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Europe to command concentrated PV market

Posted: 27 Nov 2009     Print Version  Bookmark and Share

Keywords:concentrated PV market  photovoltaic  solar 

The total concentrated photovoltaic (CPV) market is expected to hit Rs.1298.49 crore ($266 million) by 2014, growing at a CAGR of 33.0 per cent from 2009 to 2014.

This is according to according to a MarketsandMarkets' report titled Concentrated Photovoltaic and Solar Photovoltaic Global Markets (2009—2014), which also stated that Europe is expected to command a maximum market share at 59.3 per cent, followed by the Americas, which are expected to hold 32 per cent of the global CPV market.

The CPV market includes the submarkets for low concentration photovoltaic (LCPV), medium concentration photovoltaic (MCPV) and high concentration photovoltaic (HCPV), the report said. The CPV market is still in a nascent stage, according to MarketsandMarkets, but is developing rapidly due to the finite nature of non-renewable sources of energy, and the increasing demand for higher output and green energy. The CPV market is estimated to reach Rs.1298.49 crore ($266 million) in 2014 from about Rs.311.93 crore ($63.9 million) in 2009.

Among all segments, HCPV commands the largest share of global CPV market, and according to the market researchers is also expected to have the highest CAGR of 39.1 per cent from 2009 to 2014. The conversion of HCPV systems lowers land requirement, and facilitates higher energy output at lower costs. HCPV technology is expected to achieve cost parity with conventional sources of electricity at a faster rate than other CPV technologies.

The report says initial high growth opportunity for the CPV market lies in regions with high direct normal irradiance or direct solar radiation and high cost of grid electricity. These regions include southwest America, southwest Europe, western and central Australia, the Middle East, and northern Africa. While technology developments in the CPV systems market are currently concentrated in Spain, Germany, and the United States; government support for CPV technologies in countries such as India, China, Japan, and Australia are expected to drive future market growth.

The global solar PV market is expected to grow with a CAGR of 12.5 per cent during 2009—2014 to reach $38.1 billion in 2014. Crystalline silicon PV holds the largest market share of 82 per cent; while the thin-film silicon market is expected to have highest growth rate of 28.2 per cent from 2009 to 2014.

- Paul Buckley
Power Management DesignLine Europe

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