Concentrated Photovoltaic (CPV) - Global Installation Size, Cost Analysis, Efficiencies and Competitive Analysis to 2020 Reference Code: GDAE1043MAR Publication Date: April 2011

The US, Germany and Japan are Key Countries for the CPV–The Emerging Solar Technology Industry CPV is an upcoming renewable market which promises to In 2010 Spain dominated the global CPV market with around provide cost-effective power generation at high levels of XX MW of cumulative installed capacity. Spain accounts for efficiency. Presently, the global CPV cumulative installed XX% of the global CPV installed base. Most parts of the country capacity is XX MW. The technology is still developing and so experience high DNI which attracts CPV installers for most CPV projects are in the pilot or prototype stage. Guascor investments in Spain. The US follows Spain with a cumulative Foton’s Navarre power plant and Murcia power plant are the installed capacity of around XX MW; thereby accounting for largest CPV plants with installed capacities of XX MW and XX XX% of the global CPV installed capacity. Greece and Australia MW respectively. Globally, Spain has the largest market for have also attracted CPV system installers due to a high DNI CPV installations. In the US, the major emerging companies are concentration. These countries account for approximately XX% SolFocus, Amonix, EMCORE and . European and XX% of the global CPV cumulative installed capacity companies such as Concentrix, and ArimaEco respectively. have also started making progress in the CPV market.

Global Cumulative Installations to Reach XX GW by 2020 Concentrated PV Market, Global, Cumulative Installed Capacity by Country, %, 2010 The CPV market is expected to grow dramatically over the next three years. Companies that have successfully operated CPV The US prototype systems in pilot locations are progressing towards multi-megawatt CPV projects. With an increased understanding of CPV in terms of technology and investment, most of the Greece players have plans for large-scale CPV projects. Companies such as SolFocus, Amonix and ArimaEco are planning to Australia expand their production capacities in order to meet the Others upcoming demand. Countries such as Italy, China, Australia, Spain India and South Korea are proving to be important emerging markets in the CPV industry. Italy’s CPV FIT program and China’s low-cost production and high DNI in western region are Source: GlobalData, Primary Research attracting CPV investors in these countries.

Concentrated PV Market, Global, Installed Capacity, Venture Financing of Around $XXm in the CPV Market in MW, 2011-2020 2010 During 2006–2010 more than $XX billion deals have been completed in the global CPV market globally. As CPV is still an emerging technology there were approximately XX private equity and venture financing deals during the period. Centure financing increased from $XXm in 2006 to $XXm in 2010. The major venture financing deals were $XXm by HelioVolt Corporation, $XXm by eSolar, $XXm by Infinia, $XXm by Installed CapacityInstalled (MW) SolFocus and $XXm by Amonix.

2011 2015 2020 Annual Capacity Cumulative Installed

Source: GlobalData, Primary Research

GDAE1043MAR /Published APR 2011 Concentrated Photovoltaic (CPV) - Global Installation Size, Cost Analysis, Page 1 Efficiencies and Competitive Analysis to 2020 © GlobalData. This report is a licensed product and is not to be photocopied

1 Table of contents 1 Table of contents...... 2 1.1 List of Tables...... 5 1.2 List of Figures...... 6 2 Concentrated PV-Introduction ...... 8 2.1 Concentrated PV–Value Chain ...... 8 2.2 Concentrated PV–Comparison with Solar PV ...... 9 2.3 GlobalData Report Guidance...... 10 3 Concentrated PV–Technology Analysis...... 11 3.1 Concentrated PV–Major Components ...... 11 3.1.1 Concentrator Solar Cell:...... 11 3.1.2 Optical System ...... 12 3.1.3 Module Assembly ...... 12 3.1.4 Tracker...... 12 3.1.5 Inverter...... 12 3.2 Concentrated PV, Classification Based on Degree of Concentration...... 13 3.3 Concentrated PV Technologies...... 14 3.3.1 Fresnel Lens ...... 14 3.3.2 Parabolic Mirrors ...... 15 3.3.3 Reflectors...... 16 3.3.4 Luminescent Concentrators...... 16 3.4 Concentrated PV Efficiency ...... 17 4 Concentrated PV–Cost Analysis...... 19 4.1 Concentrated PV–Cost Break-up of HCPV Components...... 19 4.2 Concentrated PV–Cost Break-up of MCPV Components ...... 21 4.3 Concentrated PV–Levelized Cost of Electricity (LCOE)...... 23 5 Global Concentrated PV Market ...... 25 5.1 Overview...... 25 5.2 Global Concentrated PV Market, Installed Capacity, MW, 2006–2020...... 27 5.3 Global Concentrated PV Market, Power Generation, GWh, 2006–2020...... 29 5.4 Global Concentrated PV Market, Cumulative Installed Capacity by Concentration, 2010...... 31 5.5 Global Concentrated PV Market, Installed Capacity by Country, 2010...... 32 5.6 Global Concentrated PV Market, Average Installation Price, $/watt, 2006–2020 ...... 33 5.7 Global Concentrated PV Market, Market Value Forecasts, $m, 2006–2020 ...... 35 5.8 Global Concentrated PV Market, Key Drivers and Challenges...... 37 5.9 Global Concentrated Solar PV Market, Investment Analysis...... 40 5.10 Global Concentrated PV Market, Competitive Landscape ...... 42 5.10.1 Global Concentrated Solar PV Market, Market Share, 2010 ...... 42 5.10.2 Global Concentrated Solar PV Market, Comparative Analysis, 2010...... 43 6 The US Concentrated PV Market ...... 50 6.1 Overview...... 50 6.2 Concentrated PV Market, the US, Installed Capacity, MW, 2006-2020 ...... 51 6.3 Concentrated PV Market, the US, Power Generation, GWh, 2006-2020...... 53 6.4 Concentrated PV Market, the US, Average Installation Price, $/watt, 2006-2020...... 55 6.5 Concentrated PV Market, the US, Market Value Forecasts, $m, 2006-2020...... 57 6.6 Concentrated Solar PV Market, the US, Investment Analysis ...... 59 6.7 Concentrated Solar PV Market, the US, Regulatory Framework...... 60 6.7.1 Concentrated Solar PV Market, the US, Regulatory Framework, Overview ...... 60 6.7.2 Concentrated Solar PV Market, the US, Major Policies and Incentives...... 60 6.8 Concentrated Solar PV Market, the US, California, Status and Policies ...... 62 6.8.1 Concentrated Solar PV Market, the US, California, Go Solar Campaign...... 62 6.8.2 Concentrated Solar PV Market, the US, California, IID Energy - PV Solutions Rebate Program ...... 64 6.8.3 Concentrated Solar PV Market, the US, California, Roseville Electric - PV Buy down Program ...... 64 6.8.4 Concentrated Solar PV Market, the US, California, Property Tax Exclusion for Solar Energy Systems ...... 64 6.8.5 Concentrated Solar PV Market, the US, California, Government Subsidies...... 64 6.9 Concentrated Solar PV Market, the US, Colorado, Major Policies and Incentives...... 65

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6.9.1 Concentrated Solar PV Market, the US, Colorado, Solar Construction Permitting Standards ...... 65 6.9.2 Concentrated Solar PV Market, the US, Colorado, Solar Electric Rebate Program ...... 65 6.9.3 Concentrated Solar PV Market, the US, Colorado, Orphan Solar...... 65 6.9.4 Concentrated Solar PV Market, the US, Colorado, Boulder - Solar Access Ordinance...... 66 6.9.5 Concentrated Solar PV Market, the US, Colorado, Black Hills Energy - On-Site Solar PV Rebate Program ...... 66 6.9.6 Concentrated Solar PV Market, the US, Colorado, Xcel Energy – Solar Rewards Program 66 6.9.7 Concentrated Solar PV Market, the US, Colorado, Boulder – Solar Sales and Use Tax Rebate ...... 66 6.9.8 Concentrated Solar PV Market, the US, Colorado, Boulder – Climate Smart Solar Grant Program ...... 66 6.9.9 Concentrated Solar PV Market, the US, Colorado, CORE – Solar Pioneer Rebate Program ...... 67 6.10 Concentrated Solar PV Market, the US, Iowa, Major Policies and Incentives ...... 67 6.10.1 Concentrated Solar PV Market, the US, Iowa, Solar Energy Equipment Exemption...... 67 6.10.2 Concentrated Solar PV Market, the US, Iowa, Property Tax Exemption for Solar Systems 67 6.10.3 Concentrated Solar PV Market, the US, Iowa, Solar Access Easements...... 67 6.11 Concentrated Solar PV Market, the US, Minnesota, Major Policies and Incentives...... 68 6.11.1 Concentrated Solar PV Market, the US, Minnesota, Solar Equipment Certification...... 68 6.11.2 Concentrated Solar PV Market, the US, Minnesota, Solar Easements ...... 68 6.11.3 Concentrated Solar PV Market, the US, Minnesota, Austin Utilities - Solar Choice Program ...... 68 6.11.4 Concentrated Solar PV Market, the US, Minnesota, Solar-Electric (PV) Rebate Program .. 68 6.11.5 Concentrated Solar PV Market, the US, Minnesota, Solar Energy Legacy Grants for Local Governments...... 69 6.11.6 Concentrated Solar PV Market, the US, Minnesota, Solar System- Property Tax Exemption ...... 69 6.11.7 Concentrated Solar PV Market, the US, Minnesota, Solar Energy Sales Tax Exemption ... 69 6.12 Concentrated Solar PV Market, the US, Nevada, Major Policies and Incentives...... 69 6.12.1 Concentrated Solar PV Market, the US, Nevada, Nevada Solar Access Law ...... 69 6.12.2 Concentrated Solar PV Market, the US, Nevada, Solar Contractor Licensing...... 70 6.12.3 Concentrated Solar PV Market, the US, Nevada, Portfolio Energy Credits ...... 70 6.12.4 Concentrated Solar PV Market, the US, Nevada, Renewable Generations Rebate Program – Solar PV...... 70 6.13 Concentrated Solar PV Market, the US, New Jersey, Major Policies and Incentives...... 71 6.13.1 Concentrated Solar PV Market, the US, New Jersey, Special Provisions for Solar in the RPS ...... 71 6.13.2 Concentrated Solar PV Market, the US, New Jersey, New Jersey Solar Certificate (SREC) Program ...... 71 6.13.3 Concentrated Solar PV Market, the US, New Jersey, Renewable Energy Incentive Program (REIP), Upfront Incentive for Solar Systems ...... 72 6.13.4 Concentrated Solar PV Market, the US, New Jersey, Solar Energy Sales Tax Exemption . 72 6.13.5 Concentrated Solar PV Market, the US, New Jersey, Solar Easements ...... 72 6.13.6 Concentrated Solar PV Market, the US, New Jersey, Solar Access Law...... 72 6.14 Concentrated Solar PV Market, the US, New York, Major Policies and Incentives...... 72 6.14.1 Concentrated Solar PV Market, the US, New York, Solar Easements ...... 72 6.14.2 Concentrated Solar PV Market, the US, New York, NYSERDA – PV Incentive Program.... 72 6.14.3 Concentrated Solar PV Market, the US, New York, Solar Sales Tax Exemption...... 73 6.14.4 Concentrated Solar PV Market, the US, New York, Solar Tax Credit ...... 73 6.14.5 Concentrated Solar PV Market, the US, New York, New York City– Property Tax Abatement for Photovoltaic (PV) Equipment Expenditure...... 73 6.15 Concentrated Solar PV Market, the US, Oregon, Major Policies and Incentives ...... 74 6.15.1 Concentrated Solar PV Market, the US, Oregon, Solar Access Laws...... 74 6.15.2 Concentrated Solar PV Market, the US, Oregon, Solar Energy Systems on Public Buildings...... 74 6.15.3 Concentrated Solar PV Market, the US, Oregon, BEF– Solar 4R Schools...... 74 6.15.4 Concentrated Solar PV Market, the US, Oregon, Energy Trust– Solar Electric Buy-Down Program ...... 75 6.16 Concentrated Solar PV Market, the US, Texas, Major Policies and Incentives ...... 75 6.16.1 Concentrated Solar PV Market, the US, Texas, Solar Energy Device Franchise Tax Deduction...... 75 6.16.2 Concentrated Solar PV Market, the US, Texas, Solar Energy Business Franchise Tax Exemption...... 75

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6.17 Concentrated Solar PV Market, the US, Washington, Major Policies and Incentives ...... 76 6.17.1 Concentrated Solar PV Market, the US, Washington, Solar Easements...... 76 6.17.2 Concentrated Solar PV Market, the US, Washington, Solar Tax Abatement for Solar Manufacturers ...... 76 6.17.3 Concentrated Solar PV Market, the US, Washington, Solar Bonneville Environmental Foundation's (BEF) Solar 4R Schools program...... 76 7 Spain Concentrated PV Market ...... 77 7.1 Overview...... 77 7.2 Concentrated PV Market, Spain, Installed Capacity, MW, 2006-2020...... 78 7.3 Concentrated PV Market, Spain, Power Generation, GWh, 2006-2020...... 80 7.4 Concentrated PV Market, Spain, Average Installation Price, $/watt, 2006-2020 ...... 82 7.5 Concentrated PV Market, Spain, Market Value Forecasts, $m, 2006-2020 ...... 84 7.6 Concentrated PV Market, Spain, Investments Analysis ...... 85 7.7 Concentrated PV Market, Spain, Regulatory Framework...... 86 7.7.1 Solar Feed-in Tariff Law...... 86 7.7.2 Building Codes for Solar ...... 87 7.7.3 Tax Credit ...... 87 7.7.4 Solar PV R&D Initiatives ...... 87 7.7.5 Solar PV Support Measures...... 88 7.7.6 New Reduced Solar Feed-in Tariffs...... 88 8 Concentrated PV Market in Emerging Countries ...... 89 8.1 Concentrated PV Market, China, Overview...... 89 8.1.1 Concentrated PV Market, China, Installed Capacity, MW, 2011-2020...... 89 8.1.2 Concentrated PV Market, China, Power Generation, GWh, 2011-2020...... 91 8.1.3 Concentrated PV Market, China, Average Installation Price, $/kW, 2011–2020...... 92 8.1.4 Concentrated PV Market, China, Market Value Forecasts, $m, 2011-2020 ...... 93 8.1.5 Concentrated PV Market, China, Investments Analysis ...... 94 8.1.6 Concentrated PV Market, Emerging, Regulatory Framework...... 95 8.2 Concentrated PV Market, Australia, Overview ...... 97 8.2.1 Concentrated PV Market, Australia, Installed Capacity, MW, 2011-2020...... 98 8.2.2 Concentrated PV Market, Australia, Power Generation, GWh, 2011-2020 ...... 99 8.2.3 Concentrated PV Market, Australia, Average Installation Price, $/Kw, 2011-2020...... 100 8.2.4 Concentrated PV Market, Australia, Market Value Forecasts, $m, 2011-2020...... 101 8.2.5 Concentrated PV Market, Australia, Investments Analysis...... 102 8.2.6 Concentrated PV Market, Australia, Regulatory Framework ...... 103 8.3 Concentrated PV Market, Italy, Overview ...... 107 8.3.1 Concentrated PV Market, Italy, Installed Capacity, MW, 2011-2020...... 108 8.3.2 Concentrated PV Market, Italy, Power Generation, GWh, 2011-2020 ...... 109 8.3.3 Concentrated PV Market, Italy, Average Installation Price, $/watt, 2011-2020...... 110 8.3.4 Concentrated PV Market, Italy, Market Value Forecasts, $m, 2011-2020...... 111 8.3.5 Concentrated PV Market, Italy, Investments Analysis...... 112 8.3.6 Concentrated PV Market, Italy, Regulatory Framework ...... 113 9 Appendix...... 116 9.1 List of Abbreviations ...... 116 9.2 Methodology ...... 117 9.2.1 Coverage ...... 117 9.2.2 Secondary Research ...... 117 9.2.3 Primary Research...... 118 9.2.4 Contact Us ...... 118 9.2.5 Disclaimer ...... 118

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1.1 List of Tables Table 1: HCPV, Global, System Efficiency, %, 2006-2020 ...... 18 Table 2: Concentrated PV, Global, HCPV System Cost Break–up, %, 2010 ...... 19 Table 3: Concentrated PV, HCPV System Cost Break-up Scenario, $/Wp, 2010 and 2014 ...... 20 Table 4: Concentrated PV, Global, MCPV System Cost Break–up, %, 2010...... 21 Table 5: Concentrated PV, MCPV System Cost Break-up Scenario, $/Wp, 2010 and 2012...... 22 Table 6: Concentrated PV, Levelized Cost of Electricity (LCOE), € cents / kWh, 2010 ...... 24 Table 7: Concentrated PV, Global, Installed Capacity, MW, 2006–2010...... 27 Table 8: Concentrated PV, Global, Installed Capacity, MW, 2011-2020...... 28 Table 9: Concentrated PV, Global, Power Generation, GWh, 2006-2010...... 29 Table 10: Concentrated PV, Global, Power Generation, GWh, 2011-2020...... 30 Table 11: Concentrated PV Market, Global, Cumulative Installed Capacity by Concentration, %, 2010 . 31 Table 12: Concentrated PV Market, Global, Cumulative Installed Capacity by Country, %, 2010...... 32 Table 13: HCPV, Global, Average Installation Price, $/watt, 2006-2020 ...... 34 Table 14: Concentrated PV Market, Global, Market Value Forecasts, $m, 2006–2020...... 36 Table 15: Concentrated Solar PV Market, Global, Venture Financing Deals, $m, 2006-2010 ...... 40 Table 16: Concentrated Solar PV Market, Global, Market Share, %, 2010...... 42 Table 17: Concentrated PV Market, the US, Installed Capacity, MW, 2006–2010...... 51 Table 18: Concentrated PV Market, the US, Installed Capacity, MW, 2011-2020...... 52 Table 19: Concentrated PV Market, the US, Power Generation, GWh, 2006-2010 ...... 53 Table 20: Concentrated PV Market, the US, Power Generation, GWh, 2011–2020...... 54 Table 21: HCPV, the US, Average Installation Price, $/watt, 2006-2020...... 56 Table 22: Concentrated PV Market, the US, Market Value Forecasts, $m, 2006-2020...... 58 Table 23: The US, Go Solar California Campaign, by Program Component, 2007-2016 ...... 62 Table 24: The US, California Solar Initiative, by Program Component, 2007-2016...... 62 Table 25: The US, California, Ten Step Decrease in Payment Level, 2010...... 63 Table 26: The US, California, Cost of Installation Of Solar System In California, Post Rebates, 2010.... 65 Table 27: The US, Colorado, Core-Solar Pioneer Rebate Program, 2010 ...... 67 Table 28: The US, New Jersey, RPS, Solar Alternative Compliance Payment Amount, 2010...... 71 Table 29: Concentrated PV Market, Spain, Installed Capacity, MW, 2006-2010 ...... 78 Table 30: Concentrated PV Market, Spain, Installed Capacity, MW, 2011-2020 ...... 79 Table 31: Concentrated PV Market, Spain, Power Generation, GWh, 2006-2010...... 80 Table 32: Concentrated PV Market, Spain, Power Generation, GWh, 2011-2020...... 81 Table 33: HCPV, Spain, Average Installation Price, $/watt, 2006-2020 ...... 83 Table 34: Concentrated PV Market, Spain, Market Value Forecasts, $m, 2006-2020...... 85 Table 35: Spain, New Feed-in-Tariff, € / kWh, 2009...... 87 Table 36: Spain, Tax Rebate By Year, 2008-2010...... 87 Table 37: Spain, Solar PV Support Measures, 2009...... 88 Table 38: Concentrated PV Market, China, Installed Capacity, MW, 2011-2020 ...... 90 Table 39: Concentrated PV Market, China, Power Generation, GWh, 2011–2020 ...... 91 Table 40: HCPV, China, Average Installation Price, $/watt, 2011-2020 ...... 93 Table 41: Concentrated PV Market, China, Market Value Forecasts, $m, 2011-2020 ...... 94 Table 42: Concentrated PV Market, Australia, Installed Capacity, MW, 2011-2020...... 99 Table 43: Concentrated PV Market, Australia, Power Generation, GWh, 2011-2020...... 100 Table 44: HCPV, Australia, Average Installation Price, $/watt, 2011-2020...... 101 Table 45: Concentrated PV Market, Australia, Market Value Forecasts, $m, 2011-2020...... 102 Table 46: Solar Homes and Communities Plan, Australia, Summary Of Rebates And Grants ...... 104 Table 47: Australia, , Summary of States Solar Feed-in Programs...... 105 Table 48: Concentrated PV Market, Italy, Installed Capacity, MW, 2011-2020...... 109 Table 49: Concentrated PV Market, Italy, Power Generation, GWh, 2011-2020...... 110 Table 50: HCPV, Italy, Average Installation Price, $/watt, 2011-2020...... 111 Table 51: Concentrated PV Market, Italy, Market Value Forecasts, $m, 2011-2020...... 112 Table 52: Ordinary PV Plants, Italy, FIT, €/kWh, 2011...... 114 Table 53: Integrated PV Plants With Innovative Features, Italy, FIT, €/kWh, 2011 ...... 114 Table 54: Concentrated Photovoltaic Plants, Italy, FIT, €/kWh, 2011...... 114 Table 55: Abbreviations...... 116

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1.2 List of Figures Figure 1: Concentrated PV–Value Chain...... 8 Figure 2: Concentrated PV–Comparison with Solar PV...... 9 Figure 3: Concentrated PV–Major Components...... 11 Figure 4: Concentrated PV, Difference Between Low Concentrating PV and High Concentrating PV.... 13 Figure 5: Concentrated PV, Basic Technology...... 14 Figure 6: Concentrated PV Technology, Fresnel Lens ...... 14 Figure 7: Concentrated PV Technology, Parabolic Mirrors ...... 15 Figure 8: Concentrated PV Technology, Reflectors...... 16 Figure 9: Concentrated PV Technology, Luminescent Concentrators ...... 16 Figure 10: HCPV, Global, System Efficiency, %, 2006-2020 ...... 17 Figure 11: Concentrated PV, Global, HCPV System Cost Break–up, %, 2010...... 19 Figure 12: Concentrated PV, HCPV System Cost Break-up Scenario, $/Wp, 2010 and 2014...... 20 Figure 13: Concentrated PV, Global, MCPV System Cost Break–up, %, 2010...... 21 Figure 14: Concentrated PV, MCPV System Cost Break-up Scenario, $/Wp, 2010 and 2012...... 22 Figure 15: Concentrated PV, Levelized Cost of Electricity (LCOE), € cents / kWh, 2010 ...... 23 Figure 16: Concentrated PV Market, Global, Direct Normal Irradiance, kWh/m2 per day ...... 25 Figure 17: Concentrated PV, Global, Installed Capacity, MW, 2006–2010...... 27 Figure 18: Concentrated PV, Global, Installed Capacity, MW, 2011-2020...... 28 Figure 19: Concentrated PV, Global, Power Generation, GWh, 2006-2010 ...... 29 Figure 20: Concentrated PV, Global, Power Generation, GWh, 2011-2020 ...... 30 Figure 21: Concentrated PV Market, Global, Cumulative Installed Capacity by Concentration, %, 2010 . 31 Figure 22: Concentrated PV Market, Global, Cumulative Installed Capacity by Country, %, 2010...... 32 Figure 23: HCPV, Global, Average Installation Price, $/watt, 2006-2020 ...... 33 Figure 24: Concentrated PV Market, Global, Market Value Forecasts, $m, 2006–2020...... 35 Figure 25: Concentrated Solar PV Market, Global, Key Drivers and Challenges ...... 37 Figure 26: Concentrated Solar PV Market, Global, Impact of Key Drivers...... 38 Figure 27: Concentrated Solar PV Market, Global, Impact of Key Challenges...... 39 Figure 28: Concentrated Solar PV Market, Global, Venture Financing Deals, $m, 2006-2010 ...... 40 Figure 29: Concentrated Solar PV Market, Global, Investment Analysis ...... 41 Figure 30: Concentrated Solar PV Market, Global, Market Share, %, 2010...... 42 Figure 31: Concentrated Solar PV Market, Global, Comparative Analysis, 2010...... 43 Figure 32: Concentrated Solar PV Market, Global, Comparative Analysis-Global Presence, 2010...... 44 Figure 33: Concentrated Solar PV Market, Global, Comparative Analysis - CPV Installations, 2010...... 45 Figure 34: Concentrated Solar PV Market, Global, Comparative Analysis - Certifications, 2010 ...... 46 Figure 35: Concentrated Solar PV Market, Global, Comparative Analysis - Production Capacity, 2010 .. 47 Figure 36: Concentrated Solar PV Market, Global, Comparative Analysis-Funding, 2010...... 48 Figure 37: Concentrated Solar PV Market, Global, Comparative Analysis-Partnerships, 2010...... 49 Figure 38: Concentrated PV Market, the US, Direct Normal Irradiance, kWh/m2 per day...... 50 Figure 39: Concentrated PV Market, the US, Installed Capacity, MW, 2006–2010...... 51 Figure 40: Concentrated PV Market, the US, Installed Capacity, MW, 2011-2020...... 52 Figure 41: Concentrated PV Market, the US, Power Generation, GWh, 2006-2010 ...... 53 Figure 42: Concentrated PV Market, the US, Power Generation, GWh, 2011-2020 ...... 54 Figure 43: HCPV, the US, Average Installation Price, $/watt, 2006-2020...... 55 Figure 44: Concentrated PV Market, the US, Market Value Forecasts, $m, 2006-2020...... 57 Figure 45: Concentrated Solar PV Market, the US, Investment Analysis...... 59 Figure 46: Concentrated PV Market, Spain, Direct Normal Irradiance, kWh/m2 annually ...... 77 Figure 47: Concentrated PV Market, Spain, Installed Capacity, MW, 2006-2010 ...... 78 Figure 48: Concentrated PV Market, Spain, Installed Capacity, MW, 2011-2020 ...... 79 Figure 49: Concentrated PV Market, Spain, Power Generation, GWh, 2006-2010...... 80 Figure 50: Concentrated PV Market, Spain, Power Generation, GWh, 2011-2020...... 81 Figure 51: HCPV, Spain, Average Installation Price, $/watt, 2006-2020 ...... 82 Figure 52: Concentrated PV Market, Spain, Market Value Forecasts, $m, 2006-2020...... 84 Figure 53: Concentrated PV Market, Spain, Investments Analysis ...... 86 Figure 54: Concentrated PV Market, China, Direct Normal Irradiance, kWh/m2 per day ...... 89 Figure 55: Concentrated PV Market, China, Installed Capacity, MW, 2011-2020 ...... 90 Figure 56: Concentrated PV Market, China, Power Generation, GWh, 2011–2020 ...... 91 Figure 57: HCPV, China, Average Installation Price, $/watt, 2011-2020 ...... 92 Figure 58: Concentrated PV Market, China, Market Value Forecasts, $m, 2011-2020 ...... 93 Figure 59: Concentrated PV Market, China, Investments Analysis ...... 95 Figure 60: Concentrated PV Market, Australia, Direct Normal Irradiance, kWh/m2 per day...... 97 Figure 61: Concentrated PV Market, Australia, Installed Capacity, MW, 2011-2020...... 98

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Figure 62: Concentrated PV Market, Australia, Power Generation, GWh, 2011-2020...... 99 Figure 63: HCPV, Australia, Average Installation Price, $/watt, 2011-2020...... 100 Figure 64: Concentrated PV Market, Australia, Market Value Forecasts, $m, 2011-2020...... 101 Figure 65: Concentrated PV Market, Australia, Investments Analysis...... 103 Figure 66: Concentrated PV Market, Italy, Direct Normal Irradiance, kWh/m2 annually...... 107 Figure 67: Concentrated PV Market, Italy, Installed Capacity, MW, 2011-2020...... 108 Figure 68: Concentrated PV Market, Italy, Power Generation, GWh, 2011-2020...... 109 Figure 69: HCPV, Italy, Average Installation Price, $/watt, 2011-2020...... 110 Figure 70: Concentrated PV Market, Italy, Market Value Forecasts, $m, 2011-2020...... 111 Figure 71: Concentrated PV Market, Italy, Investments Analysis...... 113

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2 Concentrated PV-Introduction In the 1970s the first Arab oil embargo caused the US to focus on future energy independence. The US then began to develop its research and development in solar energy as a reliable alternative source of energy. The solar PV group identified three major methods of producing low cost solar power at differing efficiencies. Through the first approach the Caltech Jet Propulsion Lab (JPL) sponsored efforts to produce solar power through silicon solar cells. The second effort, sponsored by the National Renewable Energy Lab (NREL), attempted to manufacture less costly modules utilizing thin film technology. Finally, the third effort, sponsored by Sandia National Labs focused on concentrator technology to enhance the efficiency of solar modules, thereby decreasing the cost of solar power. Concentrated photovoltaic (CPV) is an emerging technology in the solar energy industry. The sun’s rays are concentrated through a lens or a mirror onto highly efficient solar cells thus increasing the power output of the system. These solar panels are mounted on a tracing system for maximum utilization of sunlight. With increased efficiency, the CPV system produces low cost solar power due to low manufacturing costs and needs fewer raw materials and less land in comparison to the traditional solar PV systems. Around XX% of the solar panel can be recycled due to the usage of raw materials such as glass and aluminum.

2.1 Concentrated PV–Value Chain The CPV value chain consists of: Raw Material Procurement: Raw materials such as silicon, gallium and indium for manufacturing silicon cells and III–IV multijunction cells. It comprises companies that supply silicon and elements in the III and the V column of the periodic table. Component Supply: The CPV system major components are cells, heat sink, optics, trackers and inverters. It comprises companies that manufacture and supply these components. CPV Module: The CPV module manufacturing will consist of companies assembling solar cells and optics. These companies can also integrate into solar cell manufacturing, system integration and CPV installation. CPV System: The CPV system will consist of integration of the CPV module, inverters, trackers and other components of the system. These companies usually participate in CPV installations. CPV Power Plant: The CPV power plant is mainly for companies that manufacture high concentrated photovoltaic (HCPV) systems as they are used for utility-scale projects. Low concentrated photovoltaic (LCPV) systems are typically used for commercial and roof-top installations.

Figure 1: Concentrated PV–Value Chain

Raw Materials Components CPV Module CPV System CPV Power Supply Plant

Cells Heat Sink Optics Balance of Systems

• Mono c-Si • Active • Mirrors • Tracking systems • Back contact c-Si • Passive • Lens • Inverters • III – V multijunction • Prisms • Others

Source: GlobalData

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2.3 GlobalData Report Guidance  The report analyzes the global and country-wise markets for CPV covering market value and market volume of CPV installations, CPV technology analysis, CPV cost analysis, key drivers and challenges, CPV investment analysis and comparative analysis of major CPV market players. It also covers the forecasted CPV market scenario until 2020.  The introductory section of this report in chapter three discusses the concept of CPV, its value chain and comparison with standard PV technology.  The next chapter covers the CPV technology analysis, explaining the CPV components, CPV bifurcation based on concentration, basic CPV technologies utilized by firms and CPV efficiencies in terms of systems, modules and cells.  The next chapter analyzes the CPV cost structure. It also provides analyses on the Levelized Cost of Energy (LCOE) at varying system costs and DNI.  The next chapter covers the global CPV market, outlining the market dynamics until 2020 in terms of volume and value. The report also provides the global market share of major CPV players in terms of volume. It also provides key drivers and challenges and investment analysis for the CPV market.  The next chapter covers the US V2G market, focusing on the present and upcoming market scenario. The chapter discusses CPV market aspects, the US policies and investment analysis related to CPV market in the country.  The next chapter analyzes the Spanish CPV market, focusing on the present and upcoming market scenario. Policies, key drivers and restraints, and investment analysis for the CPV market in this country are also discussed.  Chapter 8 focuses on three major emerging CPV countries, China, Australia and Italy. This chapter discusses on the expected CPV market growth, policies and investment analysis for the countries.

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5.4 Global Concentrated PV Market, Cumulative Installed Capacity by Concentration, 2010 The global CPV market is segmented into three types of players. This segmentation is based on the DNI concentration for installing CPV systems. Based on this, the percentage of HCPV cumulative installed capacity in 2010 was XX% with around XX MW of installations. However, the LCPV and MCPV accounted for XX% of the total share with around XX MW of cumulative installed capacity. As HCPV system is a much more developed technology than LCPV and is being installed on a larger scale, HCPV market players dominate the market. According to a research report issued by the CPV Consortium, the cumulative installed base for HCPV in 2009 was around XX MW. While the numbers are not yet final for 2010 deployments, according to Nancy Hartsoch, Chairman of the CPV Consortium and VP of Marketing and Business Development, the expectation is that 2010 brought the installed base up to around XX MW.

Figure 21: Concentrated PV Market, Global, Cumulative Installed Capacity by Concentration, %, 2010

HCPV

LCPV+ MCPV

Source: GlobalData, Primary Research

Table 11: Concentrated PV Market, Global, Cumulative Installed Capacity by Concentration, %, 2010 CPV System Type Percentage Cumulative Installed Capacity (%) HCPV MCPV + LCPV

Source: GlobalData, Primary Research

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5.7 Global Concentrated PV Market, Market Value Forecasts, $m, 2006–2020 The CPV market did not experienced much growth from 2006-2010 on account of the technological advancements and companies working on pilot or prototype CPV projects to test the feasibility of the CPV systems. However the decline in the cost of installations has fostered the market’s value growth during the period 2006-2010. The global CPV market has increased to $XXm in 2010 from $XXm in 2006 at a CAGR of XX%. During the forecast period the CPV market value is expected to depict high growth traction due to strong installation growth. Reductions in the cost of installations will also continue to drive the market’s growth through to 2020. However, as large-scale CPV projects are expected to come online in 2012 with not much reduction in installation price, the market value in 2012 is expected to increase to $XXm. GlobalData projects the global CPV market will reach $XXm by 2020 at a CAGR of XX% from $XXm in 2010.

Figure 24: Concentrated PV Market, Global, Market Value Forecasts, $m, 2006–2020 $ $ m

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Source: GlobalData, Primary Research

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9 Appendix 9.1 List of Abbreviations

Table 55: Abbreviations CPV Concentrated Photovoltaic NREL Jet Propulsion Lab OPV National Renewable Energy Lab BPC Back Point Contact GaAs Gallium Arsenide MW Megawatts GaP Gallium Phosphide CAGR Compounded Annual Growth Rate InP Indium Phosphide DNI Direct Normal Irradiation LCOE Levelized Cost of Electricity BOS Balance of System EC European Commission Y-o-Y Year-on-Year CAPEX Capital Expenditure NEA New Enterprise Associates SAI Solar America Initiative DPMC Dongshan Precision Manufacturing Company CSP Concentrated Solar Power UPM University of Madrid ISE Institute of Solar Energy PARC Palo Alto Research Center HCPV High Concentrated Photovoltaic LCPV Low Concentrated Photovoltaic MCPV Medium Concentrated Photovoltaic ARRA American Recovery and Reinvestment Act ACES American Clean Energy Security Act FERC Federal Energy Regulatory Commission ITC Investment Tax Credit SEIA Solar Energy Industries Association SAI Solar America Initiative DSIRE The Database of State Incentives for Renewable Energy CSI California Solar Initiative FIT Feed-in- Tariff kWh Kilowatt hour CPUC California Public Utility Commission CEC California Energy Commission IDAE Institute for Diversification and Energy Saving NSHP New Solar Homes Partnership POU Publicly Owned Utilities MPR Market Price Referent

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EPBI Expected Performance-Based Incentive m Million CEDF Clean Energy Development Fund SMIG Solar Manufacturing Incentive Grant BIPV Building Integrated Photovoltaic Program PTC Production Tax Credits ITC Investment Tax Credit GST Goods and Services Tax DOE Department of Energy BIPV Building Integrated Photovoltaic Source: GlobalData

9.2 Methodology GlobalData’s dedicated research and analysis teams consists of experienced professionals with a pedigree in marketing, market research, a consulting background in the energy industry and advanced statistical expertise. GlobalData adheres to the Codes of Practice of the Market Research Society (www.mrs.org.uk) and the Society of Competitive Intelligence Professionals (www.scip.org). 9.2.1 Coverage The objective of updating GlobalData coverage is to ensure that it represents the most up to date vision of the industry possible. Changes to industry taxonomy are built on the basis of extensive research of companies, associations and competitor sources.

 Company coverage is based on three key factors: market capitalization, revenues and media attention and innovation and market potential.  An exhaustive search of 56 member exchanges is conducted and companies are prioritized on the basis of their market capitalization.  The estimated revenues of all major companies, including private and governmental, are gathered and used to prioritize coverage.  Companies which are making the news, or which are of particular interest due to their innovative approach are prioritized.  GlobalData aims to cover all major news events and deals in the alternative energy industry, updated on a daily basis.  The coverage is further streamlined and strengthened with additional inputs from GlobalData expert panel (see below). 9.2.2 Secondary Research The research process begins with exhaustive secondary research on internal and external sources being carried out to source qualitative and quantitative information relating to each market. The secondary research sources that are typically referred to include, but are not limited to:

 Company websites  Industry trade journals and other literature  Internal and external proprietary databases  News articles, press releases and presentations specific to the companies operating in the market

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9.2.3 Primary Research GlobalData conducts exhaustive primary interviews a year with industry participants and commentators in order to validate its data and analysis. A typical research interview fulfills the following functions:

 It provides first-hand information on the market size, market trends, growth trends, competitive landscape and future outlook.  Helps in validating and strengthening the secondary research findings.  Further develops the analysis team’s expertise and market understanding.

Primary research involves e-mail correspondence and telephone interviews as well as face-to-face interviews for each market, category, segment and sub-segment across geographies.  The participants who typically take part in such a process include, but are not limited to:  Industry participants: CEOs, VPs, business development managers, market intelligence managers and national sales managers.  Outside experts: Investment bankers, valuation experts, research analysts and key opinion leaders specializing in alternative energy industry. 9.2.4 Contact Us GlobalData is an industry analysis specialist company providing business information products and services. Our highly qualified team of Analysts, Researchers, and Solution Consultants use proprietary data sources and various tools and techniques to gather, analyze and represent the latest and the most reliable information essential for businesses to sustain a competitive edge.

9.2.5 Disclaimer All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher, GlobalData. The facts of this report are believed to be correct at the time of publication but cannot be guaranteed. Please note that the findings, conclusions and recommendations that GlobalData delivers will be based on information gathered in good faith from both primary and secondary sources, whose accuracy we are not always in a position to guarantee. As such GlobalData can accept no liability whatever for actions taken based on any information that may subsequently prove to be incorrect.

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