Global Concentrating Solar Power Market Synopsis
The growth of
the global concentrating solar power market is impressive in the latest years,
as Market Research Future claims that the market can cultivate at 11.46% CAGR
from 2019 to 2025. The study has also included grossing factors, segmental
analysis, and regional analysis, which could portray the market’s evolution
during its growth period.
The prominent
factors driving the global concentrating solar power market growth include
growing awareness about eco-friendly power, need for renewable sources of
energy, cost-effective energy, and low maintenance costs. However, the high
cost of initial installation can limit market growth.
The notable factors driving the progression of
the global concentrating solar power market include rising environmental
concerns over carbon emissions and government initiatives to enable renewable
technologies. The study comprises that according to EIA, solar surpasses
biomass to become the third most prevalent renewable electricity source, which
has led to augmented investment in major countries such as India, China, the
US, Italy, and others globally to install solar panels to generate electricity.
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Segmental
Overview
The segmental analysis of the global
concentrating solar power market has been conducted on the elements of
technology, components, and end-user.
In terms of technology: Parabolic trough,
power tower, linear Fresnel, and dish/engine system. Among these, the parabolic
trough segment is likely to lead the market during the assessment period. Due
to this, the segment has its main application in end-use industries such as
enhanced oil recovery, utilities, and mining, and many more.
In terms of components: Solar field, power
block, and thermal storage are the segments. Among these, the thermal storage
segment leads the market due to the capability to store thermal energy on a
large scale, which enables power generation.
In terms of end-user: Utilities, EOR, and
others are the segments. Among these, the utility segment is likely to record a
sophisticated growth rate during the assessment period.
Key
Players
The
significant players operating in the global concentrating solar power market
are listed as BrightSource Energy (US), Chiyoda Corporation (Japan), Acciona Energy (Spain), Alsolen (Morocco), GE
Renewable Energy (France), TSK Flagsol Engineering GmbH (Germany), ACWA Power
(Saudi Arabia), SA (Spain), Abengoa Solar, Atlantica Yield PLC (UK), eSolar
Inc. (US), SolarReserve (US), Enel Green Power (Italy), and Soligua (Italy).
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Regional
Outlook
The regional segmentation of the global
concentrating solar power market segments the market into the regional markets
known as North America, Asia Pacific, Europe, and rest of the world (RoW).
Europe is a priority regional market due to
new projects, government initiatives towards grid-scale renewable power
generation, and a number of installation security of supply with an objective
to reduce greenhouse gas emission. Many important market players are also based
in Europe. Vital country-specific markets in this region are France, Germany,
and the UK, followed by the remaining countries of Europe.
In North America, the market is significant
due to established industries, government initiatives favoring eco-friendly
methods of power generation, and the presence of many key market players in
North America. In this region, the crucial country-specific markets are the USA
and Canada.
During the forecast period, the Asia Pacific
regional market is expected to grow at high speed due to major installations
taking place in countries such as China and India.
The RoW segment lists the countries of the
Middle East & Africa (MEA). In the MEA region, the market is limited due to
poor countries, lack of awareness, lack of technological advancement, and lack
of education.
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