Concentrating Solar Power Market to Grow at 10.7% CAGR by 2030
High demand for renewable sources of energy owing to depleting nature of existing energy sources, has paved way for establishment and growth of Concentrating Solar Power industry during the forecast period.
Concentrating Solar Power Market is expected to grow at a CAGR of 10.7% from 2020-2030, according to a new research report by Next Move Strategy Consulting.
Concentrating solar power is a technology of harnessing energy from sunlight by reflecting the incident sunrays on a large area to a central receiver, and then converting the concentrated thermal energy into electricity. The concentrated solar power is an excellent alternative to existing fossil fuel projects. The concentrated solar power plants are designed by considering factors such as solar zones, and availability of contagious parcel of land, and others. These plants are generally used in utility-scale applications to power an electricity grid.
According to the report, the extraction rate of fossils fuels is estimated to reduce drastically in the coming years. The exhaustive nature of conventional energy sources demands for renewable sources of energy such as solar and wind. As a result, concentrating solar power market is estimated to propel rapidly during the forecast period. Besides, increasing global warming and polluting nature of thermal power plants are some other factors driving the concentrating solar power market growth. Moreover, increasing investments from government to deploy concentrating solar power plants further accelerates the growth of the market in the coming years.
However, high capital cost of concentrating solar power installation is anticipated to obstruct the market growth. Also, the basic requirements to install a concentrating solar power such as availability of land in solar radiation zones, presence of water body in proximity, and accessibility to transmission grid affects the rate of market growth. Nonetheless, strategic collaborations among market players and governments are expected to create lucrative opportunities during the forecast period.
Based on technology, the concentrating solar power market share is segmented into parabolic trough, solar power trough, linear fresnel reflectors, and dish/engine. Parabolic trough segment dominates the global concentrating solar power market and is estimated to follow same trend during the forecast period.
North America holds the highest market share in the concentrating solar power market during the forecast period, owing to high rate of adoption of renewable sources of energy. In addition, increasing investments to develop infrastructure for harnessing renewable energies proliferate the market growth. Europe follows North America in the concentrating solar power market in terms of market size. Asia Pacific is expected to be the fastest developing region for the concentrating solar power market. It is majorly driven by the growing industrialization, which in turn develop environmental concerns such as high rate of carbon emissions. Additionally, growing awareness on use of renewable source of energy has led to increased adoption rate of concentrating solar power plants in the developing economies accelerates the market growth.
According to the report, some of the prominent market players are Atlantica Yield, BrightSource, NextEra Energy, SENER Group, Tonopah Solar, Florida Power & Light Co., NRG Energy, Acciona Energia, Reliance Power Ltd., Alphabet, FG Emvelo, ACWA Power, Solafrica Thermal Energy, Terra-Gen, Abengoa Solar and Godavari Green Energy Ltd.
Browse key industry insights from the report, “Concentrating Solar Power Market by Technology (Parabolic Trough, Solar Power Tower, Fresnel Reflectors, and Dish Stirling), by Storage (With Storage and Without Storage), by Capacity (≤50 MW, >50≤100 MW, and >100 MW), by End User (Residential, Commercial, and Industrial), Regional Outlook (U.S., Canada, Mexico, Germany, UK, France, Italy, China, India, Japan, Australia, Brazil, South Africa, Saudi Arabia, and UAE), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020–2030” in detail along with the table of contents:
Key Insights from the Concentrating Solar Power Market Report:
- Asia Pacific is the fastest growing region for the concentrating solar power market owing to the rapid industrialization, stringent environment regulations for carbon emissions, and growing awareness on use of renewable energy resources.
- The industrial segment dominates the market growth in terms of end user type and is expected to grow at a significant CAGR to maintain the lead till 2030.
- Some of the major players in the market are Atlantica Yield, BrightSource, NextEra Energy, SENER Group, Tonopah Solar, Florida Power & Light Co., NRG Energy, Acciona Energia, Reliance Power Ltd., Alphabet, FG Emvelo, ACWA Power, Solafrica Thermal Energy, Terra-Gen, Abengoa Solar and Godavari Green Energy Ltd.
The report Concentrating Solar Power market – segmented by technology and geography
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