Pune, Dec. 16, 2019 (GLOBE NEWSWIRE) -- The global Concentrated Solar Power Market size is projected to reach USD 62.87 billion by 2026. The increasing efforts to maximize the use of clean energy will provide impetus to market growth. According to a report published by Fortune Business Insights, titled “Concentrated Solar Power Market Size, Share & Industry Analysis, By Technology (Parabolic Trough, Power Tower, Linear Fresnel) By Application (Residential, Non-Residential, Utility), and Regional Forecast, 2019-2026,” the market size was 30.11 billion in 2018. Driven by increasing government initiatives, the market will exhibit a CAGR of 8.1% during the forecast period, 2019-2026.
The demand for energy has risen dramatically over the past few years, owing to the rapidly rising industrialization across the world. The use of combustible fuels has contributed massively to the growing pollution in major countries across the world. As a result of the increasing energy demand, there have been several initiatives, aimed at the use of renewable energy sources for operations in large scale industries. Solar energy has emerged at the fore of major industrial applications. The use of solar energy has been hugely beneficial across several industrial applications, including small, medium, and large scale industries. The increasing investment in solar energy harnessing methods has yielded several product innovations in recent years. Concentrated solar power is one of the most widely adopted methods due to its high efficiency and cost-effectivity.
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The report provides an in-depth analysis of the Concentrated Solar Power Market. It focuses of key aspects of the market such as leading products and major companies. The competitive landscape of the market has been discussed in detail. The report provides forecast values for the market for the period of 2019-2026. Market values have been evaluated on the basis of extensive research analysis methods, including top-down and bottom-up approaches. Factual figures are obtained through trusted sources and derived based on interviews and opinions of world leaders. Additionally, the report labels companies that are likely to emerge leading in the coming years.
Heliogen’s Concentrated Solar Power Technology is a Major Highlight in the Market
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the applications of concentrated solar power in various utilities have contributed majorly to market growth. In November 2019, Heliogen launched a new technology used to harness concentrated solar power. The product is funded by Bill Gates. The company claims that through the product, the use of fossil fuels in industrial applications can be avoided altogether. Heliogen’s latest product will not only help the company generate a substantial Concentrated Solar Power Market revenue, but will also have a positive impact on the market in the coming years.
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Asia Pacific to Emerge Dominant; Increasing Energy Demands Will Create Several Opportunities for Growth
The market has been segmented on the basis of regional demographics into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, Asia Pacific will emerge dominant in the coming years. The increasing investment towards the use of clean energy in emerging countries such as India and China will aid the growth of the market in this region. Growing company mergers and government initiatives taken to maximize the use of clean and renewable energy sources will open up a huge potential for the growth of the market in this region.
List of leading companies that are operating in the global Concentrated Solar Power Market are:
- BrightSource Energy
- Abengoa Solar
- Siemens
- Acciona
- SolarReserve
- Torresol Energy
- Trivelli Energia
- Abors green GmbH
- Parvolen CSP Technologies
- Sener
- Lointek
- Rioglass
Key Industry Developments:
- November 2019: Heliogen, a clean energy manufacturing company, announced the launch of a new concentrated solar energy technique, aimed at operations above 1000 degree Celsius. The Bill Gates-funded method can be used in place of fossil fuels altogether.
- November 2019: Abengoa announced a major advancement in its Luneg Haixi 50 MW solar thermal power plant. The program is aimed at increasing the overall solar-thermal installed base in the country to 27 GW by the end of the year 2030.
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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
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Global Concentrated Solar Power Market Analysis (USD Billion) (MW), Insights and Forecast, 2015-2026
- 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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