Pune, India, Nov. 17, 2021 (GLOBE NEWSWIRE) -- The global concentrated solar power market size is projected to reach USD 119.52 billion by 2028, exhibiting a CAGR of 16.2% during the forecast period. The presence of several large scale companies in this sector will have a huge impact on the growth of the market in the forthcoming years. The rising awareness regarding the use of natural energy sources over traditional power sources will favour the market growth. According to a report published by Fortune Business Insights, titled “Concentrated Solar Power Market, 2021-2028,” the market was worth USD 37.25 billion in 2020.
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 the world economy.
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Lists of Key Companies in the Market:
• BrightSource Energy (U.S.)
• Abengoa Solar (Spain)
• Siemens (Germany)
• Acciona (Spain)
• Solar Reserve (U.S.)
• Torresol Energy (Spain)
• Trivelli Energia (Italy)
• Abors Green GmbH (Germany)
• Parvolen CSP Technologies (Greece)
• Sener (Spain)
• Rioglass (Belgium)
Market Segments:
Based on technology, the market is classified into the parabolic trough, power tower, and linear Fresnel. Based on application, the market is divided into residential, non-residential, and utility. Parabolic trough is expected to hold the largest share during the forecast period because it requires less capital investment than its counterparts.
Geographically, the market is segmented into across five key regions, including North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Highlights of the Report?
The report offers a 360-degree overview of the market and emphasizes significant factors promoting, repelling, challenging, and creating opportunities for the market in the forecast duration. The report also lists the names of key players operating in the market and the strategies adopted by them to earn the lion’s share in the market. It also offers interesting insights into the market, current market trends, and major industry developments of the market. The report also discusses the table of segmentation in detail and lists the names of the leading segment with its attributed factors. It is available for sale on the company website.
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Driving Factor:
High Adoption of Solar Energy to Bolster Business
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 the wider adoption of concentrated solar power in several countries across the world.
Regional Insights:
Rising Number of Solar Power Projects to Aid Growth in Europe
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 concentrated solar power market share 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 market's growth.
Competitive Landscape:
Mergers and Collaborations to Provide Impetus
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 market's growth in recent years. Due to the efforts taken to curb 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.
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Industry Development:
March 2020: Shouhang Hightech Energy Technology Co., Ltd (Shouhang), forged a Cooperation Agreement with the government of Gansu Province for the Jinta 100MW Molten Salt Tower Concentrating Solar Power Project. The project is due by the end of 2021
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
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Concentrated Solar Power (CSP) 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 (CSP) Market Analysis (MW) (USD Billion), Insights and Forecast, 2017-2028
- 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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Solar Power Market Size, Share and COVID-19 Impact Analysis, By Technology (Solar Photovoltaic {Mono-Si, Thin Film, Multi-Si, and Others}, and Concentrated Solar Power {Parabolic Trough, Power Tower, and Linear Fresnel}), By Application (Residential, Non-Residential and Utility) and Regional Forecast, 2021-2028
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