated Photovoltaic (CPV) Market was valued at USD 302 million in 2025 and is projected to reach USD 436 million by 2031, growing at a CAGR of 6.19% during the forecast period. CPV technology utilizes mirrors or lenses to focus sunlight onto high-efficiency solar cells, maximizing energy output with reduced photovoltaic material usage. Unlike traditional flat-panel systems, CPV relies on direct sunlight and employs multi-junction solar cells for improved spectrum capture. With dual-axis tracking systems ensuring optimal sun alignment, CPV systems are particularly effective in sunny regions like western and southern India. This technology is gaining traction for large-scale renewable energy projects, offering an efficient alternative where land and energy output optimization are critical. As India accelerates its shift to clean energy, CPV offers a compelling solution by combining optical concentration and advanced solar technologies to deliver higher performance and land efficiency.
Key Market Drivers
Abundant Solar Resource Availability in India
India's high solar irradiance-averaging 5 to 7 kWh/m/day, particularly in regions like Rajasthan, Gujarat, and Tamil Nadu-makes it highly favorable for concentrated photovoltaic deployment. CPV systems rely on strong direct normal irradiance (DNI) to focus sunlight through optical components onto compact, high-efficiency cells. This regional solar abundance enhances the viability and output of CPV installations, offering significant advantages over conventional PV in terms of power density.
With limited and often costly land availability, CPV's high energy yield per unit area offers an efficient solution for solar project developers. This is especially relevant as India pushes to expand its renewable energy capacity. The geographic advantage, paired with supportive national energy goals, positions CPV as a valuable tool for maximizing electricity generation while conserving space and reducing overall capital deployment.
Key Market Challenges
High Initial Capital Costs and Financial Barriers
A key obstacle for the Indian CPV market is the high upfront cost associated with its advanced technology. CPV systems require specialized components such as multi-junction cells, precision lenses or mirrors, and dual-axis trackers, all of which increase the cost compared to traditional PV systems. The complexity and expense of manufacturing and installation make it harder for developers to achieve cost parity without incentives.
Additionally, many financial institutions in India remain cautious toward funding CPV projects due to limited market familiarity and perceived risk. With a preference for established photovoltaic technologies, banks may impose stricter terms or avoid financing altogether. This limited access to affordable funding slows down CPV adoption, particularly among smaller or mid-sized players in a price-sensitive market like India.
Key Market Trends
Increasing Adoption of Multi-Junction Solar Cells for Enhanced Efficiency
The India CPV market is increasingly embracing multi-junction solar cells to improve energy generation efficiency. These cells, designed with stacked layers to absorb different portions of the solar spectrum, often surpass 30% efficiency-far higher than standard silicon cells.
Given India's limited land resources and high solar irradiance in key regions, multi-junction cells allow more power generation within smaller footprints. Their superior performance under direct sunlight conditions makes them ideal for utility-scale solar plants in high-irradiance areas like Rajasthan and Gujarat. These efficiency gains, coupled with advancements in cell technology, are attracting investment and R&D efforts, supporting CPV's growing role in India's solar energy landscape.
Key Market Players
- Tata Power Solar Systems Limited
- Adani Solar Energy Limited
- Reliance Solar Energy Private Limited
- Vikram Solar Limited
- Waaree Energies Ltd
- RenewSys India Pvt. Ltd.
- Hero Future Energies Pvt. Ltd.
- Azure Power India Pvt. Ltd.
Report Scope:
In this report, the India Concentrated Photovoltaic Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
- India Concentrated Photovoltaic Market, By Product:
o Reflectors
o Refractors
- India Concentrated Photovoltaic Market, By Concentration:
o High Concentration Photovoltaic
o Low Concentration Photovoltaic
- India Concentrated Photovoltaic Market, By End Use:
o Commercial
o Utilities
o Others
- India Concentrated Photovoltaic Market, By Region:
o South India
o North India
o West India
o East India
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the India Concentrated Photovoltaic Market.
Available Customizations:
India Concentrated Photovoltaic Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to five).
1. Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.2.1. Markets Covered
1.2.2. Years Considered for Study
1.3. Key Market Segmentations
2. Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Formulation of the Scope
2.4. Assumptions and Limitations
2.5. Sources of Research
2.5.1. Secondary Research
2.5.2. Primary Research
2.6. Approach for the Market Study
2.6.1. The Bottom-Up Approach
2.6.2. The Top-Down Approach
2.7. Methodology Followed for Calculation of Market Size & Market Shares
2.8. Forecasting Methodology
2.8.1. Data Triangulation & Validation
3. Executive Summary
3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, and Trends
4. Voice of Customer
5. India Concentrated Photovoltaic Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Product (Reflectors, Refractors)
5.2.2. By Concentration (High Concentration Photovoltaic, Low Concentration Photovoltaic)
5.2.3. By End Use (Commercial, Utilities, Others)
5.2.4. By Region (South India, North India, West India, East India)
5.2.5. By Company (2025)
5.3. Market Map
6. South India Concentrated Photovoltaic Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Product
6.2.2. By Concentration
6.2.3. By End Use
7. North India Concentrated Photovoltaic Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By Product
7.2.2. By Concentration
7.2.3. By End Use
8. West India Concentrated Photovoltaic Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Share & Forecast
8.2.1. By Product
8.2.2. By Concentration
8.2.3. By End Use
9. East India Concentrated Photovoltaic Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value
9.2. Market Share & Forecast
9.2.1. By Product
9.2.2. By Concentration
9.2.3. By End Use
10. Market Dynamics
10.1. Drivers
10.2. Challenges
11. Market Trends & Developments
11.1. Merger & Acquisition (If Any)
11.2. Product Launches (If Any)
11.3. Recent Developments
12. Policy and Regulatory Landscape
13. India Economic Profile
14. Company Profiles
14.1. Tata Power Solar Systems Limited
14.1.1. Business Overview
14.1.2. Key Revenue and Financials
14.1.3. Recent Developments
14.1.4. Key Personnel/Key Contact Person
14.1.5. Key Product/Services Offered
14.2. Adani Solar Energy Limited
14.3. Reliance Solar Energy Private Limited
14.4. Vikram Solar Limited
14.5. Waaree Energies Ltd
14.6. RenewSys India Pvt. Ltd.
14.7. Hero Future Energies Pvt. Ltd.
14.8. Azure Power India Pvt. Ltd.
15. Strategic Recommendations
16. About Us & Disclaimer
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