12 September 2011

III-V terrestrial CPV technology to grow at CAAGR of 75%

Increasing demand for green energy solutions that will replace the global dependence on fossil fuels will push terrestrial photovoltaic installations to almost 200GW by 2016, with III-V compound semiconductor-based concentrator photovoltaics (CPV) technology growing at a compound average annual growth rate (CAAGR) of 75% from 2011–2016, forecasts The Strategy Analytics Gallium Arsenide and Compound Semiconductor Technologies (GaAs) service report ‘Terrestrial Opportunities for Compound Semiconductor Photovoltaic’.

The terrestrial PV market was estimated to be worth over $80bn in 2011, with conventional silicon-based technology dominating roughly 82% of the total market, and will grow at a CAAGR of 10% to $100bn by 2016, forecasts market research firm Strategy Analytics.

“While conventional silicon-based technologies will continue to dominate PV installations, that will decline to 74% by the end of 2016,” predicts Asif Anwar at Strategy Analytics. “Thin-film and CPV technologies will be the primary challengers to Si-based PV installations. Strategy Analytics predicts that the CPV market will grow at a faster rate than conventional PV technologies and account for almost 5% of new PV installations by 2016,” he adds.

“Even though the performance capabilities of III-V CPV technologies are well established, deployment has been limited to date,” notes Eric Higham, GaAs Service Director. “However, the III-V CPV industry has successfully established III-V CPV technologies as economical and competitive alternatives to conventional technology solutions.” 

Tags: CPV III-V CPV

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