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133% Growth for GaAs-based Photovoltaic Projects
III-V Concentrated Photovoltaics Will Represent 10% of Global Market
Boston, MA, USA - December 8, 2008 - Recent research by Strategy Analytics estimates that the global terrestrial photovoltaic market will be worth $20.2 billion in 2008, and will grow to $35.2 billion by 2012 at a CAAGR (compound annual average growth rate) of 23%. This rapid growth is mainly due to increasing worldwide demand for renewable energy.
Strategy Analytics will be presenting our latest analysis on the terrestrial photovoltaic market and exploring the opportunity for compound semiconductors from this emerging sector at the Green Power for Korea 2009 Conference on December 9.
"Crystalline silicon-based solar technology still has a dominating market share of around 89% in 2008. However, moving forward, its share will be eroded as a result of competing technologies based on thin film and compound semiconductors," reports Asif Anwar, Director of the GaAs service at Strategy Analytics, "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 involving in this new area."
Mr. Anwar concluded, "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 CAAGR of 133% through 2012, accounting for 10% of the total market share."
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Asif Anwar |
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