Global Concentrated Photovoltaic Market Worth US$266.0 million by 2014

Method of generating electrical power by converting solar radiation into direct current electricity is called Photovoltaics (PV), using semiconductors that exhibit the photovoltaic effect. Photovoltaic power generation employs solar panels composed of a number of solar cells containing a photovoltaic material. Materials presently used for photovoltaics include monocrystalline silicon, polycrystalline silicon, amorphous silicon, cadmium telluride, and copper indium gallium selenide/sulfide.

PV technology initially had to contend with issues such as low conversion efficiency and high initial investment. However, power output has significantly improved through the development of new technologies involving mirrors/reflectors that focus sunlight falling over a huge area onto a small set of PV cells. CPVs are also often equipped with trackers following the sun’s position so that sun rays directly hit the panel of reflectors and are then redirected to the PV cell arrays. As CPV reflectors require huge open areas, the technology often has to contend with the issue of water shortage for cooling CPV cells. Air or the hybrid wet-dry cooling technology enables the use of CPV cells in deserts and isolated places

 
(Source-Wikipedia image)

The Concentrated Photovoltaic (CPV) market includes 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% 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. With growing investments and large pipeline of projects, the total installed CPV installed capacity is expected to reach 1 GW by 2013.

The R&D conducted by the instituto de system as fotovoltaicos de concentrancion (ISFOC) of Spain has played a significant role in the development of CPV technology. The global CPV market is yet to be diversified and currently witnesses only limited competition. Some of the key players in this field are SolFocus, Concentrix Solar, Emcore, Spectrolab, Guascor Photon, Silicon CPV etc. New startups such as Semprius, Cyrium Technologies, GreenVolts, Sol3g etc have also begun making significant contributions in the development of CPV market. Resource-sharing collaborations and new technology developments are the two most popular strategies being adopted by companies in this field to gain competitive edge in the market.