Pune, India, Aug. 02, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global concentrated solar power market size is projected to hit USD 119.52 billion by 2028 and exhibit a CAGR of 16.2% during the forecast period. The market size stood at USD 37.25 billion in 2020 and USD 41.68 billion in 2021 respectively. The presence of several large scale companies in this sector will have a huge impact on the growth of the market in the forthcoming years.
The rising awareness regarding the use of natural energy sources over traditional power sources will favour concentrated solar power market growth. According to a report published by Fortune Business Insights, titled Concentrated Solar Power Market, 2021-2028.
Industry Development:
March 2020: Shouhang Hightech Energy Technology Co., Ltd (Shouhang), forged a Cooperation Agreement with the government of Gansu Province for the Jinta 100MW Molten Salt Tower Concentrating Solar Power Project. The project is due by the end of 2021
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2022 to 2029 CAGR | 16.2% |
| 2028 Value Projection | USD 119.52 billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 37.25 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 210 |
| Segments covered | By Technology, Application, and Region |
| Growth Drivers | High Adoption of Solar Energy to Bolster Business |
| Rising Number of Solar Power Projects to Aid Growth in Europe |
The Report Lists the Key Companies in the Market:
- BrightSource Energy (U.S.)
- Abengoa Solar (Spain)
- Siemens (Germany)
- Acciona (Spain)
- Solar Reserve (U.S.)
- Torresol Energy (Spain)
- Trivelli Energia (Italy)
- Abors Green GmbH (Germany)
- Parvolen CSP Technologies (Greece)
- Sener (Spain)
- Rioglass (Belgium)
Market Driving Factor:
High Adoption of Solar Energy to Bolster Business
Concentrated photo voltaic strength permits the attention of photo voltaic power with the assist of mirrors that are positioned in a unique manner. The potential of this notion to maximize the use of photo voltaic strength and keep away from wastage, as nicely as extended efficacy, will gasoline the demand for the product throughout the world. The rising attention related to the negative results of immoderate carbon emission has created a subsequent demand for maximizing the use of photo voltaic energy.
The growing environmental air pollution and the efforts taken to curb the emission of damaging gases will lead to the wider adoption of focused photo voltaic strength in numerous international locations throughout the world. The presence of countless giant scale businesses in this sector, pushed via the large plausible held with the aid of the product throughout the world, will have a large effect on the market in the foreseeable future.
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COVID-19 Impact:
COVID-19 Pandemic May Bring Production to a Standstill, Market to Recover Rapidly
The latest coronavirus outbreak has created a feel of panic amongst numerous enterprise sectors internationally. With the speedy unfold of the disease, governments internationally were forced to enforce strict measures to lessen the unfold of the disease. Although those measures were basically applied for a higher cause, a few elements have had a blazing effect on the sector economy. The strict lockdowns and social distancing practices have halted manufacturing gadgets throughout numerous enterprise verticals.
As a result, producers have witnessed large losses in latest months. Although the pandemic could have an preliminary effect on CSP marketplace share, the full-size programs of the idea will assist the marketplace get better speedy from the coronavirus traits, not like some different industries on this sector.
Market Segments:
Based on technology, the market is classified into the parabolic trough, power tower, and linear Fresnel. Based on application, the market is divided into residential, non-residential, and utility. Parabolic trough is expected to hold the largest share during the forecast period because it requires less capital investment than its counterparts.
Geographically, the market is segmented into across five key regions, including North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
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Highlights of the Report?
The report offers a 360-degree outline of the market and underscores critical variables advancing, repulsing, testing, and setting out open doors for the market in the conjecture length. The report additionally records the names of central participants working on the lookout and the techniques embraced by them to procure the overwhelming majority on the lookout. It likewise offers fascinating experiences into the market, current market patterns, and significant industry improvements of the market. The report additionally examines the table of division exhaustively and records the names of the main fragment with its ascribed factors. It is ready to move on the organization site.
Regional Analysis:
Rising Number of Solar Power Projects to Aid Growth in Europe
The report examinations the continuous market patterns across five significant locales, including North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. Among all locales, the concentrated sunlight based power piece of the pie in Europe is projected to arise predominant before very long. The presence of a few enormous scope organizations in a few nations across this locale will arise for the market's development.
The presence of a few huge scope makers in this locale is noteworthy to the rising mindfulness with respect to the utilization of sun powered energy over customary fuel burning motors. The rising natural contamination in nations like UK, Germany, and France has supported the utilization of CSP outfitting strategies around here. The Middle East and Africa remained at USD 13.00 billion and is supposed to encounter a quick development rate during the conjecture time frame.
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Competitive Landscape:
Mergers and Collaborations to Provide Impetus
The report envelops a few factors that have added to the development of the general market as of late. Among all factors, the rising number of organization coordinated efforts taken to carry out CSP across the world highest affects the market's development as of late. Because of the endeavours taken to control fossil fuel by-products across the world, organizations are participating in coordinated efforts, which gives them a stage to join their assets. In March 2019, Rioglass Solar reported that it has sacked an agreement from Abengoa Energia and Shanghai Electric.
The agreement is focused on the inventory of Parabolic Trough Receiver Tubes and Mirrors. The joint effort will assist the organization with fostering the biggest illustrative box project on the planet. Such huge scope drives taken to boost the utilization of sunlight based energy will enormously affect the development of the general market soon.
Key Benefits for Concentrated Solar Power Market:
- The Concentrated Solar Power market analysis covers in-depth information of major industry participants.
- Porter’s five forces analysis helps to analyses the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- Major countries have been mapped according to their individual revenue contribution to the regional market.
- The report provides an in-depth analysis is of the Concentrated Solar Power market during the forecast period (2022–2028).
- The report outlines the current market trends and future scenario of the global Concentrated Solar Power market to understand the prevailing opportunities and potential investment pockets.
- The key drivers, restraints, and opportunities and their detailed impact analysis is elucidated in the study.
Table of Content
- Introduction
-
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
-
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
-
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
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- Impact of COVID-19 on the Concentrated Solar Power (CSP) Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by the Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Concentrated Solar Power (CSP) Market Analysis (MW) (USD Billion), Insights and Forecast, 2017-2028
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- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Technology
- Parabolic Trough
- Power Tower
- Linear Fresnel
- Market Analysis, Insights and Forecast – By Application
- Residential
- Non-Residential
- Utility
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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