The global Concentrated Photovoltaic (CPV) market is expected to undergo a major growth spurt in the next five years, with its cumulative installed capacity forecast to jump from 357.9 MW in 2014 to 1,043.96 MW by 2020, according to a new report from research and consulting firm GlobalData.
The analysis showed China and the US dominating the market for the previous year, with their cumulative installed capacity reaching shares of 35.4% and 33.3%, respectively. Spain stood third after the US with 12.2%, followed by Portugal and Italy, with respected shares of 5.1% and 4.3%. Two CPV power plants came online in 2012 and 2013: Amonix’s 30 MW Alamosa in the US and Suncore’s 50 MW CPV power plant in China, which is the largest CPV plant in the world. However, despite these developments, market growth forecast is conservative, according to GlobalData. From 2009, many companies in the CPV industry, both small and large, either had to close down their businesses due to bankruptcy, or were acquired by other companies.
Swati Singh, GlobalData’s alternative energy analyst, said: “The CPV market is at a nascent stage, especially with the technology evolving and achieving new heights of efficiency improvement. Companies that have been successful in operating CPV prototype systems in pilot sites are now progressing towards multi-MW CPV projects.”
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