The concentrated photovoltaic (CPV) market is forecast to double in 2012 and reach almost 90 MW or $325 million worldwide, according to a new report from IMS Research, recently acquired by IHS Inc (NYSE: IHS). The report predicts installations of CPV will grow rapidly over the next five years to reach almost 1.2 GW globally by 2016.
IMS Research predicts that despite strong competition from conventional PV systems, there is still an attractive market for CPV in its target regions. “CPV suppliers are being forced to continually decrease costs in order to compete with the rapidly falling cost of PV systems. The technology is still relatively new and faces bankability issues,” said report co-author and IMS Research Analyst Jemma Davies.
The report forecasts CPV installations to capture an 18 percent share of its target market (ground mount systems with a direct normal irradiance DNI above 6kWh/m2/day) by 2016. High concentration PV (HCPV) systems are forecast to dominate the market in 2012; however, low concentration PV (LCPV) installations are forecast to accelerate over the next five years, capturing a 20 percent share of the CPV market by 2016.
According to the report, the most attractive markets for CPV will be the U.S. and Central America as well as Middle East and Africa, which will see CPV capturing up to a 27 percent share of the high DNI target markets by 2016. In particular, regions such as the Southwest U.S., Chile, Saudi Arabia and Morocco are predicted to see high growth, with conditions in these regions suited to CPV.
The report is available here.
Read more solar energy news