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Concentrating Solar Power Market Size, Trends, Share And Competitive Landscape, Outlook By 2033
Concentrating Solar Power Market Size
As per the report, the concentrating solar power market size has grown rapidly in recent years. It will grow from $6.63 billion in 2023 to $7.9 billion in 2024 at a compound annual growth rate (CAGR) of 19.2%. The concentrating solar power market size is expected to see rapid growth in the next few years. It will grow to $14.61 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%.
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Growing Demand For Renewable Energy Drives Concentrating Solar Power Market Growth
Growing demand for renewable energy is driving the growth of the concentrating solar power market. 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. For instance, according to IEA, a Paris-based autonomous intergovernmental organization, by 2026, global renewable electricity capacity is forecasted to rise more than 60% from 2020 levels to over 4,800 GW equivalents to the present total international power capacity of fossil fuels and nuclear combined.
Technological Advancement Drives Concentrating Solar Power Market Innovation
Technological advancement is a key trend in the concentrating solar power market. 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.
The concentrating solar power market covered in this report is segmented -
1) By Technology: Parabolic Trough, Solar Power Tower, Fresnel Reflectors, Dish Stirling
2) 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
3) By Heat Transfer Fluid: Molten Salt, Water-Based, Oil-Based, Other Heat Transfer Fluids
4) By Storage: With Storage, Without Storage
5) By Application: Utility, EOR, Desalination, Other Applications
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Major companies operating in the concentrating solar power market report are Abengoa S. A., BrightSource Energy Inc., ACWA Power, Aalborg CSP A/S, General Electric Company, Atlantica Sustainable Infrastructure plc, TSK Flagsol Engineering GmbH, Enel Green Power Corporation, Acciona S. A., Frenell GmbH, Suntrace GmbH, Torresol Energy, Trivelli Energia srl, Grün leben GmbH, Soltigua S. r. l, Engie SA, Nextera Energy Inc., Chiyoda Corporation, Heliogen Inc., Siemens Energy AG, SolarReserve LLC, Solar Millennium AG, eSolar Inc., Schott AG, Parvolen CSP Technologies, Sener Grupo de Ingeniería group., Lointek Sistemas Solar Térmicos, GlassPoint Solar Inc., Rackam Energy, Soliterm Group GmbH
Contents of the report:
1. Executive Summary
2. Concentrating Solar Power Market Report Structure
3. Concentrating Solar Power Market Trends And Strategies
4. Concentrating Solar Power Market - Macro Economic Scenario
5. Concentrating Solar Power Market Size And Growth
…..
27. Concentrating Solar Power Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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