The global concentrated solar power market is anticipated to grow at a considerable CAGR of 9.5% during the forecast period (2022-2028). Across the globe concentrated solar power is being adopted, as this systems offer several advantages such as cost-effective investment, and a shorter span of installation, and it also combines with fossil fuels and other renewable energy sources. Hence, governments of every nation can take steps and focus on reducing the cost of these systems. Moreover, these systems are highly efficient and also these systems are helping to achieve green energy targets and help in control carbon emissions, and reduce air pollution as these are the most driving factors in the increased carbon emission and air pollution across the globe. Hence, if sudden steps on reducing the installation and equipment cost of these systems will be taken then these steps will attract various investors and this can be integrated into utilities. For instance, in March 2021 the US Energy Department has planned to cut the cost of solar energy by 60% till 2030 and it has also funded $128 million to lower costs, improve performance, and speed the deployment of solar energy technologies in upcoming years.
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Furthermore, As the demand and number of solar installations is been increased, the key players in the market are now mainly focusing on developing and manufacturing new technology-based solar power that is propelling the market growth. Moreover, innovative heat transfer fluids that include, cSOC, and new salts are being introduced and researchers are working on new coatings that will reduce the amount of light reflected These are the factors that are driving the market growth. For instance, in March 2020, Shouhang Hightech Energy Technology Co., Ltd signed an agreement to invest in Jinta 100MW molten salt tower concentrating solar power project with Gansu Province.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
o By Technology
o By Component
o By Application
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- Abengoa Solar, Acciona Energy, Areva Solar, Bright Source Energy Inc., Cobra Energia, Esolar Inc., Glasspoint Solar, Novatec Solar, and others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Concentrated Solar Power Market Report Segment
By Technology
- Dish Stirling
- Enclosed Trough
- Parabolic Trough
- Fresnel Reflectors
By Component
- Solar Field
- Thermal Energy Storage
- Power Generation System
By Application
- Industrial
- Residential
- Commercial
