Revenue of Concentrated Solar Power Market Estimated at US$ 69.7 Bn by 2031, TMR Study
- Increasing integration of concentrated solar power plants with traditional power plants for generation of hybrid energy presents value-grab opportunities
- Focus of governments to use renewable sources for production of energy cements growth
WILMINGTON, Del., Sept. 13, 2022 /PRNewswire/ — Analysts at TMR estimate the concentrated solar power (CSP) market to rise at a CAGR of 20.7% during the forecast period from 2021 to 2031. The growing popularity of solar energy, complemented by technological advancement for producing solar energy is fuelling the growth of concentrated solar power market. Furthermore, rising deployment of heat storage systems, as well as new model of hybridization of concentrated solar power plants with thermal power plants is creating opportunities in the concentrated solar power market.
Solar energy being one of the efficient and cost-effective alternatives than other conventional energy sources, is attracting the development of concentrated solar power. Role of stakeholders to reduce initial capital and operating cost of concentrated solar power, is driving players to explore opportunities to serve the demand for solar energy in the future.
Technological advances in solar-to-electric conversion is favoring the development of solar power, in general. High output of conversion of solar energy into electric energy for commercial applications, attracts investments, and thus broadens future market outlook for concentrated solar power.
Focus of leading players on innovative strategies to serve the ever-rising demand for clean energy to expand frontiers. Keen players are undertaking initiatives to serve the rising demand for clean energy in emerging nations to lower their carbon footprint.
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Concentrated Solar Power Market – Key Findings of the Report
- World over, production of energy using renewable sources is the focus of energy stakeholders, of which solar energy is vital. To this end, governments are providing funds and subsidies for developing necessary infrastructure for concentrated solar power plants.
- Burgeoning demand for energy in various end-use industries is necessitating to reduce the dependency on conventional energy. Governments in various developing countries are complementing the commercial demand for electrical energy with concentrated solar power.
- Alarming rise in global warming and greenhouse gas emissions is compelling development of renewable sources of energy. Additionally, rising prices of conventional energy, and concerns of exhaustion of fossil fuels is providing largest opportunity for concentrated solar power market, characterized with sustainability and cost-effectiveness.
- Europe accounts for leading share of the concentrated solar power market. Large scale renewable energy generation, and rising investments for installation of concentrated solar power plants makes the region top producer of power within CSP technology
- Parabolic trough technology is expected to account for key share of the concentrated solar power market, due to rising deployment of concentrated solar power technology in commercial power plants. Trailing parabolic trough,solar tower and linear fresnel are key market segments in the concentrated solar power market in terms of product. Tower technology segment is rising at an exponential rate owing to its integration with traditional thermal power plants; dish sterling technology finds application in pilot projects and demonstration activities.
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Concentrated Solar Power Market – Growth Drivers
- Thrust to increase the share of renewable energy, for growing concerns of supply of energy in the future is fueling the growth of concentrated solar power market
- Large-scale initiatives for development of solar energy due to its cost-effectiveness and sustainability underscores growth
Concentrated Solar Power Market – Key Players
Some of the key players operating in the concentrated solar power market are;
- Abengoa Solar S.A.
- GDF SUEZ
- BrightSource Energy Inc.
- Ibereolica Group
- NextEra Energy Resources LLC
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The concentrated solar power market is segmented as follows;
Concentrated Solar Power Market, by Product
- Parabolic Trough
- Solar Tower
- Linear Fresnel
- Dish Stirling
Concentrated Solar Power Market, by Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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