Concentrated Photovoltaic (PV) and Solar Photovoltaic Market -Key Growth Factors and Forecast 2019
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CPV (concentrated photovoltaic) technology employs optics such as curved mirrors or lenses to collect large amount of sunlight on a small area of solar photovoltaic (PV) cells in order to generate electricity. CPV systems offer several advantages over non-concentrated photovoltaics. As a smaller area of photovoltaic material is required, CPV can save money on the cost of the solar cells. CPV requires less photovoltaic material to capture the same sunlight as non-concentrating PV. CPV make use of high-efficiency but expensive multi-junction cells cost-effectively viable due to smaller space requirements. However, in order to get sunlight focused on the small photovoltaic area, CPV systems need extra spending on solar trackers, concentrating optics (mirrors or lenses) and cooling systems. Owing to this of these extra costs, CPVs are far less common compared to non-concentrated photovoltaics. Nevertheless, ongoing research and development is trying to improve CPV technology and lower its costs.
The most widespread segmentation of CPV modules can be done on the basis of degree of concentration, which can be expressed in number of suns. Different types of CPVs are LCPV (low concentration photovoltaics), medium concentration photovoltaics, HCPV (high concentration photovoltaics) and luminescent solar concentrators.
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According to Plastics Institute of America, Europe is expected to remain the largest regional market with 16.48 GW of PV demands which accounts around half of the global demand. Asia-Pacific was the second largest market fueled by the remarkable growth of the Chinese market. China is expected to outpace Germany in the coming year in order to become the leading PV consumer. Government renewable targets, financial incentives, technology cost reductions are three major forces who are currently driving the adoption of solar across the globe. Government policies are considerable drivers for solar photovoltaic market. By 2020, solar is predicted to be cost competitive to traditional electricity, independent of government policies and subsidies across most of the world.
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