Concentrated solar power utilizes mirrors or lenses to concentrate a large area of sunlight onto a small area. It helps to drive traditional steam turbines for electricity production. Concentrated solar power systems are higher in efficiency than photovoltaic cells and useful for utility-scale power production. The rising demand for renewable energy sources and government support for sustainable power generation has boosted the adoption of concentrated solar solutions.
The global Concentrated Solar Power Market is estimated to be valued at US$ 6.76 Mn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the concentrated solar power market is advanced concentrated solar solutions to boost efficiency. To achieve renewable energy targets, concentrated solar power plant developers are focusing on advanced technologies like linear Fresnel reflectors and solar dish engines to boost efficiency. Linear Fresnel reflectors concentrate sunlight more efficiently than mirror arrays and have the potential to lower costs associated with land and support structures. Solar dish engines use a Stirling engine to convert solar thermal energy into electricity and have higher efficiency compared to traditional concentrated solar power systems. The adoption of these advanced solutions is expected to accelerate market growth over the forecast period.
Segment Analysis
The global Concentrated Solar Power (CSP) Market is dominated by the parabolic trough sub-segment. Parabolic trough systems use linear parabolic reflectors, with a receiver tube located at the focal point of the reflectors to generate heat. This configuration helps increase efficiency and reduces installation costs as compared to other CSP technologies.
Key Takeaways
The Global Concentrated Solar Power Market Size is expected to witness high growth during the forecast period of 2024 to 2030.
Regional analysis shows that the market in the Asia Pacific region is dominating currently and is expected to grow at the fastest rate during the forecast period. Factors such as supportive government policies and incentives for clean energy adoption in countries such as China, India and Japan are propelling the growth of the CSP market in the region.
Key players operating in the Concentrated Solar Power market are Airbus Group, Alcoa Corporation, Arconic Corporation, Boeing, Bombardier Inc., Collins Aerospace, Elbit Systems Ltd., Teijin, Lockheed Martin Corporation, and Triumph Group, Inc.
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Global Concentrated Solar Power Market was valued US$ 4.60 Bn in 2017 and is estimated to reach US$ 17.02 Bn by 2026 at a CAGR of about 19.82% during a forecast period.Global Concentrated Solar Power Market is segmented by Technology, Component, End-user and Geography.
Technology segment is divided into the parabolic trough, linear Fresnel, dish, power tower.
Based on the component, Global Concentrated Solar Power Market is categorized into power block, solar field and thermal energy storage system.
This growth can be attributed to gigantic proportion about more than 84% predominantly owing to the significant dispersion of the design accompanied by the ease in installation and usage.Based on the end user, the utility segment is projected to witness a high growth rate of the CAGR owing to the constructive government regulations towards accumulative the adoption of renewable sources of energy.
Innumerable economic and economic benefits existing by government bodies such as tax credits Feed in Tariffs will enhancement the concentrated solar power market growth during the forecast period.In terms of region, Europe is expected to dominate the growth in the global concentrated solar power market owing to administrative regulation in the European region concerning with carbon emissions.
The developing economies such as China and India are concentrated on renewable energy and mounted enormous capacity in recent years.Some of the major key players in the concentrated solar power market includes Soltigua, Engine, Aalborg CSP A/S , Abengoa Solar, S.A., Acwa Power, Alsolen, Archimedes Solar Energy, Bay solar CSP , Brightsource Energy, Inc., Cobra Energia, SCHOTT Solar AG, Solar Millennium AG, Acciona, BrightSource Energy Inc.Scope of the report for Global Concentrated Solar Power MarketGlobal Concentrated Solar Power Market, by Technology• Parabolic Trough• Linear Fresnel• Power Tower• Dish/Engine SystemGlobal Concentrated Solar Power Market, by Component• Power Block• Solar Field• Thermal Energy Storage SystemGlobal Concentrated Solar Power Market, End userGet Request For Discount:http://www.marketgrowthanalysis.com/reports/enquiry/224• Utilities• Enhanced Oil Recovery• Desalination• OthersGlobal Concentrated Solar Power Market, by Geography• North America• Europe• Asia Pacific• Middle East & Africa• Latin AmericaKey players in Global Concentrated Solar Power Market• extEra Energy Resources LLC• Esolar, Inc.• Frenell Gmbh• Nexans• Siemens Ag• Solar Reserve, Llc• Ibereolica Group• Solastor• Soltigua• Engie• Aalborg Csp A/S• Abengoa Solar, S.A.• Acwa Power• Alsolen• Archimedes Solar Energy• Baysolar Csp• Brightsource Energy, Inc.• Cobra Energia• SCHOTT Solar AG• Solar Millennium AG• Acciona• BrightSource Energy Inc.Full View of Report Analysis:http://www.marketgrowthanalysis.com/concentrated-solar-power-marketMarket Growth Analysis is one of the leading digital services provider and a result-oriented company based in Malaysia.
Concentrated Solar Power research report includes specific segments by region (country), by company, by Type and by Application.
This study provides information about the sales and revenue during the historic and forecasted period of 2015 to 2026.
Understanding the segments helps in identifying the importance of different factors that aid the market growth.
Download FREE Sample of this Report @ https://www.grandresearchstore.com/report-sample/global-concentrated-solar-power-2021-958Segment by TypeParabolic Trough CollectorSolar TowerOthersSegment by ApplicationGenerate ElectricityIndustrial HeatingOthersGlobal Concentrated Solar Power Market: Regional AnalysisThe report offers in-depth assessment of the growth and other aspects of the Concentrated Solar Power market in important regions, including the U.S., Canada, Germany, France, U.K., Italy, Russia, China, Japan, South Korea, Taiwan, Southeast Asia, Mexico, and Brazil, etc.
Key regions covered in the report are North America, Europe, Asia-Pacific and Latin America.The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region.
This section analyses region-wise revenue and volume for the forecast period of 2015 to 2026.
