Concentrating Solar Power Market is estimated to touch USD 27.0 billion in 2029, registering 21.2% CAGR during 2022-2029 | Size & Forecast

Concentrating Solar Power Market

Concentrating Solar Power Market was valued at USD 5.8 billion in 2021 and is estimated to reach USD 27.0 billion in 2029, and the market is projected to grow at a whopping CAGR 21.2%.

For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/concentrating-solar-power-market-analysis-industry-research/

The factors driving the growth of Concentrating Solar Power Market includes growing emphasis on utilizing renewable source of energy, strict regulations imposed by Governments to reduce carbon emissions and Government's initiative to promote the use of clean energy sources. According to the report published by Statista, the Global Renewable energy Market was calculated around USD 613.77 billion in 2020 and is expected to reach USD 1.1 trillion by the end of 2027, which will accelerate the Global Concentrated Solar Power Market in the approaching years. Moreover, rise in the consumption of electricity around the world, technological advancements in the solar panel and increasing use of concentrating solar power in the desalination and enhanced oil recovery processes, are some of the additional factors supplementing the Concentrating Solar Power Market share. In addition, the increasing investments by leading players on research and development, rising disposable incomes, rapid urbanization, and growing population growth rates, are further contributing towards the market growth.

However, the growth of Concentrating Solar Power Market is hindered due to variations in the prices of raw materials.

The leading players operating in the market are INITEC Energía, Acciona, Trivelli Energia srl, Torresol Energy, Abengoa, ACWA POWER, Grün leben GmbH, Aalborg CSP, Enel Spa, BrightSource Energy, Inc., Siemens Energy and TSK Fl, among others.

Based on Component, the Thermal Storage segment is predicted to capture the largest market share during the forecast period

Rise in the number of thermal power projects across the globe, is the major factor responsible for the segment's growth.

Based on End-User, the Utilities segment is projected to dominate the market over the forecast period

Increasing demand for electricity, rapid urbanization, and rising population growth rates, are propelling the segment's growth.

Based on Region, the Asia-Pacific region is anticipated to hold the highest market share during the forecast period

Government's initiatives to reduce the carbon emission levels, rising focus on utilizing renewable sources of energy, growing concerns related to climate change and global warming, increasing disposable incomes and high population growth rates, are some of the important factors augmenting the Concentrated Solar Power Market size in Asia-Pacific.

Key Developments

In 2018, Abengoa was awarded two concentrated solar power projects in China and will also be responsible for providing the technology and engineering for the Royal Tech Yumen project for a 50 MW in the Gansu province in China.

Market Segmentation

Segmentation by Component

Power Block
Solar Field
Thermal Storage

Segmentation by Technology

Power Towers
Concentrating Systems
Stirling Dish/ Engine System
Parabolic Trough
Linear Fresnel

Segmentation by Capacity

Less than 50MW
50-99MW
100MW & Above

Segmentation by End-User

Utilities
Enhanced Oil Recovery (EOR)
Others

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe - +353 1 442 8820; US - +1 860 881 2270
Address: Dublin, Ireland
Website: https://www.gmiresearch.com/

Level 1, The Chase Carmanhall Road, Sandyford Industrial Estate, Dublin D18 Y3X2, Ireland

GMI Research's leadership team with extensive experience in research and consulting together with our research and domain expertise creates a strong value proposition to create solutions that addresses our clients business problems and add significant value to long lasting relationship.

This release was published on openPR.