Concentrator Photovoltaic Market Worth USD 2.1 billion by 2024A Chapter by David JonesConcentrator Photovoltaic Market Share, Size, Analysis, Growth, Trends and Forecasts to 2024 | Hexa ResearchThe global concentrator
photovoltaic (CPV) market is estimated to grow at a CAGR around 14% from 2016
to 2024 (forecast period). It will reach nearly USD 2.1 billion by 2024. The
market had a size of around USD 790 million in 2014. Wider ‘CPV’ adoption can
boost industry demand. Installation of low concentration photovoltaic (LCPV)
& high concentration photovoltaic (HCPV) systems is predicted to generate
decent returns in the near future.
Price wars within the industry
and reliability of CPV systems may further market growth. Withdrawal of
governmental subsidies and costs associated with CPV installations should
hinder the concentrator photovoltaic market. But nations with high direct
normal irradiation support the industry by signing power purchase agreements
(PPA) with local manufacturers & consumers.
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CPV junctions rely on curved mirrors or lenses to lead sunlight onto solar cells. Solar cells are paired with expensive optics made of glass or acrylics to increase their efficiency. They are grouped in a series of 3, 4, or 5 cells stacked on each other. These cells are known as multi-junction solar cells.
Future customers will opt for CPV systems due to their
high efficiency. The global concentrator photovoltaic market is split according
to concentration levels, technologies, applications, and regions. By
concentration levels, the industry is bifurcated into high and low. High led
with respect to demand in 2014. It should exhibit ‘greater than average’ growth
over the next eight years.
Refractors and reflectors constitute the technologies.
The former is further divided into fresnel lens and luminescent concentrators.
Reflectors and parabolic mirrors are the sub-segments of reflectors. Fresnel
lenses in circular shapes have a concentration ratio of 500, while lenses in
cylindrical shapes have lower concentration ratios. Luminescent concentrators
use refraction to direct the light towards solar cells. SolFocus has achieved a
concentration ratio of 500 using parabolic mirrors on dual-axis tracking
systems. Reflectors have a concentration ratio of 1.5-2.5.
Applications comprise utility-scale, commercial, and
others. Commercial is predicted to grow the fastest due to high demand for
power across Asia Pacific. Utility-scale CPV plants can supply power to
businesses at peak hours. This could facilitate the growth of solar energy
industry.
Regions encompass Latin America, North America, Asia
Pacific, Europe, and the Middle East & Africa (MEA). China and Southeast
Asia are projected to reign during the forecast period. Both these regions
accounted for energy consumption between 80-90 MW (megawatt) in 2015. They were
followed by the U.S., South Europe, and Central America.
Combined installations of the U.S., South Europe, and
Central America added up to nearly 110 MW the same year. Europe dominated the
concentrator photovoltaic market in 2014, with Spain at the forefront. Spain
received high direct normal irradiance (DNI) in 2014. Delay in the construction
of energy plants by ‘Tenaska Solar’ has led to low demand in the U.S.
Some of the prominent players in the worldwide
concentrator photovoltaic market are Morgan Solar, Amonix Inc., Zytech Solar,
SunPower Corporation, and Semprius Inc. Mergers & acquisitions and
collaborations are common expansion strategies employed by them. For instance,
‘Morgan Solar’ has allied with 'Enbridge’ to build a solar plant (in Alberta)
with a capacity of 10 MW. The project is said to raise the company’s annual
capacity to 100 MW.
Browse Related Category Market Reports @ https://www.hexaresearch.com/research-category/renewable-energy-industry
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Added on August 24, 2017 Last Updated on August 24, 2017 Tags: Concentrator Photovoltaic Market, Concentrator Photovoltaic Indust AuthorDavid Jonescalifornia, CAAboutResearch Analyst At Hexa Research Which Provides Research Content For All Types Of Domains do check my Articles more..Writing
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