Installations growing at CAGR of 174%
Concentrated photovoltaic (CPV) technology, used for the production of solar energy, faces a number of challenges, not least because of potential limitations in deployable locations. Most effective in areas with direct sunlight, Strategy Analytics believes that CPV technology has the potential for strong growth. The Strategy Analytics GaAs and Compound Semiconductor Technologies (GaAs) service report, “CPV Technology Market Status Update and Future Prospects,” which is to be presented at Solartech World 2011, March 16-17, in Gwangju, Korea, predicts CPV installed capacity will grow at a compound annual growth rate (CAGR) of 174% through 2015.
Solar energy installations have continued to grow strongly, with Strategy Analytics estimating that new global installations reached 16.3 GW in 2010. Approaches utilizing crystalline silicon continue to be the primary technology, followed by strong momentum behind a host of thin film technologies including cadmium telluride (CdTe) and copper indium gallium selenide (CIGS). Concentrated PV (CPV) technology remains behind these other technologies.
“While potentially offering 100% improvement in efficiencies compared to other solar technologies, CPV is only really effective where there is high direct normal solar irradiation,” noted Asif Anwar at Strategy Analytics. “While this has limited early deployment, the benefits of CPV will translate into rapid growth in these locations.”
“In 2010, some significant projects came into play in the southwestern United States, the Middle-East, Africa and Australia,” noted Eric Higham Director, GaAs service. “CPV installations will grow at a CAGR of 174% to account for just over 4% of global solar installations in 2015.”
Strategy Analytics will be presenting these findings at Solartech World 2011, March 16-17, Gwangju, Korea. To make an appointment with Asif Anwar, Director in the Strategic Technologies Practice, see www.strategyanalytics.com