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Global market for alternative solar technologies to reach over $22.8 billion in 2018

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Harmeet
New Update

WELLESLEY, USA: BCC Research reveals in its new report, GLOBAL MARKETS FOR ALTERNATIVE SOLAR PHOTOVOLTAIC TECHNOLOGIES, the global market for alternative solar technologies is expected to grow to more than $22.8 billion by 2018, with a five-year compound annual growth rate (CAGR) of 10.5 percent.

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Next-generation solar technologies, including organic photovoltaics (OPVs), multi-junction photovoltaics (MJPVs) and concentrating photovoltaics (CPVs), are starting to enter their commercial viability stage.

Over the next five years, OPVs are expected to reach $149 million in 2018, registering a 75.3 percent CAGR. Meanwhile, MJPVs and CPVs are projected to grow to $1.8 billion, at a 42.8 percent CAGR.

Alternative solar technologies represent a significant and growing opportunity in markets around the world. According to BCC Research, the cadmium-telluride (CdTE) and Copper-Indium-Gallium-(di)Selenide (CIGS) markets will maintain healthy growth rates of just under 10% annually with much more significant market sizes of about $7.9 billion and nearly $12.7 billion, respectively, by the end of 2018.

"A key component of the most successful alternative solar technologies firms' strategies from 2013 through 2018 will include concerted efforts to develop business opportunities in the emerging and frontier economies located outside of North America, Western Europe, Japan, and Australia," says BCC Research energy analyst Bryan Boots. "While growth will be strong in these regions, even greater growth opportunities may be found in regions such as Latin America and the Caribbean, and Africa and the Middle East."

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