Concentrated Solar Power Market to Observe Strong Development by 2020 to 2026

Increased demand for renewable energy and the discovery of innovative ways to utilize solar energy in emerging countries have boosted the growth of the global concentrated solar power market. However, high initial investment hampers market growth. On the contrary, supportive government initiatives and the emergence of awareness programs are expected to create lucrative opportunities in the near future.

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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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. However, the solar power tower segment would register the highest CAGR of 12.5% from 2019 to 2026, owing to higher efficiency and better energy storage capability as compared to other technologies. Moreover, it provides convenience as reflectors can be adjusted to gain maximum exposure instead of the entire tower. The report also analyzes Fresnel reflectors and dish stirling.

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. This is due to demand for clean energy outlook with growth in industrialization and economic & environmental benefits of utilization of solar energy. The research also analyzes residential and commercial segments.

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The global concentrated solar power market is analyzed across various regions such as North America, Europe, Asia-Pacific, and MEA. The market across Europe held the largest share in 2018, contributing more than two-fifths of the market share. However, the market across MEA is estimated to register the fastest CAGR of 11.7% during the study period.

The global concentrated solar power market report provides an in-depth analysis of the market players such as Abengoa, SolarReserve, Acciona, ACWA Power, BrightSource Energy, Suntrace, GE Energy, Frenell GMBH, SCHOTT, and Siemens.

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