The global Concentrated Photovoltaic (CPV) market will see a major growth spurt in the next five years, with cumulative installed capacity to jump from 357.9 MW in 2014 to 1,043.96 MW by 2020, according to a new report from U.K. research and consulting firm GlobalData.
In its report, Concentrated Photovoltaics (CPV), Update 2014 Global Market Size, Competitive Landscape and Key Country Analysis to 2020, released on Tuesday, GlobalData says China and the U.S. dominated the global CPV market in 2013, with their cumulative installed capacity reaching shares of 35.4 percent and 33.3 percent, respectively. Spain ranked third after the U.S. with 12.2 percent, followed by Portugal and Italy, with respective shares of 5.1 percent and 4.3 percent.
"The CPV market is at a nascent stage, especially with the technology evolving and achieving new heights of efficiency improvement," said Swati Singh, GlobalDatas analyst covering Alternative Energy. "Companies that have been successful in operating CPV prototype systems in pilot sites are now progressing towards multi-MW CPV projects."
Two CPV power plants came online in 2012 and 2013. These were Amonixs 30 MW Alamosa in the U.S. state of Colorado and Suncores 50 MW CPV power plant in Golmud, China, which GlobalData described as the largest CPV plant in the world.
Despite these developments, GlobalData said its market growth forecast remained conservative, noting that from 2009, many small and large CPV companies either had to close down their businesses due to bankruptcy or were acquired by other companies.
"A further concern in the CPV industry is the reliability and performance of the systems, although significant efforts have been made to develop International Electrotechnical Commission standards for CPV-system certification," Singh added.