The Global Concentrated Photovoltaic (CPV) Market was valued at USD 2.67 billion in 2016, and is expected to grow at CAGR of 11.02% over the forecast period 2020–2026. The key factors driving the market include augmenting CPV installations at public places, upscaling investment in the renewable energy and growing demand for grid-connected electricity.
Get Sample Report:https://dataintelo.com/request-sample/?reportId=49209
Recently, the CPV industry has witnessed turbulent times with the number of new installations significantly declining in 2015 as compared to the past. Many major CPV companies have exited the market owing to increased pressures from declining costs of other PV technologies where many others are facing difficulties in raising the capital required to experiment and grow.
This report on the global CPV market attempts at exploring the current state of the CPV market, technology, research, and innovations. The report also gives thorough insights into the market’s growth trajectory over the past few years, highlighting the shifting trends of consumers and technology developers in the global CPV market. Reliable qualitative and quantitative data pertaining to other crucial market elements is also included in the report.
Market Trends, Drivers, Restraints and Opportunity:
- Rising awareness regarding the use of renewable energy is likely to fuel the growth of the market. Rapid decrease in the photovoltaic modules has increased the demand for concentrated photovoltaic (CPV) globally.
- High efficiency and low-cost of CPV systems ensure wider adoption of this technology.
- Concentrated Photovoltaic (CPV) require less area for installation and hence are extensively employed globally.
- Low-cost and large-scale use of the CPV technology is anticipated to fuel market growth.
- High cost of CPV is likely to hamper the market growth.
- However, rising use of CPV in power plants across Asia-Pacific and the Middle East is driving the growth of the market.
- Governments enforcing rules to switch to renewable sources of energy and thus, are creating schemes and subsidies to encourage the adoption of green technology. This, in turn, is projected to create numerous opportunities.