Concentrated Solar Power Market Projected to Cross $ 8,046.7 million By 2026

The concentrated solar power consumption is mainly driven by the growing demand for electricity in developing economies. In developed economies like the U.S. roughly 1,815 megawatts (MWac) of CSP plants are in operation. Ivanpah Solar Electric Generating System is one of the known concentrated solar power plant in the U.S. The Ivanpah facility has 392-megawatt solar generation plant consisting of 173,500 heliostats and three power towers with the capacity to offer clean, sustainable power to over 100,000 American homes. With more and more increasing use of solar energy as a renewable source of energy to reduce dependence on coal, the demand for concentrated solar power is expected to increase during the forecast period.

The report segments the concentrated solar power market on the basis of technology, end user industry, and region. Based on technology, the market is divided into parabolic trough, solar power tower, Fresnel reflectors, and dish Stirling. Based on technology, the parabolic trough segment dominated the market in 2017, owing to growing demand of electricity generation from parabolic trough technology.

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On the basis of end user industry, the market is classified into residential, commercial, and industrial. Based on end use industry, the industrial segment is expected to grow with the highest CAGR during the forecast period.

By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Based on region, Europe holds a dominant position in the global concentrated solar power market share and MEA is attributed to be the fastest growing region. The Asia-Pacific concentrated solar power market offers lucrative opportunities for key manufacturers, owing to rapid installation capacity of solar energy to increase renewable generation. In addition, China is actively boosting the growth of the market to cope up with its severe pollution problems and develop its domestic manufacturing industry. Furthermore, availability of low labor has led to increase in energy production through concentrated solar power, which fuels the growth of the market.

The key players contributing in the global concentrated solar power market growth include:
• Abengoa
• Acciona
• SolarReserve
• BrightSource Energy
• ACWA Power
• GE Energy
• Suntrace
• SCHOTT
• Frennel GMBH
• Siemens

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Key Findings of Concentrated Solar Power Market:

• The Industrial segment of concentrated solar powers market is predicted to grow with a CAGR 10.6% during 2019-2026.
• The Solar Power Tower segment is expected to grow with the highest CAGR in the global Concentrated Solar Power market size in terms of revenue, over the projected period.
• The Europe region held a share of over 41% in 2018 and is projected to grow to 10.1% by 2026.
• The qualitative data in the report aims on the concentrated solar power market trends, dynamics, and developments in the concentrated solar power industry while the quantitative data provide information of the size in terms of revenue.

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