Concentrated Solar Power Market to Expand at a CAGR of 20.7% from 2021 to 2031

𝐂𝐨𝐧𝐜𝐞𝐧𝐭𝐫𝐚𝐭𝐞𝐝 𝐒𝐨𝐥𝐚𝐫 𝐏𝐨𝐰𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭: 𝐈𝐧𝐭𝐫𝐨𝐝𝐮𝐜𝐭𝐢𝐨𝐧

The global concentrated solar power market was valued at US$ 8.8 Bn in 2020 and is likely to reach US$ 69.7 Bn by the end of 2031. The global market is projected to proliferate at 20.7% CAGR during the forecast period of 2021-2031. Several prominent players operating in the global concentrated solar power (CSP) market are tapping into expanding avenues generated by the ever-rising demand for energy worldwide, finds Transparency Market Research (TMR). In order to consolidate their positions, top players are also focusing on meeting the needs of end users in developing countries who are increasingly seeking to adopt clean energy for a low-carbon economy.

𝐑𝐞𝐚𝐝 𝐑𝐞𝐩𝐨𝐫𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰 -https://www.transparencymarketresearch.com/concentrated-solar-power-market.html

The global concentrated solar power (CSP) market growth is driven by worldwide push to increase the share of solar energy in the overall energy mix through cost-effective and sustainable means. The hybridization of CSP system is a lucrative trend that is also likely to widen the commercialization of CSP plants.

𝐂𝐨𝐧𝐜𝐞𝐧𝐭𝐫𝐚𝐭𝐞𝐝 𝐒𝐨𝐥𝐚𝐫 𝐏𝐨𝐰𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧

Various product segments in the CSP market are parabolic trough, linear fresnel, dish stirling, and solar tower. Among these, parabolic trough accounted for the major share of the global market in 2020 and is anticipated to expand at the most attractive CAGR through the forecast period. Its prominence can be attributed to the widespread commercial usage of the technology in CSP power plants across the globe.

𝐆𝐞𝐭 𝐏𝐃𝐅 𝐬𝐚𝐦𝐩𝐥𝐞 𝐟𝐨𝐫 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐚𝐧𝐝 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐈𝐧𝐭𝐞𝐥𝐥𝐢𝐠𝐞𝐧𝐜𝐞 -https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1898

Regional segments of the global market are Asia Pacific, Europe, North America, Latin America, and Middle East & Africa.

Of these, Europe leads the pack, vis-à-vis installed capacity, and the region is expected to continue the production rapidly through 2031. Extensive application of CSP in generating electrical power from solar energy is fueling the growth of the regional market.

𝐀𝐝𝐨𝐩𝐭𝐢𝐨𝐧 𝐨𝐟 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐞𝐬 𝐭𝐨 𝐁𝐨𝐨𝐬𝐭 𝐑𝐞𝐧𝐞𝐰𝐚𝐛𝐥𝐞 𝐄𝐧𝐞𝐫𝐠𝐲 𝐏𝐫𝐨𝐝𝐮𝐜𝐭𝐢𝐨𝐧

The demand for concentrated solar power technologies is driven by the rising worldwide thrust to increase the share of renewable energy such as the solar energy in a sustainable way. Concentrated efforts of various developing and developed nations to reduce their greenhouse emissions have led a substantial impetus to the growth of the market. The burgeoning demand for energy in various sectors, coupled with efforts to reduce the reliance on conventional energy sources in several countries, is a crucial factor propelling the market.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 -https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=1898

𝐆𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐒𝐮𝐩𝐩𝐨𝐫𝐭 𝐢𝐧 𝐄𝐬𝐭𝐚𝐛𝐥𝐢𝐬𝐡𝐢𝐧𝐠 𝐂𝐒𝐏 𝐏𝐥𝐚𝐧𝐭𝐬 𝐏𝐫𝐨𝐯𝐢𝐝𝐞 𝐑𝐨𝐛𝐮𝐬𝐭 𝐓𝐡𝐫𝐮𝐬𝐭

The rise in implementation of heat storage systems is boosting the market. Constant advances in the solar-to-electric conversion technologies underpin the popularity of CSP power plants across the globe. Massive funding support by governments in emerging and developed economies to support the commercial generation of electrical energy using CSP technologies is providing a sustained fillip to their adoption.

𝐇𝐢𝐠𝐡 𝐂𝐨𝐬𝐭 𝐨𝐟 𝐄𝐧𝐞𝐫𝐠𝐲 𝐆𝐞𝐧𝐞𝐫𝐚𝐭𝐢𝐨𝐧 𝐭𝐨 𝐇𝐚𝐦𝐩𝐞𝐫 𝐂𝐨𝐦𝐦𝐞𝐫𝐜𝐢𝐚𝐥𝐢𝐳𝐚𝐭𝐢𝐨𝐧

High cost of energy generation using concentrated solar power plants in some regions is a crucial factor that has crippled the growth of the market. Nevertheless, in recent decades, considerable efforts have been made in reducing the capital and operating costs of CSP systems. Furthermore, a growing number of industrial and commercial power plants are leveraging the potential of various CSP systems in developed countries, thereby opening lucrative avenues for market players. Recent industry efforts to use concentrated solar power plants in hybrid energy production settings augur well for the market.

𝐌𝐚𝐤𝐞 𝐚𝐧 𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 -https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=1898

𝐂𝐨𝐧𝐜𝐞𝐧𝐭𝐫𝐚𝐭𝐞𝐝 𝐒𝐨𝐥𝐚𝐫 𝐏𝐨𝐰𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬

Leading players operating in the global concentrated solar power include NextEra Energy Resources LLC, Ibereolica Group, Engie, TSK Flagsol, SCHOTT Solar AG, Solar Millennium AG, SolarReserve LLC, Acciona, S.A., BrightSource Energy Inc., eSolar Inc., SkyFuel Inc., Abengoa Solar S.A., and Areva Solar.

𝐀𝐛𝐨𝐮𝐭 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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𝐂𝐨𝐧𝐭𝐚𝐜𝐭

Rohit Bhisey
Transparency Market Research Inc.
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This release was published on openPR.