The solar power market has been growing steadily in the recent past due to certain key factors such as unpredictable fossil fuel prices and the need for reducing dependence on fossil fuel imports, environmental concerns over the green house gas emissions due to fossil fuel use, and increasing governmental support for the renewable energy sector.
Concentrated photovoltaic (CPV) technology involves the use of mirrors or reflectors to focus sunlight falling over a huge area onto a small set of PV cells, which then provide high power output and hence high power efficiency. CPV cells are also often equipped with trackers following the position of the sun to direct sun rays onto the reflector panel and then towards the array of PV cells.
The PV market is mainly composed of crystalline silicon, which offers high conversion efficiency; and thin film PV materials, which are gaining in popularity primarily due to their low production costs. However, CPV technology is still at a nascent stage; and its long-term success depends on its performance and reliability. Economies of scale are expected to reduce the currently high cost of CPV technology by about 20%.
Europe and Japan currently hold the maximum shares of the PV systems market. However, the U.S. market has the fastest growth rate, due to the alternative energy focus of the American Recovery and Reinvestment Act (ARRA). Various feed in tariffs, net metering and tax credit reforms by the U.S. government have also given significant stimulus for the production and use of solar energy. The federal government is also providing easy finance for the establishment of solar energy stations for terrestrial and building-integrated installations.
The briefing on the Global Concentrated Photovoltaic (PV) and Solar Power Market (2009-2014) will benefit PV cells manufacturers, solar power technical consultants, solar power equipment manufacturers, crystalline silicon suppliers, and commercial research labs.
“With government initiatives promoting the production of renewable power, the CPV cells market is set for high growth for the next several years. The early movers in the industry will benefit in terms of market share but it is important that they focus on geographies with dry-sunny climate, high electricity consumption and high peak loads,” notes MarketsandMarkets. “Companies aiming to make a major impact in this market need to make extensive R&D investments to come up with cost-efficient CPV installation processes.”
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