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Innovative new solar panels on track for global growth

Date
20 March 2014
Innovative new solar panels on track for global growth

LONDON: The Concentrated Photovoltaics (CPV) industry is set for significant growth with cumulative installed capacity predicted to rise from 357.9 megawatts (MW) in 2014 to 1,043.96 MW by 2020, according to a new study.

The international report by GlobalData highlighted that the 2013 (Concentrated Photovoltaic) CPV market was dominated by just five countries: China, the US, Spain, Portugal and Italy, with the total installed capacity of the top two states reaching 35.4% and 33.3%, respectively.

Since 2012, China and the US also became home to two new CPV power plants; the 50-MW CPV power plant in Golmud, China is now the largest CPV plant in the world.

However, despite this tangible progress GlobalData stresses its predictions for future growth have remained conservative given that a number of companies in the CPV industry went bankrupt, or were acquired by other companies in the last five years.

Swati Singh, GlobalData’s Analyst covering Alternative Energy, commented: “The CPV market is at a nascent stage, especially with the technology evolving and achieving new heights of efficiency improvement. Companies that have been successful in operating CPV prototype systems in pilot sites are now progressing towards multi-MW CPV projects.”

Worldwide solar energy has swiftly expanded, with Bloomberg New Energy Finance recording international investment in the solar market as US$102 billion at the end of 2013. BNEF suggests that in 2014 there will be a 20.9% increase on 2013's global solar installations, with China expected to lead this global growth.

Ben Ferrari, Director of Partnerships at The Climate Group: "The predicted growth in the CPV market exemplifies the growing demand for cost efficient and sustainable long term energy supplies. In today’s globalized economy, businesses need to be up to date with the latest in energy efficiency technology to stay competitive. Having control over power sources reduces uncertainty and offers corporate leaders greater freedom to control their profit margins. It is no surprise that renewable power resources such as CPV grow in popularity year by year."

Image: Flick/Steel & Silicon (Max D)

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By Alana Ryan

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