Concentrated Solar Power Market 2020 Size, Demand, Cost Structures, and Future Forecasts to 2026
According to the report, the global concentrated solar power market generated $3.79 billion in 2018 and is estimated to reach $8.04 billion by 2026, registering a CAGR of 10.3% from 2019 to 2026.
Industrial sector to offer lucrative opportunities
On the basis of end user industry, the industrial sector accounted for more than two-fifths of the total market share in 2018, and is expected to maintain its dominance throughout the forecast period. Moreover, this segment is estimated to register the highest growth rate with a CAGR of 10.6% from 2019 to 2026.
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Parabolic trough segment to maintain its leadership status throughout the forecast period
Based on technology, the parabolic trough segment held the major share in 2018, contributing more than three-fifths of the total share, and is expected to maintain its leadership status throughout the forecast period. This is due to its prominence in usage as "hybrids" and utilization of fossil fuels for supplementing the solar output during low solar radiation.
Torchbearers of the industry
Leading market players analyzed in the research include Abengoa, SolarReserve, Acciona, ACWA Power, BrightSource Energy, Suntrace, GE Energy, Frenell GMBH, SCHOTT, and Siemens.
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Europe to maintain its dominating position by 2026
Europe contributed to the major share in 2018, accounting for more than two-fifths of the total market share, and will maintain its dominating position by 2026. This is attributed to rise in usage of CSP technology and supportive national policies. However, MEA would grow at the highest rate with a CAGR of 11.7% from 2019 to 2026, owing to increase in investments and initiation of awareness & knowledge projects in the region.
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