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, according to Strategy Analytics. The company recently published a report, called ‘CPV Technology Market Status Update and Future Prospects,’ that examines this market.
Despite CPV's challenges, Strategy Analytics predicts that the technology's installed capacity will grow at a compound annual growth rate (CAGR) of 174% through 2015.
Solar energy installations overall have continued to grow strongly, with new global installations reaching 16.3 GW in 2010, according to the report. Approaches utilizing crystalline silicon continue to be the primary technology, followed by strong momentum behind a host of thin-film technologies, including cadmium telluride and copper indium gallium selenide. CPV technology remains behind these other technologies.
‘While potentially offering 100 percent improvement in efficiencies compared to other solar technologies, CPV is only really effective where there is high direct normal solar irradiation,’ notes Asif Anwar of 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," adds Eric Higham, director of the company's GaAs service. ‘CPV installations will grow at a CAGR of 174 percent to account for just over four percent of global solar installations in 2015.’
SOURCE: Strategy Analytics