Concentrating Solar Power Market Size, Regional Outlook, Revenue Analysis & Forecast Till 2030

Concentrating Solar Power Market Overview

The rising adoption of renewable sources of energy has driven a large number of consumers into utilizing solar power. The increased pollution levels across certain regions of the world have driven their governments into imposing the stringiest rules for the usage of solar power. The involvement of advanced technology like parabolic troughs and Fresnel reflectors has contributed positively towards driving the Concentrating Solar Power Market.

With potential factors driving the market dynamics, the Concentrating Solar Power Market is expected to show significant growth in its forecast period. The forecast period of the market was predicted from 2019 to 2026, amid which healthy and substantial growth was seen for the market. The market stood at a constant growth rate of 10.3% of CAGR. The market was also valued at $3793 million at the beginning of the forecast period. In comparison, it is estimated to showcase an enhanced market value of $8046 million by the end of its forecast period. There have been increased carbon emissions by the day.

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The use of solar power is often seen as one of the most convenient, cost-effective and reliable ways to overcome the situation and give an enhanced output. These factors have propelled governments from several countries to impose rules on commercial and industrial sectors. The Concentrating Solar Power Market also has been introducing a dispatchable notion in its equipment and factories that lets the generated power be stored over a time duration of 16 hours without use.

Factors like such have contributed to the growth and development of the market. However, the Covid 19 pandemic did not have a long-lasting effect on the market dynamics over here. The uninterrupted power supply, which was facilitated by the Concentrating Solar Power Market, was of great use to healthcare facilities. However, the installations of the solar power plant were restricted during the lockdowns. It required a huge amount of man force, and the lockdowns were a major restriction during that period. Despite this, healthy and substantial growth is predicted for the market in its forecast period.

Market Segmentation

The Concentrating Solar Power Market is segmented into technology, components and end-use.

By technology, the market was segmented into power towers, parabolic troughs and engine systems. By components, the market is again segmented into power block, thermal storage and solar field. The divisions of the market are also utilities and enhanced oil recovery depending on its end-use.

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Regional Analysis

The Concentrating Solar Power Market is broadly segmented into [parts of Asia-Pacific like South Korea, China and India. The market demand also exceeds in parts of North America and Europe. Parts of Russia, Spain, Italy and the UK are also dominated.

Recent Developments

In Dec 2019: One of the California-based Concentrating Solar Power Market firms developed an electronic coating with solar-cured materials that provided improved efficiency to the outputs when seen in CSP. The coating was also helpful while reducing the O and M costs.
Some vital key players in the industries were Solar Reserve (US), ACWA Power (Saudi Arabia), Aalborg CSP (Denmark), and BrightSource Energy (US). They have been actively functioning in the market dynamics to enhance the growth and development of the same.

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Key Players

Abengoa Solar SA (Spain)
Acciona Energy (Spain)
GE Renewable Energy (France)
TSK Flagsol Engineering GmbH (Germany)
Enel Green Power (Italy)
BrightSource Energy (US)
Atlantica Yield PLC (UK)
eSolar Inc. (US)
SolarReserve (US)
ACWA Power (Saudi Arabia)
Chiyoda Corporation (Japan)
Alsolen (Morocco)

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