Global Concentrating Solar Power Market Synopsis
The growth of the global concentrating solar power market is impressive in the latest years, as Market Research Future claims that the market can cultivate at 11.46% CAGR from 2019 to 2025. The study has also included grossing factors, segmental analysis, and regional analysis, which could portray the market’s evolution during its growth period.
The prominent factors driving the global concentrating solar power market growth include growing awareness about eco-friendly power, need for renewable sources of energy, cost-effective energy, and low maintenance costs. However, the high cost of initial installation can limit market growth.
The notable factors driving the progression of the global concentrating solar power market include rising environmental concerns over carbon emissions and government initiatives to enable renewable technologies. The study comprises that according to EIA, solar surpasses biomass to become the third most prevalent renewable electricity source, which has led to augmented investment in major countries such as India, China, the US, Italy, and others globally to install solar panels to generate electricity.
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The segmental analysis of the global concentrating solar power market has been conducted on the elements of technology, components, and end-user.
In terms of technology: Parabolic trough, power tower, linear Fresnel, and dish/engine system. Among these, the parabolic trough segment is likely to lead the market during the assessment period. Due to this, the segment has its main application in end-use industries such as enhanced oil recovery, utilities, and mining, and many more.
In terms of components: Solar field, power block, and thermal storage are the segments. Among these, the thermal storage segment leads the market due to the capability to store thermal energy on a large scale, which enables power generation.
In terms of end-user: Utilities, EOR, and others are the segments. Among these, the utility segment is likely to record a sophisticated growth rate during the assessment period.
The significant players operating in the global concentrating solar power market are listed as BrightSource Energy (US), Chiyoda Corporation (Japan), Acciona Energy (Spain), Alsolen (Morocco), GE Renewable Energy (France), TSK Flagsol Engineering GmbH (Germany), ACWA Power (Saudi Arabia), SA (Spain), Abengoa Solar, Atlantica Yield PLC (UK), eSolar Inc. (US), SolarReserve (US), Enel Green Power (Italy), and Soligua (Italy).
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The regional segmentation of the global concentrating solar power market segments the market into the regional markets known as North America, Asia Pacific, Europe, and rest of the world (RoW).
Europe is a priority regional market due to new projects, government initiatives towards grid-scale renewable power generation, and a number of installation security of supply with an objective to reduce greenhouse gas emission. Many important market players are also based in Europe. Vital country-specific markets in this region are France, Germany, and the UK, followed by the remaining countries of Europe.
In North America, the market is significant due to established industries, government initiatives favoring eco-friendly methods of power generation, and the presence of many key market players in North America. In this region, the crucial country-specific markets are the USA and Canada.
During the forecast period, the Asia Pacific regional market is expected to grow at high speed due to major installations taking place in countries such as China and India.
The RoW segment lists the countries of the Middle East & Africa (MEA). In the MEA region, the market is limited due to poor countries, lack of awareness, lack of technological advancement, and lack of education.
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