Concentrated Solar Power (CSP) Market Size, Report 2023 to 2031

The Concentrated Solar Power (CSP) Market is experiencing significant growth due to the increasing global demand for renewable energy sources. This market focuses on harnessing solar energy through concentrated sunlight to generate electricity. CSP systems use mirrors or lenses to concentrate sunlight onto a receiver, creating high-temperature heat that can be stored and used to produce electricity. The rising need for clean and sustainable power solutions, along with government incentives and environmental regulations, is driving market expansion, with key players investing in expanding CSP capacity and improving technology efficiency.

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The report is titled as 'Concentrated Solar Power Market: Opportunity Analysis and Future Assessment 2023-2031'. An overview of conceptual frameworks, analytical approaches of the concentrated solar power market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. The concentrated solar power market is expected to grow at a significant rate in the near future.

The global concentrated solar power market in 2020 is accounted for more than US$ 4.3 Bn and expected to reach a value of US$ 14.2 Bn by 2028 with a significant CAGR of 16.1%.

Concentrated Solar Power Introduction

The advanced and cutting-edge concept of generation of electricity through mirrors to focus on the sun rays to the temperature differing between 400 and 1,000 °C, is known as the concentrated solar power market.

The energy generated from sun rays is then engaged in other several different applications such as heating any kind of liquid, majorly oil and water that conclusively generate hot air or steam. Afterward, the generated steam is employed to drive turbines that are linked to a generator that produces electricity.

The mirrors employed in the concentrated solar power system are in different shapes and sizes and various techniques are used to generate useful energy, although, each technique used works under the common concept of propelling the heat engine to produce electricity which later can be fed into the grid. The concept of concentrated solar power is witnessing significant demand in recent times owing to the growing awareness about the environment all across the world.

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Concentrated Solar Power Market Dynamics

In the present-day world, there is huge awareness among the population with regard to a pollution-free environment coupled with numerous initiatives taken by several governments across the world to keep the surroundings green and healthy, which is majorly boosting the growth of the global concentrated solar power market. Concentrated solar power is an environmentally-friendly concept and cuts off the carbon emissions polluting the environment, which is one of the major benefits of the concentrated solar power system.

Therefore, the global concentrated solar power market is projected to witness substantial growth in the forthcoming years. In addition to that, concentrated solar power is an economical source of electricity that assists in deducting the energy bills, thus adding to the stimulating demand for concentrated solar power mechanisms in the global market.

Attributing to this, the global concentrated solar power market is expected to give a breakthrough during the forecast timeframe.

However, the installation of the concentrated solar power may be money exhaustive which is likely to restrict the adoption rate as well as act as a restraining factor for the growth of the concentrated solar power market in the coming years.

Key Benefits for Industry Participants & Stakeholders:

Industry drivers, restraints, and opportunities covered in the study
Neutral perspective on the market performance
Recent industry trends and developments
Competitive landscape & strategies of key players
Potential & niche segments and regions exhibiting promising growth covered
Historical, current, and projected market size, in terms of value
In-depth analysis of the Concentrated Solar Power (CSP) Market

Concentrated Solar Power Market Key Players

Some of the key participating players in the concentrated solar power market are:

Abengoa Solar, S.A.

Brightsource Energy, Inc.

ACWA Power

Esolar, Inc.

Solarreserve, LLC

Aalborg CSP A/S.

TSK Flagsol Engineering GmbH

Alsolen

Archimede Solar Energy

Acciona Energy

Cobra Energia

Frenell GmbH

Nexans

Soltigua

Baysolar CSP

Siemens AG

Solastor

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Concentrated Solar Power (CSP) Market Segmentation

The concentrated solar power market is segmented on the basis of technology, component, end-user industry, and region.

By Technology

Parabolic Trough

Power Tower

Linear Fresnel

Dish/Engine System

By Component

Solar Field

Power Block

Thermal Energy Storage System

By End-User Industry

Utilities

Enhanced Oil Recovery

Others

By Region

North America

Latin America

Europe

Asia Pacific

Middle East

Africa

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This release was published on openPR.