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Concentrated Solar Power Market Technology (Parabolic Trough, Solar Power Tower, Fresnel Reflector, Dish Stirling), End-Use (Residential Commercial, Industrial)
PORTLAND, OREGON, UNITED STATES, September 16, 2022 /EINPresswire.com/ -- Concentrated Solar Power Industry Participants
The key players contributing in the global concentrated solar power market growth include Abengoa Acciona SolarReserve BrightSource Energy ACWA Power GE Energy Suntrace SCHOTT Frennel GMBH Siemens.
AMR published a report, the global Concentrated Solar Power Market was valued at $ 3,793.0 million in 2018 and is projected to reach $ 8,046.7 million by 2026, growing at a CAGR of 10.3% from 2019 to 2026.
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The Industrial segment of concentrated solar powers market is predicted to grow with a CAGR 10.6% during 2019-2026.
The Solar Power Tower segment is expected to grow with the highest CAGR in the global Concentrated Solar Power market size in terms of revenue, over the projected period.
The Europe region held a share of over 41% in 2018 and is projected to grow to 10.1% by 2026.
The qualitative data in the report aims on the concentrated solar power market overview, dynamics, and developments in the concentrated solar power industry while the quantitative data provide information of the size in terms of revenue.
The Asia-Pacific concentrated solar power market offers lucrative opportunities for key manufacturers, owing to rapid installation capacity of solar energy to increase renewable generation. In addition, China is actively boosting the growth of the market to cope up with its severe pollution problems and develop its domestic manufacturing industry.
Availability of low labor has led to increase in energy production through concentrated solar power, which fuels the growth of the market.
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Europe holds a dominant position in the global concentrated solar power market share and MEA is attributed to be the fastest growing region.
Growth in environmental issues based on carbon emissions results in focus to decrease air pollution. This in turn raise demand for renewable energy such as solar energy. Thus, these factors are also anticipated to support the expansion of the market.
However, high cost experienced during Concentrated Solar Power energy production restraints the market growth during the forecast period. Moreover, rise in investment from different industries in renewable sources provide lucrative opportunity for the market growth.
CSP is generated in plants that utilize mirrors to focus the sun's energy on panel to create electricity or drive traditional steam turbines or engines. The thermal energy focused in a CSP plant can be used and stored to produce electricity when needed.
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Growing government support to adopt renewable technologies is expected to boost the demand for concentrated solar power plant.
Rise in energy demand & concentrated solar power capability to supply dispatchable power also drives the growth of the market.
David Correa Allied Analytics LLP 800-792-5285 email us here Visit us on social media: Facebook Twitter LinkedIn
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