The global concentrated photovoltaic market is expected to own a major share in renewable sector by 2019, with a projected CAGR of 13.9 percent, due to the increased demand for concentrated PV installations.
The concentrated photovoltaic market is going through a development phase offering diverse opportunities across regions. In Europe, Middle East and Africa, the market is prepared to boost up the use of renewable energy resource activities.
In 2011, concentrated photovoltaic installations accounted for only a 0.1 percent of the solar market. Due to the output efficiency and quick deployment solutions, concentrated PV market is expected to grow further.
Concentrated photovoltaic is different from regular photovoltaic technology. Lenses are used to concentrate sunlight onto a small area of photovoltaic cells to generate electricity that help in increasing efficiency.
HCPV dominated the concentrated photovoltaic market with 93.4percent of the total share in 2013. It is expected to grow further stimulated by the professional approach from industry. The biggest market for HCPV is Asia-Pacific, followed by Americas, Europe, Middle East and Africa.
editor@greentechlead.com