According to the new market research report, ‘Concentrated Photovoltaic and Solar Photovoltaic Global Markets (2009 – 2014)’,published by MarketsandMarkets, the total concentrated photovoltaicmarket is expected to be worth $266 million by 2014, growing at a CAGRof 33 percent from 2009 to 2014.
Europe is expected to commandthe maximum market share at 59.3 percent, followed by the Americas,which are expected to hold 32 percent of the global concentratedphotovoltaic market.
The Concentrated Photovoltaic (CPV) marketincludes the submarkets for Low Concentration Photovoltaic (LCPV),Medium Concentration Photovoltaic (MCPV), and High ConcentrationPhotovoltaic (HCPV).
The CPV market is still in a nascentstage but is developing rapidly due to the finite nature ofnon-renewable sources of energy, and the increasing demand for higheroutput and green energy. The CPV market is estimated to reach $266.0million in 2014 from about $63.9 million in 2009.
Among allsegments, HCPV commands the largest share of global CPV market, and isalso expected to have the highest CAGR of 39.1 percent from 2009 to2014. The conversion of HCPV systems lowers land requirement, andfacilitates higher energy output at lower costs. HCPV technology isthus expected to achieve cost parity with conventional sources ofelectricity at a faster rate than other CPV technologies.
Theinitial high growth opportunity for the CPV market lies in regions withhigh direct normal irradiance (DNI) or direct solar radiation and highcost of grid electricity.
These regions include southwestAmerica, southwest Europe, western and central Australia, the MiddleEast, and northern Africa. While technology developments in the CPVsystems market are currently concentrated in Spain, Germany, and theUS; government support for CPV technologies in countries such as India,China, Japan, and Australia are expected to drive future market growth.
Theglobal solar PV market is expected to grow with a CAGR of 12.5 percentduring 2009-2014 to reach $38.1 billion in 2014. Crystalline silicon PVholds the largest market share of 82 percent; while the thin filmsilicon market is expected to have highest growth rate of 28.2 percentfrom 2009 to 2014.
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