Concentrator Photovoltaic Market Share, Size, Analysis, Growth, Trends and Forecasts to 2024 | Hexa Research
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Concentrator Photovoltaic Market Share, Size, Analysis, Growth, Trends and Forecasts to 2024 | Hexa Research
" The worldwide concentrator photovoltaic market size is predicted to exhibit about 14 % CAGR from 2016 to 2024. The Concentrator Photovoltaic Market generated approximately USD 790 million in 2014."
The global concentrator photovoltaic( CPV) market is estimated to grow at a CAGR around 14 % from 2016 to 2024( forecast period). It will reach nearly USD 2.1 billion by 2024. The market had a size of around USD 790 million in 2014. Wider‘ CPV’ adoption can boost industry demand. Installation of low concentration photovoltaic( LCPV) & high concentration photovoltaic( HCPV) systems is predicted to generate decent returns in the near future.
Price wars within the industry and reliability of CPV systems may further market growth. Withdrawal of governmental subsidies and costs associated with CPV installations should hinder the concentrator photovoltaic market. But nations with high direct normal irradiation support the industry by signing power purchase agreements( PPA) with local manufacturers & consumers.
CPV junctions rely on curved mirrors or lenses to lead sunlight onto solar cells. Solar cells are paired with expensive optics made of glass or acrylics to increase their efficiency. They are grouped in a series of 3, 4, or 5 cells stacked on each other. These cells are known as multi-junction solar cells.
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