Concentrating Solar Power Market To Reach USD 7208 Million By 2027 at a CAGR Of 5.8% - Valuates Reports

BANGALORE, India, April 27, 2021 /PRNewswire/ -- The Concentrating Solar Power Market is segmented by Type - Parabolic Trough, Solar Tower, Linear Fresnel, Dish/Engine Systems,  By Application - Residential, Commercial, Industrial. This report covers Global Opportunity Analysis and Industry Forecast from 2021 to 2026. This report is published on Valuates Reports in the Renewable & Alternative Energy Category.

The global Concentrating Solar Power Market is projected to reach USD 7208 Million by 2027, from USD 4823 Million in 2020, at a CAGR of 5.8% during 2021-2027.

Major factors driving the growth of Global Concentrating Solar Power Market are :

• Environmental concerns over carbon emissions and efforts to reduce air pollution.
• Governments policy to enable adoption of renewable technologies.
• Integrability of CSP systems with thermal storage systems, higher efficiency and low operating cost as compared to Solar PV to aid growth of the Solar Power market.

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TRENDS INFLUENCING THE GROWTH OF CONCENTRATING SOLAR POWER MARKET SIZE

Growing environmental concerns over carbon emission and efforts to reduce air pollution are expected to drive the growth of the concentrating solar power market. Carbon emissions are rising in the atmosphere, and this is one of the primary anthropogenic causes of climate change. The combustion of fossil fuels such as oil, coal, and gas, as well as the cutting down and burning of trees, are the primary sources of carbon emissions. This, in turn, is increasing the use of a renewable source of energy which is driving the growth of concentrating solar power market size.

Several countries are looking for systems that are highly effective and provide a significant amount of power as part of their attempts to minimize carbon emissions. Concentrated solar power plants, as opposed to solar PV, are capable of producing power with higher efficiencies and lower operating costs, making them the best possible option. These systems are also scalable to large capacities and can use thermal storage to match supply and demand.

Furthermore, the dispatchability feature is expected to boost concentrating solar power market size. Current CSP plants have the ability to store thermal energy for up to 16 hours, allowing their output profile to fit the demand profile. When and where renewable energies reach high penetration rates, dispatchability will become increasingly essential.

However, the high costs associated with concentrated solar power energy production might limit the market growth.

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GROWTH OF CONCENTRATING SOLAR POWER MARKET SHARE:

Based on type, The parabolic trough technology segment is the most lucrative during the forecast period. One of the oldest systems for generating electricity from concentrated solar power is the parabolic trough. All current parabolic trough plants are "hybrids," meaning they use fossil fuel to augment solar generation during times of low solar radiation.

Based on application, the industrial segment is expected to be the most lucrative during the forecast period. 

Based on region, Europe is expected to be the most lucrative region due to the increased adoption of concentrated solar panels. Furthermore, stringent government rules in the region are expected to further bolster the market growth. 

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SEGMENTATION

Concentrating Solar Power Market By Types

• Parabolic Trough
• Solar Tower
• Linear Fresnel
• Dish/Engine Systems

Concentrating Solar Power Market By Application:

• Residential
• Commercial
• Industrial

Concentrating Solar Power Companies:

• Abengoa Solar, S.A.
• Brightsource Energy
• ACWA Power
• Esolar
• Solarreserve, LLC
• Aalborg CSP A/S.
• TSK Flagsol Engineering GmbH
• Alsolen
• Archimede Solar Energy
• Acciona Energy
• Cobra Energia
• Frenell GmbH
• Nexans
• Soltigua
• Baysolar CSP
• Siemens AG
• Solastor

Concentrating Solar Power Market By Region

North America, Europe, Japan, China, Southeast Asia, India, etc.

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SIMILAR REPORTS :

-  The global Molten Salt Solar Energy Thermal Storage and Concentrated Solar Power (CSP) market is projected to reach USD 29810 million by 2027, from USD 8003.5 million in 2020, at a CAGR of 24.5% during 2022-2027. Molten Salt Solar Energy Thermal Storage and Concentrated Solar Power (CSP) is in its infancy in terms of deployment compared to the other renewable power generation technologies, with 995 MW of CSP installed worldwide in 2016. The cost of the CSP systems construction will decrease from 3.50 USD/W in 2016 to 2.53 USD/W in 2022, which will depend on the rate of growth in CSP deployment.

-  The global solar energy market size was valued at USD 52.5 Billion in 2018 and is projected to reach USD 223.3 Billion by 2026, growing at a CAGR of 20.5% from 2019 to 2026. The growth of the solar energy market is driven by increase in environmental pollution and provision of government incentives & tax rebates to install solar panels. In addition, decrease in water footprint associated with solar energy systems has fueled their demand in power generation sectors. The demand for solar cells has gained major traction owing to surge in rooftop installations, followed by increase in applications in the architectural sector. Furthermore, the demand for parabolic troughs and solar power towers in electricity generation is expected to boost the demand for concentrated solar power systems.

-  The global Solar PV market size is projected to reach USD 53270 Million by 2026, from USD 46630 Million in 2019, at a CAGR of 1.9% during 2021-2026. China is still the biggest market in the global Solar PV market, about 50% market share in 2015, the annual production is more than any single countries' double production and the capacity is expansion in these years, almost 60% occurs in China. Since the anti-dumping duties occurred, the competitive status has already turned white-hot, with the price declining, the gross profit of the whole industry is narrowing and it will be unsteady to some extent. The raw material's price is also uncertainty, currently; the raw material has a growth trend.

-  The global renewable energy market size was valued at USD 928.0 Billion in 2017 and is expected to reach USD 1,512.3 Billion by 2025, registering a CAGR of 6.1% from 2018 to 2025.Asia-Pacific emerged as a renewable energy market leader in 2017, and its dominance is expected to continue over the forecast period. In terms of end-user, due to rapid industrialization, the industrial and residential segments are expected to dominate the Asia-Pacific market. China is predicted to account for the highest market share on the renewable energy market in Asia-Pacific and is projected to dominate the market during the forecast period. China aims to reduce its fossil-fuel reliance by embracing renewable energy for electricity generation.

-  Concentrating Solar Power Tower Market by Product-Type: Less than 50 MW, 50 MW to 99 MW, 100 MW and above, Application: Utilities, Process Heating, Others,  by key players, by Regions: North America, Europe, China and Japan, etc.

-  Concentrating Solar Collectors Market by Product-Type: Flat Plate Collector, Evacuated Tube Collector, Solar Air Collector, Other, Application: Space Heating Applications, Process Heat Applications, Other, by key players, by Regions: North America, Europe, China and Japan, etc.

-  Low Iron Glass for Concentrating Solar Power (CSP) Market  by Product-Type: Purity 99. 9%, Purity 99. 99%, Other, Application: Building Curtain Wall, PV Roofs, Other, by key players, by Regions: North America, Europe, China and Japan, etc.

-  Non Concentrating Solar Collectors Market by Product-Type: Copper Absorber Plate, Aluminum Absorber Plate, Steel Absorber Plate, Application: Residential, Commercial, Industrial,  by key players, by Regions: North America, Europe, China and Japan, etc.

-  Global Clean Green Energy Market by Clean Green Energy, Product-Type: Solar Energy, Hydro & Ocean Energy, Wind Energy, Hydrogen Energy, Bio-energy, Others, Application: Electric Power, Traffic, Food and Beverage, Building, Automation, Other, by key players, by Regions: North America, Europe, China and Japan, etc.

-  The global Wave and Tidal Energy market size is projected to reach USD 12430 Million by 2026, from USD 6970 Million in 2020, at a CAGR of 10.1% during 2021-2026. The focus on developing new renewable energy resources has increased so as to reduce carbon emissions and to provide constant power to the ever growing power demand.

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