Concentrated Photovoltaic Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast (2022-2030)
Market Analysis Concentrated Photovoltaic (CPV) Market is projected to be worth USD 4.81 billion by 2028, registering a CAGR of 11.56% during the forecast period (2021 - 2028). Various factors are propelling the Concentrated Photovoltaic Market . According to the recent MRRF report, such factors include the burgeoning need for grid-connected electricity, rapid fall in the cost of conventional PV modules, growing awareness about the use of renewable power generation resources, rising investments in renewable energy worldwide, expanding and vast population base, growing infrastructural development activities, and strict environment protection regulations laid down by the government. On the contrary, the synchronization of the CPV tracking system may hinder the global concentrated photovoltaic (CPV) market growth over the forecast period. CPV tracking needs sufficient reliability and accuracy. Inefficient and improper tracking of such systems causes less energy output, thus impactin