IMS Research also predicts installations of this emerging technology will grow rapidly over the next five years to reach almost 1.2 GW by 2016.
IMS Research’s new report entitled ‘The World Market for Concentrated PV (CPV) – 2012’ revealed that the CPV market is predicted to reach almost 90 MW in 2012 and at the same time revenues are predicted to increase by more than 60 percent to reach $325 million. The research firm predicts that despite strong competition from conventional PV systems, there is still an attractive market for CPV in its target regions.
“CPV suppliers are being forced to continually decrease costs in order to compete with the rapidly falling cost of PV systems. The technology is still relatively new and faces bankability issues. Despite this, CPV suppliers have made significant progress in the USA market, with a forecast 13 percent share of the target market in 2012, rising to a predicted 27 percent by 2016,” explained report co-author and IMS Research Analyst, Jemma Davies.
Whilst CPV is forecast to remain a niche in the overall PV landscape, in the long-term, the report found that the outlook for CPV remains positive. Installations forecast to capture an 18 percent share of its target market (ground mount systems with a direct normal irradiance DNI above 6 kWh/m2/day) by 2016. High concentration PV (HCPV) systems are forecast to dominate the market in 2012, however low concentration PV (LCPV) installations are forecast to accelerate over the next five years, capturing a 20 percent share of the CPV market by 2016.
“Currently LCPV suppliers have not entered the market aggressively, however with recognised companies such as SunPower poised to install a significant amount from 2013, these products are set to gain market share as a result,” added report co-author Sam Wilkinson.
According to the report, the most attractive markets for CPV will be the U.S. and Central America as well as Middle East