The Concentrating Solar Power by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Concentrating Solar Power , The concentrating solar power market size has grown rapidly in recent years. It will grow from $6.63 billion in 2023 to $7.9 billion in 2024 at a compound annual growth rate (CAGR) of 19.2%. The growth in the historic period can be attributed to government incentives, environmental concerns, energy security, global energy demand.
The concentrating solar power market size is expected to see rapid growth in the next few years. It will grow to $14.61 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%. The growth in the forecast period can be attributed to cost reductions, storage integration, policy support, climate change mitigation. Major trends in the forecast period include hybridization, advanced storage solutions, technological innovations, global market expansion, corporate commitments to sustainability, focus on decentralized energy production.
Growing demand for renewable energy is driving the growth of the concentrating solar power market. Renewable energy is collected from renewable resources such as wind, rain, sunlight, tides, waves, and geothermal heat that reduces the effects of global warming and rising issues related to fossil fuels. The rising demand for electricity coupled with the stringent regulations of greenhouse gas emissions supports the demand and adaption of renewable energy. Concentrating solar power technologies employ mirrors to concentrate (focus) the sun’s light energy and convert it to heat, which drives a turbine that generates electricity. For instance, according to IEA, a Paris-based autonomous intergovernmental organization, by 2026, global renewable electricity capacity is forecasted to rise more than 60% from 2020 levels to over 4,800 GW equivalents to the present total international power capacity of fossil fuels and nuclear combined.
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The concentrating solar power market covered in this report is segmented –
1) Concentrating Solar Power Market By Technology: Parabolic Trough, Solar Power Tower, Fresnel Reflectors, Dish Stirling
2) Concentrating Solar Power Market By Capacity: Less Than or Equal To 50 MW, Greater Than 50 MW To Less Than or Equal To 100 MW, Greater Than 100 MW
3) Concentrating Solar Power Market By Heat Transfer Fluid: Molten Salt, Water-Based, Oil-Based, Other Heat Transfer Fluids
4) Concentrating Solar Power Market By Storage: With Storage, Without Storage
5) Concentrating Solar Power Market By Application: Utility, EOR, Desalination, Other Applications
Top Major Players
Technological advancement is a key trend in the concentrating solar power market. Companies are investing in developing new technologies to increase energy generation capacity. For instance, in November 2021, SENER Renewable Investments, a subsidiary of the SENER Group that promotes and develops high-tech renewable energy projects, developed the first hybrid solar project in Spain, combining CSP technology with molten salt storage and photovoltaic technology. The SENERtrough® parabolic trough technology, invented and manufactured by SENER, will be used in the CSP facility, together with a molten salt heat storage system with two tanks, providing more than 1900 MWh thermal storage capacity and will be able to generate electricity 24 hours a day.
The concentrating solar power market report table of contents includes:
1. Executive Summary
2. Concentrating Solar Power Market Characteristics
3. Concentrating Solar Power Market Trends And Strategies
4. Concentrating Solar Power Market – Macro Economic Scenario
5. Global Concentrating Solar Power Market Size and Growth
…….
31. Global Concentrating Solar Power Market Competitive Benchmarking
32. Global Concentrating Solar Power Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Concentrating Solar Power Market
34. Concentrating Solar Power Market Future Outlook and Potential Analysis
35. Appendix
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