With 7.62% CAGR Concentrated Solar Power Market is expected to reach USD 10.97 billion by the year 2028 - Abengoa, BrightSource Energy, ACWA Power

Market Overview:
Global Concentrated Solar Power Market was valued at USD 6.56 billion in 2021 and is expected to reach USD 10.97 billion by the year 2028, at a CAGR of 7.62%.

Mirrors are used in CSP technology to reflect sunlight and focus it on the receiver. The hot liquid in the receiver is heated by concentrated solar energy, which is also referred to as thermal energy. Thermal energy can be used to crank turbines and power engines to produce electricity. The desalination of water, enhanced oil recovery, food processing, chemical manufacture, and mineral processing are only a few of the industrial uses for it. Power plant projects often use concentrated solar power plants. It is possible to configure these utility-scale CSP systems in various ways.

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Market Dynamics:
Driver:
As leading industrialized nations made commitments to cut carbon emissions in order to achieve the objectives of zero-carbon economies, the demand for clean energy has increased dramatically. Solar energy is a key source of renewable energy that performs better than biomass energy, which has spurred investments in solar power installation and generation in nations like India, the US, China, and Italy. The US market expanded in 2019 as a result of government efforts and laws such as The Loan Guarantee Programme (LGP) of the US Department of Energy (DOE) provides funding for all concentrated solar power facilities that have lately been constructed in the US.

Opportunities:
Government Regulations Supporting Adoption of Renewable Energy Technologies
Governments can provide financial incentives and subsidies to promote the use of renewable energy technologies such as CSP. These incentives can include tax credits, rebates, and grants, which can help reduce the cost of CSP projects and make them more attractive to investors. Many governments have set renewable energy targets that require a certain percentage of their energy mix to come from renewable sources. This creates a strong demand for renewable energy technologies, including CSP, and provides a long-term market opportunity.

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Segmentation Analysis of Concentrated Solar Power Market:
By Technology, Parabolic Trough is dominating the Concentrated Solar Power Market. Parabolic Trough is a widely used technology in the Concentrated Solar Power Market. More than 80% of CSP plants use Parabolic Trough due to the low cost and currently the cheapest source.

By Operation Type, Standalone systems are dominating in the Concentrated Solar Power Market. Standalone systems are set up without the storage capacity of excess electricity. Mainly Concentrated Solar Power plants produce and transfer the power via high tension cables to nearby locations. Direct energy dispensing can save the additional cost of storage infrastructure and maintaining inventory costs in power stations. Most of the previously built power plants are based on standalone systems.

By Capacity, 100 MW above is dominating in the Concentrated Solar Power Market. There is an increasing need to focus on PV technology to meet renewable energy production and ongoing operational goals and create a market of 100 MW or more during the forecast period. There are around 50+ mega capacity 100 MW above plants are operational in Spain, South Africa, Morocco, China, India, Egypt, USA, and UAE.

By End User, Residential is the dominating segment in the Concentrated Solar Power Market. CSP projects are generally built at remote locations with ample open land and access to direct sunlight. Concentrated Solar Power projects generate around 50 - 800 MW of electricity which is transported to nearby towns and communities. Clean energy created a positive environmental impact and creates social value among local communities.

By Technology
• Solar Power Tower
• Linear Concentrating Systems
• Stirling Dish Technology

By Operation Type
• Stand-Alone Systems
• With Storage

By Capacity
• Less Than 50 Mw
• 50 Mw To 99 Mw
• 100 Mw & Above

By End-Users
• Residential
• Industrial

Players Covered in Concentrated Solar Power Market are:
• Abengoa
• BrightSource Energy
• ACWA Power
• Aalborg CSP
• and SolarReserve
• TSK Flagsol Engineering GmbH
• Alsolen
• Cobra Energia
• Torresol Energy
• Acciona Energy
• eSolar
• Enel Green Power

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Regional Analysis of Concentrated Solar Power Market:
The Asia Pacific is one of the fastest-growing region Concentrated Solar Power Market. China is expected to grow significantly from 2020 to 2027. This is primarily due to increased investment in concentrating solar energy to ease network locations, which is driving the market. In addition, the need to continuously generate renewable energy to support tax increases is driving market growth in the region. India and China have more than 20 operational CSP plants with an average capacity of 50 MW. The growing need is of clean energy pushed the government to act on such projects boosting the market in Asia pacific.

By Region
• North America
o US
o Canada
o Mexico

• Eastern Europe
o Bulgaria
o The Czech Republic
o Hungary
o Poland
o Romania
o Rest of Eastern Europe

• Western Europe
o Germany
o UK
o France
o Netherlands
o Italy
o Russia
o Spain
o Rest of Western Europe

• Asia Pacific
o China
o India
o Japan
o South Korea
o Malaysia
o Thailand
o Vietnam
o The Philippines
o Australia
o New Zealand
o Rest of APAC

• Middle East & Africa
o Turkey
o Bahrain
o Kuwait
o Saudi Arabia
o Qatar
o UAE
o Israel
o South Africa

• South America
o Brazil
o Argentina
o Rest of SA

Key Industry Developments In Concentrated Solar Power Market
May 2021, ACWA Power has led South Africa's largest renewable energy project Redstone CSP to a financial close which ensures 1.6 billion Redstone concentrated solar power (CSP) plant will power 200,000 households upon completion of a Commercial operation planned to start in Q4 2023.
In May 2020, Abengoa formed a consortium with Acciona to build the Cerro Dominador solar thermal plant owned by EIG Global Energy Partners. The consortium has led the melting process of 46,000 tons of salts from the Chilean Atacama Desert having a capacity of 110 MW.

Report includes Competitor's Landscape:
• Major trends and growth projections by region and country
• Key winning strategies followed by the competitors
• Who are the key competitors in this industry?
• What shall be the potential of this industry over the forecast tenure?
• What are the factors propelling the demand for the Action Figures And Statues?
• What are the opportunities that shall aid in significant proliferation of the market growth?
• What are the regional and country wise regulations that shall either hamper or boost the demand for Action Figures And Statues?
• How has the covid-19 impacted the growth of the market?
• Has the supply chain disruption caused changes in the entire value chain?

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