Global Concentrated Solar Power Market To Be Driven At A CAGR Of 9% In The Forecast Period Of 2023-2028
The new report by Expert Market Research titled, ‘Global Concentrated Solar Power Market Growth, Share, Size, Trends, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global concentrated solar power market, assessing the market based on its segments like technology, components, end use, and major regions like Asia Pacific, Europe, North America, Middle East and Africa and Latin America.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 4120.20 million
- Forecast CAGR (2023-2028): 9%
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The growth of global concentrated solar power market is driven by the increasing demand for carbon free energy sources. The rising awareness for the adverse impact of greenhouse gases on environment due to fossil fuel burning such as coal, oil and natural gas is expected to drive the market growth.
Additionally, the increasing global energy demand along with adoption of renewable sources of energy is anticipated to propel the market forward. However, the factors such as high initial capital investment, regular maintenance and intermittent nature of sunlight may constrain the market growth over the forecast period.
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Concentrated Solar Power Industry Definition and Major Segments
Concentrated solar power energy refers to the process of electricity generation using concentrated solar energy.
This is achieved using mirrors for focusing sun rays to achieve temperatures ranging from 400 to 1000 ° C for producing steam to run turbines. It is a carbon free source of electricity generation.
Based on technology, the market can be categorised into:
- Parabolic Trough
- Power Tower
- Linear Fresnel
- Dish/Engine System
The market on the basis of components is categorised into:
- Solar Field
- Power Block
- Thermal Energy Storage System
On the basis of end use, the market is segmented into:
- Utilities
- Enhanced Oil Recovery
- Others
The regional markets for concentrated solar power include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Concentrated Solar Power Market Trends
Regionally, the Asia Pacific is anticipated to dominate the global market for concentrated solar power. The region is also expected to witness the fastest growth rate over the forecast period owing to the rapid increase in the concentrated solar power plants installation in emerging economies such as China.
Meanwhile, Europe is projected to follow Asia Pacific due to increasing regulation and policies for shifting towards renewable sources of energy. North America and Middle East and Africa is further expected to show a significant share in the global market over the forecast period. This can be attributed to increasing investment and changing focus towards greener energy sources.
Key Market Players
The major players in the market are Abengoa Solar, S.A., Brightsource Energy, Inc., ACWA Power, Esolar Inc., Solarreserve, LLC, Aalborg CSP A/S., TSK Flagsol Engineering GmbH, and a few others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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