Concentrating Solar Power Market Segmental Analysis, Scope, Trends, Forecast By 2030

Concentrating Solar Power Market Insights:

By 2027, Concentrating Solar Power Market is projected to be worth USD 16.41 billion with a CAGR of 17.1%.

By concentrating the sun's beams with the use of mirrors, Concentrating Solar Power is able to produce energy with temperatures between 400 and 1000 °C. The receiver receives the concentrated sunlight, which is then directed onto the power block to produce electricity via a heat transfer medium. Concentrating solar power systems work on the fundamental premise of using a heat engine to produce electricity that can then be supplied into the grid. The advantages of Concentrating Solar Power systems over other Solar energy systems are the main market drivers. CSP systems have the capacity to store solar energy for use at a later time, on days with higher energy demand, or on cloudy days.

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As more people become aware of the need to reduce carbon emissions, the market for concentrated solar power is expected to grow. This is because concentrated solar power systems can provide power while emitting zero CO2. Many developing nations and advanced economies are searching for power generation technologies that are incredibly efficient at emitting little carbon dioxide into the atmosphere. In order to reduce carbon emissions, they are also enticing homeowners to instal solar power systems. The expansion of the market for concentrated solar power has been linked to this attitude's predominance.

Regional Analysis:

The market for concentrating solar power has been examined globally across a number of regions, including North America, Asia-Pacific, the Middle East and Africa, Europe, and South America. Due to significant investments in solar power projects in Japan, China, and India, Asia-Pacific is predicted to be the largest and fastest-growing market over the projection period. China has the highest market share and growth rate in the Asia-Pacific region. In the referenced scenario, three concentrated solar power facilities totaling 200 MW in capacity were finished and connected to the grid in 2018.

Additionally, Japan noticed market expansion. Japan installed a solar power plant with a capacity of 6 to 7.5 GW back in 2018. Furthermore, 260,000 solar projects with a combined capacity of 14.6 GW have had their approvals withdrawn by the Ministry of Economy, Trade, and Industry (METI).

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Last but not least, there is a good chance that the market for concentrating solar power in North America and the Middle East will grow during the forecast period as a result of increased attention being paid to raising the proportion of renewable energy in all power generation and growing opportunities to deploy concentrated solar power at utility-scale.

Market Segmentation:

The technology, component, and end-user divisions make up the Concentrating Solar Power Market. In terms of technology, the dish/engine system, linear Fresnel, power tower, and parabolic trough have all been sold on a global scale. Due to its widespread use in utilities, mining, enhanced oil recovery, and other end-use sectors, the parabolic trough segment may dominate the global market over the forecast period. The global market has included a power block, solar field, and thermal storage in the components sector. Due to its ability to store thermal energy on a massive scale, which permits power generation at dusk, the thermal storage segment dominates the global market. The global market's end-user sector included utilities, EOR, and other businesses. During the anticipated timeframe, the utility segment may increase at a faster rate.

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Key Players:

The top industry players operating in the global concentrating solar power market are listed as SA (Spain), Abengoa Solar, GE Renewable Energy (France), Acciona Energy (Spain), Enel Green Power (Italy), TSK Flagsol Engineering GmbH (Germany), Atlantica Yield PLC (UK), BrightSource Energy (US), SolarReserve (US), eSolar Inc. (US), Chiyoda Corporation (Japan), ACWA Power (Saudi Arabia), and Soligua (Italy).

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