Burlingame, March 08, 2024 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, Global Concentrated Solar Power Market, By Technology (Parabolic Trough, Solar Power Trough, Fresnel Reflectors, Dish Stirling), By End User Industry (Residential, Commercial, Industrial), and By Geography: Size, Share, Outlook, and Opportunity Analysis, 2023-2030. According to the report, the global concentrated solar power market was valued at US$ 5.29 Bn in 2023 and is expected to reach US$ 12.01 Bn by 2030, growing at a compound annual growth rate (CAGR) of 10.8% from 2023 to 2030.
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Market Dynamics:
The Concentrated Solar Power Market is driven by the rising global demand for sustainable energy sources as countries strive to reduce carbon emissions and mitigate the impact of climate change. Additionally, technological advancements in solar power technology, such as improved energy storage solutions and increased efficiency of solar panels, are further fueling the market growth.
Concentrated Solar Power Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2023 | $5.29 billion |
| Estimated Value by 2030 | $12.01 billion |
| Growth Rate | Poised to grow at a CAGR of 10.8% |
| Historical Data | 2018–2021 |
| Forecast Period | 2023–2030 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Technology, By End User Industry |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Restraints & Challenges | • Increase in the number of government projects and programs • Huge Investments |
| Growth Drivers | • Demand for renewable energy is rising • Increasing demand for solar energy from developing nations |
Market Trends:
One key trend in the Concentrated Solar Power Market is the increasing adoption of hybrid solar power plants, which combine concentrated solar power with other renewable energy sources such as photovoltaic panels or wind turbines. This approach allows for a more reliable and stable power supply, as it leverages the strengths of each technology to offset their individual weaknesses.
Another trend shaping the market is the growing investment in large-scale concentrated solar power projects in emerging economies, where the demand for energy is rapidly increasing. Governments and private sector players are increasingly recognizing the potential of concentrated solar power as a cost-effective and sustainable energy solution, driving substantial investment in new projects and infrastructure.
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Growing Demand for Renewable Energy Sources
The increasing focus on reducing carbon emissions and transitioning towards cleaner energy sources is driving the demand for concentrated solar power technology. The Concentrated Solar Power Market is anticipated to witness a CAGR of 10.8% during the forecast period 2023-2030, owing to the rising demand for renewable energy sources globally.
On the basis of technology, the Parabolic Trough segment is expected to hold a dominant position, owing to its efficiency and cost-effectiveness compared to other technologies like Solar Power Tower, Fresnel Reflectors, and Dish Stirling.
In terms of end-user industry, the Residential segment is dominating the market, as consumers are increasingly adopting solar power systems for their homes to reduce electricity bills and carbon footprint.
North America is expected to hold a dominant position in the market, driven by favorable government policies and incentives for renewable energy projects.
Key players operating in the Concentrated Solar Power Market include Siemens AG, General Electric, Abengoa, and others, who are focusing on technological advancements and strategic partnerships to expand their market presence.
Recent Developments:
In June 2021, with the help of an offtake agreement with Eskom Holdings SOC Ltd., ACWA was able to secure funds totaloing over US$ 800 Million for the development of South Africa’s largest concentrated solar power facility.
In April 2019, with General Electric, Bright Source Energy collaborated on the 121 MW ASHALIM solar Field, which commenced operation in 2019.
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Key Market Takeaways:
The Concentrated Solar Power Market is anticipated to witness a CAGR of 10.8% during the forecast period 2023-2030, owing to the increasing demand for renewable energy sources and investments in solar power projects globally.
On the basis of technology, the Parabolic Trough segment is expected to hold a dominant position, driven by its efficiency and cost-effectiveness.
In terms of end-user industry, the Residential segment is dominating the market, while Commercial and Industrial segments are witnessing growth.
North America is expected to hold a dominant position in the market, driven by favorable government policies and investments in solar power projects.
Key players in the market include Siemens AG, General Electric, Abengoa, and others, who are focusing on innovation and strategic collaborations to strengthen their market presence and meet the growing demand for concentrated solar power technologies.
Read complete market research report, "Concentrated Solar Power Market, By Technology, By End User Industry, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2023-2030", Published by Coherent Market Insights.
Detailed Segmentation:
By Technology:
- Parabolic Trough
- Solar Power Trough
- Fresnel Reflectors
- Dish Stirling
By End User Industry:
- Residential
- Commercial
- Industrial
By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
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