New York, Nov. 01, 2023 (GLOBE NEWSWIRE) -- The global concentrating solar power market size is predicted to expand at ~29.9% CAGR between 2023 and 2035. The market is projected to garner a revenue of USD 162.74 billion by the end of 2035, up from a revenue of ~USD 7.05 billion in the year 2022.Technological advancements in Concentrated Solar Power have led to improved efficiency and cost-effectiveness. Newer systems can concentrate sunlight up to 5,000[R1] times, resulting in higher energy output. This has made CSP more competitive with traditional fossil fuels, as the cost of producing solar power has decreased.
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Concentrating Solar Power Market: Key Takeaways
- Market in North America to propel highest growth
- Energy Storage Systems segment to garner the highest growth
- Market in Asia Pacific to grow at a significant rate
Environmental Benefits of Concentrated Solar Power to Boost Market Growth
Concentrated Solar Power (CSP) has numerous environmental benefits that make it an attractive alternative to traditional fossil fuel-based power generation. CSP[R2] systems generate electricity without producing any greenhouse gas emissions, which helps to reduce the overall carbon footprint of power generation. CSP systems use significantly less water than traditional power plants, reducing the strain on local water resources and helping to conserve water in arid regions. Further, CSP systems can be designed to integrate with other renewable energy sources, such as wind and hydropower, to provide a more stable and reliable power supply.
Concentrating Solar Power Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Adoption Of Concentrated Solar Power Technology to Drive the Growth in the North America Region
The concentrating solar power market in North America region is estimated to garner the largest revenue by the end of 2035. Governments around the region are offering incentives for the adoption of concentrated solar power technology. These incentives include tax credits, subsidies, and grants to encourage investment in CSP projects. For instance, in the United States, the Investment Tax Credit (ITC[R3] ) offers a 30% tax credit for the installation of solar energy systems, including CSP projects. Moreover, Governments are implementing policies to encourage the use of renewable energy sources and reduce carbon emissions. In the United States, the Clean[R4] Power Plan aims to reduce carbon emissions from power plants and encourages the use of renewable energy sources, including CSP.
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Increasing investments in renewable energy sources to Drive the Growth in the Asia Pacific Region
The Asia Pacific concentrating solar power market is estimated to garner the largest revenue by the end of 2035. This growth is driven by the increasing investments in renewable energy sources, particularly solar PV systems, by the governments of many countries in the region. For instance, in India, the National[R5] Solar Mission aims to promote the development and use of solar energy, including CSP, and has set a target of 100 GW of solar capacity by 2022. Also, around 2 million residential units were equipped with solar PV systems by July 2021, making China's[R6] total installed PV capacity over 30 GW. Additionally, the rising awareness about the economic benefits and environmental sustainability of renewable energy sources is also expected to contribute to the market growth in the region.
Concentrating Solar Power Segmentation by Application
- Residential
- Non-Residential
- Utility
The non-residential segment is anticipated to hold the largest revenue by the end of 2035. This is attributed to the increasing demand for off-grid solar energy solutions, as the cost of setting up and maintaining renewable energy sources such as solar has dropped in recent years. Furthermore, the non-residential segment has a larger potential for growth than the residential segment due to the larger demand for renewable energy sources in commercial and industrial applications. It is observed that renewable energy sources are projected to contribute to 95[R7] % of the overall growth in power capacity by 2026. Among these sources solar photovoltaic (PV) is expected to make up, more than 50% of the total increase. Solar PV is an attractive option for commercial and industrial applications due to its low operating costs, lack of emissions, and ability to generate power on demand. This, combined with its relatively low installation and maintenance costs, makes it an attractive option for non-residential applications.
Concentrating Solar Power Segmentation by Component
- Solar Field
- Power Block
- Thermal Energy Storage Systems
The thermal energy storage systems segment is anticipated to hold the largest revenue by the end of 2035. This is because thermal energy storage systems are the most efficient way to store energy for a long period of time, and they can be used to store solar energy and use it at night or on days when it is cloudy. Additionally, thermal energy storage systems are relatively inexpensive to install and maintain, making them an ideal choice for many renewable energy projects. It has been estimated that by 2040, the potential capacity of long-duration energy storage (LDES) worldwide will increase from roughly 1 TW to 3 TW to between 2 TW and 8 TW. Moreover, in 2022[R8] the total global investment in energy transition technologies, such, as energy efficiency reached an amount of USD 1.3 trillion. This increasing investment in enhancing energy conversion is also anticipated to contribute to the growth of this sector.
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A few of the well-known industry leaders in concentrating solar power market that are profiled by Research Nester are Abengoa, New BrightSource, Ltd., Siemens Energy, ACCIONA, Aalborg CSP A/S, ACWA Power International, Shouhang Hightech Energy Technology Co., Ltd., Enel Spa, Trivelli Energia s.r.l., Grün leben GmbH, and other key market players.
Recent Development in the Concentrating Solar Power Market
- Shouhang Hightech Energy Technology Co., Ltd. has recently made an investment agreement with Gansu Province for the construction of a 100 MW capacity salt tower concentrating solar power project in Jinta.
- ACCIONA has announced the inauguration of the Ceero Dominador concentrated power plant in Chile. This plant, with a capacity of 110 MW was constructed for EIG Global Energy Partner. It is situated near the town of Mara Elena in the Atacama Desert, known for its solar radiation levels being, among the highest worldwide.
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