Solar Concentrated Photovoltaic Market to Grow at a 34.1% CAGR by 2018 Forecasts a New Research Report at Sandlerresearch.org
Dallas, Texas (PRWEB) July 01, 2014 -- The major focus of solar CPV companies across the world is to increase the efficiency of CPV systems, which will help to reduce the overall system costs. The efficiency of CPV modules is around 30 percent, which is already higher than solar PV and CSP technologies. However, there is still a huge scope for improvement to further reduce the overall cost. With increased efficiency and declining overall costs, solar CPV technology will shortly achieve grid parity in many countries across the world.
Analysts forecast the Global Solar Concentrated Photovoltaic (CPV) market will grow at a CAGR of 34.1 percent over the period 2013-2018. According to the report, one of the major drivers in this market is the reduction in average installation prices of solar CPV systems. With solar CPV manufacturing companies achieving economies of scale and obtaining government support, the average prices of these systems are declining. This has resulted in solar CPV systems becoming affordable, leading to an increase in the number of installations across the world.
A solar CPV system concentrates sunlight on solar cells with the help of an optical device, increasing the efficiency of photovoltaic cells that convert energy from sunlight directly into electricity. The optics used concentrates the sunlight by a factor of 500 to 1,000 and focuses it on the solar cells, which are reduced to a small fraction of the CPV module. This helps in the cost-efficient use of highly efficient multi-junction solar cells. Solar CPV requires a high level of radiation concentration to increase its output and solar trackers help to monitor the sun’s rays during the day so as to focus the sunlight falling over a huge area onto a small set of PV cells. Solar CPV is gaining competitiveness in areas with high direct normal irradiation (DNI). The solar CPV installations are increasing in countries such as Spain, the US, Australia, China, and India, which receive high solar radiation. Solar CPV is a relatively immature technology compared to other PV technologies and an increase in concentration and efficiency will lead to its LCOE (Levelized Cost of Electricity) reduction. It is expected to gain lower LCOE than PV technologies in the forecast period. Moreover, lower land requirements for solar CPV provide an advantage compared to PV.
The Global Solar CPV market can be segmented into three divisions: High Concentrated Photovoltaic, Medium Concentrated Photovoltaic and Low Concentrated Photovoltaic. This division is based upon the degree of concentration of CPV systems.
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The Global Solar Concentrated Photovoltaic Market 2014-2018, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the Americas, and the EMEA and APAC regions; it also covers the Global Solar CPV market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.
The recognizes the following companies as the key players in Global Solar Concentrated Photovoltaic Market: Abegoa Solar, Amonix Inc., Arima EcoEnergy, Emcore Corp., Soitec SA , C Power SRL, Circadian Solar, Cool Earth Solar, ES System, Everphoton Energy Corporation, Inc., Green and Gold Energy Pty., Ltd., Guascor Foton, Heliotrop, JX Crystals, Opel International Inc., Pacific Solar Tech Inc., Prism Solar Technologies, Inc., Pyron Solar, Semprius, Silicon CPV Plc, Sol 3G, Solar System Pty, Solar Tec International AG, Sunrgi, Suncore Photovoltaic Technology Company Limited, Whitfield Solar, Zytech Solar.
Key Market Driver
• Falling Average Installation Prices
Key Market Challenge
• Lack of Standardization
Key Market Trend
• Increasing Efficiency of CPV Systems
Further, the report states that one of the major challenges in this market is the lack of standardization of solar CPV components. Without set standards, it is difficult for manufacturers to reduce the production cost of solar CPV systems.
Table of Contents
01. Executive Summary
02. List of Abbreviations
03. Scope of the Report
03.1 Market Overview
03.2 Product Offerings
04. Market Research Methodology
04.1 Market Research Process
04.2 Research Methodology
05. Introduction
06. Market Landscape
06.1 Market Overview
06.2 Market Size and Forecast
06.3 Five Forces Analysis
07. Market Segmentation by Technology
08. Geographical Segmentation
09. Key Leading Countries
09.1 US
09.2 China
09.3 Spain
10. Buying Criteria
11. Market Growth Drivers
12. Drivers and their Impact
13. Market Challenges
14. Impact of Drivers and Challenges
15. Market Trends
16. Trends and their Impact
17. Vendor Landscape
18. Key Vendor Analysis
26 - List of Exhibits
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Ritesh Tiwari, Sandlerresearch.org, http://www.sandlerresearch.org/, +1 (888) 391-5441, [email protected]
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