Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Concentrated Solar Power (CSP) Market Report 2024-2034" has been added to ResearchAndMarkets.com's offering.
Revenue for the global Concentrated Solar Power Market is forecast to surpass US$7.2 billion in 2024.
The Concentrated Solar Power (CSP) Market Is Poised for Significant Growth as the Global Shift Toward Sustainable and Renewable Energy Intensifies
The CSP technology harnesses the power of sunlight through concentrated mirrors or lenses to generate heat, subsequently converted into electricity. One of the key drivers propelling the CSP market forward is the increasing demand for clean energy solutions, driven by environmental concerns and the need to reduce carbon emissions. Governments around the world are implementing favourable policies, including feed-in tariffs and incentives, to encourage the adoption of CSP technology as part of their renewable energy portfolios.
Opportunities within the CSP market are abundant, particularly with the ongoing advancements in technology. The adoption of innovative materials, improved control systems, and enhanced storage solutions contributes to the efficiency and cost-effectiveness of CSP systems. Additionally, the rising demand for utility-scale CSP plants, industrial heating and desalination applications, and even residential and commercial heating presents diverse avenues for market expansion. The versatility of CSP technology positions it not only as a major player in large-scale electricity generation but also as a solution for various industrial and domestic energy needs.
However, the CSP market is not without its challenges. High initial capital costs and complex project financing remain significant hurdles for widespread adoption. Technological risks, intermittency issues related to sunlight availability, and competition from other renewable energy sources also pose challenges. Overcoming these barriers requires continued research and development, collaborative efforts, and supportive government policies to drive innovation and improve the overall economic viability of CSP projects.
Key Market Dynamics
Market Driving Factors
- Growing Environmental Concern Over Carbon Emission and Efforts to Reduce Air Pollution
- Increasing Popularity and Rising Demand for Solar Energy Driving the Market Growth
- Support from Government Compared with Other Renewable Technologies
Market Restraining Factors
- Higher Cost of Generation Compared with Others Renewable Technologies.
- Technical Complexities of CSP Plants Hinder the Market Growth
- Solar PV is Cheaper Than CSP Hinder the Market Growth
Market Opportunities
- Integration of CSP in Hybrid Power Plants Opportunities for the Market
- Use of CSP in Desalination and Enhanced Oil Recovery Processes
- Adoption of Technologies to Boost Renewable Energy Production
Forecasts to 2034 and other analyses reveal commercial prospects
- In addition to revenue forecasting to 2034, the new study provides you with recent results, growth rates, and market shares.
- You will find original analyses, with business outlooks and developments.
- Discover qualitative analyses (including market dynamics, drivers, opportunities, restraints and challenges), cost structure, impact of rising concentrated solar power (CSP) prices and recent developments.
Segments Covered in the Report
Market Segment by Storage Type
- Thermal Energy Storage
- Molten Salt Storage
- Steam Accumulators
Market Segment by Application
- Utility-scale CSP Plants
- Industrial Heating and Desalination
- Residential and Commercial Heating
- Other Applications
Market Segment by Component
- Solar Collectors
- Solar Thermal Storage
- Power Block
- Heat Transfer Fluid
- Other Components
Market Segment by Technology
- Parabolic Trough
- Solar Tower
- Fresnel Reflectors
- Dish Stirling
- Heliostat
- Other Technologies
Leading companies profiled in the report
- Aalborg CSP
- ACWA Power
- BrightSource Energy, Inc.
- Cobra Instalaciones y Servicios
- Enel Green Power S.p.A.
- Flabeg Fe GmbH
- FRENELL GmbH
- GlassPoint Solar
- Innova Global Limited
- Sener
- Shams Power Company
- Siemens Gamesa Renewable Energy S.A.
- Solar Inc.
- Supcon Solar
- TSK Flagsol Engineering GmbH
The report provides you with the following knowledge:
- Revenue forecasts to 2034 for Concentrated Solar Power (CSP) Market, 2024 to 2034 Market, with forecasts for storage type, application, component, and technology, each forecast at a global and regional level - discover the industry's prospects, finding the most lucrative places for investments and revenues.
- Revenue forecasts to 2034 for four regional and 20 key national markets - See forecasts for the Concentrated Solar Power (CSP) Market, 2024 to 2034 market in North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. Also forecasted is the market in the US, Canada, Brazil, Germany, France, Greece, Italy, China, India, Japan, and Australia among other prominent economies.
- Prospects for established firms and those seeking to enter the market - including company profiles for 15 of the major companies involved in the Concentrated Solar Power (CSP) Market, 2024 to 2034.
For more information about this report visit https://www.researchandmarkets.com/r/v3h94e
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