Global concentrated photovoltaic (CPV) market is expected to exceed USD 1.50 billion by 2022, growing at an estimated CAGR of over 13% from 2015 to 2022. The industry is anticipated to witness rapid growth over the forecast period owing to growing importance of renewable power generation sources particularly in mature economies including those in the North America and European Union.
High concentrator photovoltaic (HCPV) dominated the global demand and accounted for over 90% of the market volume share in 2014. The segment is anticipated to witness above average growth owing to better efficiency output. Asia Pacific is anticipated to witness the highest growth over the next seven years owing to rapid industrialization. The demand in the region is expected to grow at a CAGR of over 11.0% from 2015 to 2022.
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Photovoltaic cell or solar cell is an electrical device that translates light into electricity using photovoltaic effect. Favorable government policies coupled with technological development in the industry is expected to drive CPV market over the forecast period. Concentrated photovoltaic is anticipated to become cost competitive to electricity and independent of government policies & subsidies over the next seven years.
Concentrated photovoltaic technology uses lenses to gather large amount of sunlight on a small area to generate electricity. Concentrated photovoltaic systems offer various advantages over conventional counterparts including low investment in solar cells and PV material. Concentrated photovoltaic uses expensive multi-junction cells owing to smaller space requirements. In addition, CPV systems need extra spending on concentrating optics, solar trackers, and cooling systems.
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On account of the extra costs, CPVs are far less common as compared to non-concentrated photovoltaics. Key players are investing heavily in R&D to improve CPV technology and lower costs.
On the basis of concentration levels, the market has been segmented into high and low concentrator photovoltaic. HCPV was the largest product segment in 2014, on account of better efficiency output. This segment is anticipated to witness fastest growth over the foreseeable future particularly in emerging economies such as India, China, and South Korea on account of low manufacturing costs.
On the basis of application, the market has been segmented into utility scale and commercial. Commercial is anticipated to be the fastest growing application segment on account of rising power demand from household particularly in emerging economies of India, China, South Korea, and Vietnam.
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