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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