Growing Awareness Regarding Excess Carbon Emissions to Spur Business Opportunities in Concentrated Solar Power (CSP) Market
/EIN News/ — Pune, India, May 09, 2022 (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 concentrated solar power (CSP) 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.
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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Based on technology, the concentrated solar power 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 concentrated solar power market is segmented into across five key regions, including North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Market Driving Factors:
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. 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 concentrated solar power market in the foreseeable future.
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. The strict lockdowns and social distancing practices 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 share, 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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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.
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. The Middle East and Africa stood at USD 13.00 billion and is expected to experience a rapid growth rate during the forecast period.
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. 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.
The Report Lists the Key Companies in the Concentrated Solar Power Market:
- 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)
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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
Global Concentrated Solar Power Market Segmentation:
- Parabolic Trough
- Power Tower
- Linear Fresnel
Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Merger, Acquisitions, and Partnerships
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Value Chain Analysis
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This news story originally appeared at Books - Reality Syndicate Viewers on 11 May 2022