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. The MEA region accounted for nearly 21.0% market share in 2018.
CSP utilizes mirror configurations to concentrate the solar light energy onto a receiver. It then converts the energy into heat, which can be used further to drive a turbine, produce electrical power or use in an industrial process. At present, the global concentrated solar power market witnesses’ numerous opportunities, owing to rapid increase in development of renewable power in Asia-Pacific and LAMEA to cope up with the increase in electricity demand.
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In addition, the concentrated solar power market is enhanced by domestic laws and rise in solar installation projects. In the developed economies such as the U.S., concentrated solar power has proved to be a viable alternative at the time of peak power needs. Moreover, increase in adoption of renewable technologies coupled with rise in energy demand fuels the growth of the market. However, high cost acquired during CSP energy production hampers the market growth during the forecast period. Nevertheless, rise in investment from different industries in renewable sources and increase in acceptance of heat storage systems are anticipated to provide growth opportunities for the global concentrated solar power market.
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The report segments the concentrated solar power market on the basis of technology, end user industry, and region. Based on technology, the market is divided into parabolic trough, solar power tower, Fresnel reflectors, and dish Stirling. On the basis of end user industry, it is classified into residential, commercial, and industrial. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the global concentrated solar power market include Abengoa, Acciona, SolarReserve, BrightSource Energy, ACWA Power, GE Energy, Suntrace, SCHOTT, Frenell GMBH, and Siemens.
KEY BENEFITS FOR STAKEHOLDERS
• Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the concentrated solar power industry for strategy building.
• It outlines the current trends and future scenario of the global market from 2019 to 2026 to understand the prevailing opportunities and potential investment pockets.
• Major countries in the region have been mapped according to their individual revenue contribution to the regional market.
• The key drivers, restraints, and opportunities and their detailed impact analyses are elucidated in the study.
• The profiles of key players along with their key strategic developments are enlisted in the report.
• Parabolic Trough
• Solar power Tower
• Fresnel Reflectors
• Dish Stirling
By End User Industry
• North America
o Rest of Europe
o Rest of Asia-Pacific
o South Africa
o Rest of LAMEA