Pune, Aug. 27, 2020 (GLOBE NEWSWIRE) -- The global concentrated solar power market size is projected to reach USD 90.02 billion by the end of 2027. The presence of several large scale companies in this sector will have a huge impact on the growth of the overall market in the coming years. The rising awareness regarding the use of natural energy sources over traditional power sources will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled “Concentrated Solar Power Market Size, Share & COVID-19 Impact Analysis, By Technology (Parabolic Trough, Power Tower, Linear Fresnel), By Application (Residential, Non-Residential, Utility) and Regional Forecasts, 2020-2027,” the market was worth USD 34.12 billion in 2019 and will exhibit a CAGR of 14.1% during the forecast period, 2020-2027.
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Concentrated solar power allows the concentration of solar energy with the help of mirrors that are placed in a particular manner. The ability of this concept to maximize the use of solar energy and avoid wastage, as well as improved efficacy, will fuel the demand for the product across the world. The rising awareness regarding the adverse effects of excessive carbon emission has created a subsequent demand for maximizing the use of solar energy. The increasing environmental pollution and the efforts taken to curb the emission of harmful gases will lead to wider adoption of concentrated solar power in several countries across the world. The presence of several large scale companies in this sector, driven by the massive potential held by the product across the world, will have a massive impact on the growth of the overall CSP market in the foreseeable future.
Although Covid-19 Pandemic May Bring Production to a Standstill, Market to Recover Rapidly
The recent coronavirus outbreak has created a sense of panic among several business sectors across the world. With the rapid spread of the disease, governments across the world have been compelled to implement strict measures to curb the spread of the disease. Although these measures have been essentially implemented for a better cause, some factors have had a blazing impact on world economy. The strict lockdowns and social distancing practises have halted production units across several industry verticals. As a result, manufacturers have witnessed huge losses in recent months. Although the pandemic will have an initial impact on CSP market, the widespread applications of the concept will help the market recover quickly from the coronavirus traits, unlike a few other industries in this sector.
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Increasing Number of Company Mergers and Collaborations will Provide Impetus to Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of company collaborations taken to implement CSP across the world, has made the highest impact on the growth of the market in recent years. Due to the efforts taken to curb the carbon emissions across the world, companies are engaging in collaborations, which gives them a platform to combine their resources. In March 2019, Rioglass Solar announced that it has bagged a contract from Abengoa Energia and Shanghai Electric. The contract is aimed at the supply of Parabolic Trough Receiver Tubes and Mirrors. The collaboration will help the company develop the largest parabolic trough project in the world. Such large scale initiatives taken to maximize the use of solar energy will have a massive impact on the growth of the overall concentrated solar power market in the foreseeable future.
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Europe to Account for the Maximum Market Share; Increasing Number of Solar Power Projects to Aid Growth
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in Europe is projected to emerge dominant in the coming years. The presence of several large scale companies in several countries across this region will emerge in favor of the growth of the market. The presence of several large scale manufacturers in this region is consequential to the rising awareness regarding the use of solar energy over traditional fuel combustion engines. The rising environmental pollution in countries such as UK, Germany, and France has encouraged the use of CSP harnessing methods in this region. As of 2019, the market in Europe was worth USD 10.85 billion and this value is projected to increase further in the coming years.
List of Key Companies Profiled in Concentrated Solar Power Market Are:
- BrightSource Energy (United States)
- Abengoa Solar (Spain)
- Siemens (Germany)
- Acciona (Spain)
- Solar Reserve (United States)
- Torresol Energy (Spain)
- Trivelli Energia (Italy)
- Abors Green GmbH (Germany)
- Parvolen CSP Technologies (Greece)
- Sener (Spain)
- Rioglass (Belgium)
Industry Developments:
January 2020 – Abengoa Solar announced that it has bagged a contract from ENCE Energia for operation and maintenance of the 50MW Termollano parabolic trough solar thermal plant. Through this contract, the company would be responsible for the provision of materials, resources, and means necessary for the operation of the solar thermal plant located in Puertollano, Spain.
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Detailed 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
- Key Developments: Merger & Acquisition, Partnership, etc.
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Concentrated Solar Power 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 Market Analysis (GW, USD Billion), Insights and Forecast, 2016-2027
- 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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