News

8 December 2008

 

GaAs CPVs to grow at 133% to 10% of terrestrial market in 2012

The global terrestrial photovoltaic market will be worth $20.2bn in 2008 and grow at a CAAGR (compound annual average growth rate) of 23% to $35.2bn by 2012, according to a recent study by market research firm Strategy Analytics' Gallium Arsenide Service. This rapid growth is due mainly to increasing worldwide demand for renewable energy.

Strategy Analytics is presenting its latest analysis of the terrestrial photovoltaic market and exploring the opportunity for compound semiconductors from this emerging sector at this week’s Green Power for Korea 2009 Conference.

“Crystalline silicon-based solar technology still has a dominant market share of around 89% in 2008," says Asif Anwar, director of Strategy Analytics’ GaAs service. “However, moving forward, its share will be eroded as a result of competing technologies based on thin film and compound semiconductors,” he adds. “Thin-film solar cells cost less and do not consume large amounts of crystalline silicon. Traditional crystalline silicon solar cell manufacturers, such as Q-Cells and Sharp, are involved in this new area.”

Anwar concludes, “III-V based concentrated photovoltaic technology offers advantages of high cell conversion and lower material usage”. Strategy Analytics believes that these advantages will translate to a CAAGR of 133% through 2012, accounting for 10% of the total market share.

See related items:

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Thin film technology set to top 30% of solar cell market by 2015

Thin film to take 28% of PV market by 2012

Thin-film solar market to reach 9GW in 2012

Search: GaAs CPV Photovoltaics Thin-film solar cells GaAs

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