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Concentrating Solar Power Market 2023 - By Size, Growth Strategies, Latest Innovations And Forecast To 2032
Concentrating Solar Power Market
The Business Research Company's Concentrating Solar Power Global Market Report 2023 identifies growing demand for renewable energy as the major driver for the Concentrating Solar Power market's growth in the forecast period. Renewable energy is collected from renewable resources such as wind, rain, sunlight, tides, waves, and geothermal heat that reduces the effects of global warming and rising issues related to fossil fuels. The rising demand for electricity coupled with the stringent regulations of greenhouse gas emissions supports the demand and adaption of renewable energy. Concentrating solar power technologies employ mirrors to concentrate (focus) the sun's light energy and convert it to heat, which drives a turbine that generates electricity.
The global concentrating solar power market size grew from $5.61 billion in 2022 to $6.78 billion in 2023 at a compound annual growth rate (CAGR) of 20.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The concentrating solar power market size is expected to grow to $13.18 billion in 2027 at a CAGR of 18.1%.
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Major competitors in the Concentrating Solar Power market are Abengoa S.A., BrightSource Energy Inc., ACWA Power, Aalborg CSP A/S, SolarReserve, Atlantica Sustainable Infrastructure plc.
A key trend in the Concentrating Solar Power market includes technological advancement. Companies are investing in developing new technologies to increase energy generation capacity. For instance, in November 2021, SENER Renewable Investments, a subsidiary of the SENER Group that promotes and develops high-tech renewable energy projects, developed the first hybrid solar project in Spain, combining CSP technology with molten salt storage and photovoltaic technology. The SENERtrough® parabolic trough technology, invented and manufactured by SENER, will be used in the CSP facility, together with a molten salt heat storage system with two tanks, providing more than 1900 MWh thermal storage capacity and will be able to generate electricity 24 hours a day.
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The Concentrating Solar Power market is segmented -
• By Technology: Parabolic Trough, Solar Power Tower, Fresnel Reflectors, Dish Stirling
• By Capacity: Less Than or Equal To 50 MW, Greater Than 50 MW To Less Than or Equal To 100 MW, Greater Than 100 MW
• By Heat Transfer Fluid: Molten Salt, Water-Based, Oil-Based, Other Heat Transfer Fluids
• By Storage: With Storage, Without Storage
• By Application: Utility, EOR, Desalination, Other Applications
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Concentrating Solar Power market.
The Business Research Company's "Global Concentrating Solar Power Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Concentrating Solar Power Market Include:
1. Executive Summary
2. Concentrating Solar Power Market Characteristics
3. Concentrating Solar Power Market Trends And Strategies
4. Impact Of COVID-19 On Concentrating Solar Power
5. Concentrating Solar Power Market Size And Growth
……………………………
26. Africa Concentrating Solar Power Market
27. Concentrating Solar Power Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Concentrating Solar Power Market
29. Concentrating Solar Power Market Future Outlook and Potential Analysis
30. Appendix
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