New York, United States , July 11, 2024 (GLOBE NEWSWIRE) -- The Global Concentrating Solar Power Market Size is to Grow from USD 52.98 Billion in 2023 to USD 290.49 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 18.55% during the projected period.
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Concentrating solar power is a method of producing solar electricity by directing sunlight onto receivers using mirrors. The technique is gaining popularity in the global market for concentrated solar power. Solar energy may be collected, converted into thermal energy for power generation, and then stored to provide electricity when needed with the usage of CSP technology. As a result, baseload or flexible power supply might be made use of CSP systems. Additionally, by reducing greenhouse gas emissions at the same or lower cost, CSP technology may be used to hybridize or supplement fossil fuels, making non-renewable energy sources run cleaner. Several countries have set high goals for renewable energy as part of their climate change mitigation strategies. A certain percentage of solar energy is occasionally included in these objectives, which might promote technical advancements and increase demand for concentrating solar power facilities. Governments may provide long-term power purchase agreements with fixed energy rates or appealing feed-in tariffs to developers of concentrated solar power projects. These devices enable concentrating solar power facilities to generate profits and ensure income. Condensing solar power plants need a large initial infrastructure investment, which includes the construction of towers, mirrors, and thermal storage devices.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Concentrating Solar Power Market Size, Share, and COVID-19 Impact Analysis, By Technology (Solar Power Tower, Linear Concentrating System, and Dish Stirling), By Operation Type (Stand-Alone and Storage), By End-User (Utilities and EOR), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The solar power tower segment is Expected to hold the largest market share over the projected timeframe.
On the basis of technology, the global concentrating solar power market is segmented into solar power tower, linear concentrating system, and dish stirling. Among these, the solar power tower segment is expected to hold the largest market share over the projected timeframe. The market for solar power towers is being driven by the steam cycle's greater efficiency and ability to reach high temperatures for power-generating activities.
The storage segment is estimated to hold the largest market share over the projection period.
On the basis of operation type, the global concentrating solar power market is segmented into stand-alone and storage. Among these, the storage segment is estimated to hold the largest market share over the projection period. The market for the storage industry is driven by the need to constantly produce power during the night and the ability to run the plant for extended periods.
The utilities segment is projected to hold the largest share of the market over the estimated timeframe.
On the basis of end-user, the global concentrating solar power market is segmented into utilities and EOR. Among these, the utilities segment is projected to hold the largest share of the market over the estimated timeframe. The utilities industry is driven by two factors, the ability to store energy for later use and the growing need for energy.
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Asia Pacific is Expected to hold the largest share of the global concentrating solar power market over the forecast period.
Asia Pacific is expected to hold the largest share of the global concentrating solar power market over the forecast period. Around Asia Pacific, the building of concentrating solar power plants is expanding. Growing investments in concentrating solar power technologies for grid relief in countries such as China are driving the market's expansion. The need for energy is being driven by several factors, including the decrease in carbon emissions, rapid industrialization, and rapid urbanization, as well as rising pollution levels. The government's policies that encourage the use of clean and green energy are contributing to the growth of the concentrated solar power sector in Asia Pacific.
North America is predicted to grow at the fastest pace in the global concentrating solar power market during the projected timeframe. The market for concentrated solar power has expanded as a result of increased awareness of solar energy's benefits and a shift in focus toward clean, green energy sources. Additionally, the growing costs associated with implementing the newest technologies have played a significant role in the growth of the concentrating solar power market in North America.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Concentrating Solar Power Market are Abengoa Solar, TSK Flagsol Engineering, Acciona Energy, GE Renewable Energy, Enel Green Power, Suntrace, Shams Power, BrightSource Energy, Inc., CSP Services, ACWA Power, Atlantica Yield PLC, Therminol, SolarReserve, Chiyoda Corporation, Siemens and Other Key Vendors.
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Recent Developments
- In May 2023, The Redstone CSP IPP project in South Africa was completed by ACWA Power. With a 100 MW capacity, the project stored thermal energy for up to 12 hours using molten salt technology.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the Global Concentrating Solar Power Market based on the below-mentioned segments:
Global Concentrating Solar Power Market, By Technology
- Solar Power Tower
- Linear Concentrating System
- Dish Stirling
Global Concentrating Solar Power Market, By Operation Type
- Stand-Alone
- Storage
Global Concentrating Solar Power Market, By End-User
- Utilities
- EOR
Global Concentrating Solar Power Market, Regional Analysis
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
-
- US
- Canada
- Mexico
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