Wilmington, Delaware, United States, Feb. 09, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global concentrated solar power market was projected to attain US$ 8.8 billion in 2020. It is anticipated to garner a 20.7% CAGR from 2021 to 2031 and by 2031, the market is likely to attain US$ 69.7 billion by 2031.
There is a soaring need for concentrated solar power technologies, owing to the expanding global impetus to raise the percentage of renewable energy such as solar energy in a sustainable manner. Several countries have used this technique to cut greenhouse gas emissions. This element generates value-grabbing chances for market stakeholders.
The growing need for energy in different end-use sectors, along with increased efforts by industry stakeholders to minimize reliance on traditional energy sources in various nations throughout the world, is a significant driver driving the worldwide market. Increased government knowledge and support of solar energy creates prospects for concentrated solar power manufacturers globally.
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Key Findings of the Market Report
- Governments in several developing nations are increasing their efforts to encourage commercial electrical energy generation using concentrated solar power technology, which is boosting the market.
- The growing use of heat storage devices is strengthening the worldwide concentrated solar power industry.
- Technological advances in solar-to-electric conversion have a favorable impact on the popularity of concentrated solar power plants across the world.
- Funds and incentives offered by governments in various nations across the world are expected to propel the industry in coming years.
Global Concentrated Solar Power Market: Key Players
The expanding demand for energy and the growing concerns about clean energy in emerging countries have resulted in prominent companies in the global CSP market continuing to thrive.
The worldwide market for CSP is being driven by factors including rising greenhouse gas emissions and increased awareness of global warming. The market for concentrated solar power is expected to increase even more as a result of rising costs for conventional energy sources and growing worries about the availability of energy in the future. The following companies are well-known participants in the global concentrated solar power market:
- Abengoa Solar S.A.
- Areva Solar
- eSolar Inc.
- SkyFuel Inc.
- Acciona S.A.
- BrightSource Energy Inc.
- Solar Millennium AG
- SolarReserve LLC
- TSK Flagsol
- SCHOTT Solar AG
- Ibereolica Group
- GDF SUEZ
- NextEra Energy Resources LLC.
Key developments by the players in this market are:
- In 2022, Abengoa, an international company that uses novel technologies for sustainable development in the infrastructure, energy, and water sectors, has successfully completed the construction of three solar fields (200 MW each) of parabolic trough collectors.
- This was built at the world's largest solar complex: the Mohammed bin Rashid Al Maktoum Solar Park (MBR), which is located in the Saih al Dahal area, about 50 kilometers south of Dubai (UAE).
Market Trends for Concentrated Solar Power
- In terms of product, the research divides the global CSP market into dish Stirling, linear fresnel, solar tower, and parabolic troughs. The most developed technology on the market and one that is widely used for power production in the commercial sector is the parabolic trough.
- In 2020, this technology was at the forefront of the market, and between 2021 and 2031, it is expected to expand at the most rapid pace. The tower section and fresnel trailed a parabolic trough. Of them, dish array technology is used for demonstrations and trial projects, whereas tower technology is growing at an exponential rate because of its integration with conventional thermal power plants.
- Due to the growing use of heat storage systems and the hybridization of concentrated solar power plants with conventional thermal plants, the global concentrated solar power (CSP) market is anticipated to grow rapidly.
- CSP technology is supposed to be tremendously capital-intensive. It may be implemented on a commercial basis without the need for assistance from governmental and financial organizations.
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Global Market for Concentrated Solar Power: Regional Outlook
- Europe emerged as the world's largest producer of power using CSP technology, and output in this area is expected to increase in the coming years. The market's expansion in Europe has seen a steady deterioration in the installation process as a result of the continent's economic downturn. Nonetheless, it is anticipated that the industry in this area would expand between 2021 and 2031.
- In terms of output, North America and Asia Pacific lag behind Europe. During the next few years, it is also anticipated that the concentrated solar power (CSP) industry in Asia Pacific would expand. Leading market participants are concentrating their investments in North America and Asia Pacific's concentrated solar power industries.
Global Concentrated Solar Power Market Segmentation
Product
- Parabolic Trough
- Solar Tower
- Linear Fresnel
- Dish Stirling
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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