Global Concentrated PV Market Worth $266 Million by 2014

According to the new market research report, 'Concentrated Photovoltaic and Solar Photovoltaic Global Markets (2009 - 2014)', published by MarketsandMarkets, the total concentrated photovoltaic market is expected to be worth $266 million by 2014, growing at a CAGR of 33 percent from 2009 to 2014.

Europe is expected to command the maximum market share at 59.3 percent, followed by the Americas, which are expected to hold 32 percent of the global concentrated photovoltaic market.

The Concentrated Photovoltaic (CPV) market includes the submarkets for Low Concentration Photovoltaic (LCPV), Medium Concentration Photovoltaic (MCPV), and High Concentration Photovoltaic (HCPV).

The CPV market is still in a nascent stage 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 $266.0 million in 2014 from about $63.9 million in 2009.

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

The initial high growth opportunity for the CPV market lies in regions with high direct normal irradiance (DNI) 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 US; 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 percent during 2009-2014 to reach $38.1 billion in 2014. Crystalline silicon PV holds the largest market share of 82 percent; while the thin film silicon market is expected to have highest growth rate of 28.2 percent from 2009 to 2014.