photovoltaic (CPV) ( anced-technologies-and-global-market-research-33.html) technology involves the use of mirrors or reflectors to focus sunlight falling over a huge area onto a small set of PV cells, which then provide high power output and hence high power efficiency. CPV cells are also often equipped with trackers following the position of the sun to direct sun rays onto the reflector panel and then towards the array of PV cells.

 

The PV market is mainly composed of crystalline silicon, which offers high conversion efficiency; and thin film PV materials, which are gaining in popularity primarily due to their low production costs. However, CPV technology is still at a nascent stage; and its long-term success depends on its performance and reliability. Economies of scale are expected to reduce the currently high cost of CPV technology by about 20%.

Europe and Japan currently hold the maximum shares of the PV systems market. However, the U.S. market has the fastest growth rate, due to the alternative energy focus of the American Recovery and Reinvestment Act (ARRA). Various feed in tariffs, net metering and tax credit reforms by the U.S. government have also given significant stimulus for the production and use of solar energy. The federal government is also providing easy finance for the establishment of solar energy stations for terrestrial and building-integrated installations.