Concentrated Solar Power Market
Market Overview
The global Concentrated Solar Power Market is projected to register nearly USD 16.41 billion during the analysis period of 2027, and it further aims to generate significant value in the forecast period of 2030. However, the market for Concentrated Solar Power is expected to grow the market value at 17.1% of CAGR in between the forecast period of 2022 to 2030.
According to the report of Greenpeace international states, nearly 25% of the world’s energy requires Concentrating Solar Power by the end of the year 2050. The investment is increasing for this system and is projected to achieve in between 2 billion euros to 92.5 billion euros for this market.
The increasing government initiatives to enable renewable technologies and the rising environmental concerns over carbon emissions across the world are driving the globalConcentrated Solar Power Market growth.
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Market Segmentation
As per the global Concentrated Solar Power Market report, the current market has been segmented based on technology, capacity, end-users, and operation type.
The market for concentrated solar power is classified based on the technology into linear concentrating systems, solar power tower, parabolic trough, and Stirlingdish technology. Out of all, the solar power tower segment is anticipated to generate the largest market share during the assessment period.
Depending on the capacity segment, the global market has been divided into100 MW and above, 50 MW to 99 MW, and less than 50 MW. Of these, the 100 MW and above segment are expected to dominate the market for concentrated solar power by accounting for the largest market share in the forecast timeframe. The Concentrated Solar Power Market has been categorized into different end-users such as desalination, utilities, and others. Among all, the utility segment is projected to grow at a faster rate in the review period. In terms of the operation type segment, the concentrated solar power industry has been segregated into storage and stand-alone systems.
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Regional Analysis
As per the worldwide Concentrated Solar Power Market report, the market has been spread across various regions such as Asia Pacific, North America, South America, the Middle East and Africa, Europe and the rest of the world.
The Asia Pacific regional market is estimated to dominate the global market for Concentrated Solar Power throughout the review period. In this regional market, China is contributing largely concerning high investment in the Concentrating Solar Power industry. This country is focusing more on this industry because it has aimed to support its economic and industrial activities by generating high renewable electricity.
Moreover, the Asia Pacific region is further expecting to invest more in solar projects and Concentrating Solar Power systems in the upcoming years due to the rapid shift in the lifestyle and rising population in the region. In addition, the global market has witnessed a positive impact because of the increasing industries and rising foreign investments.
Industry news
In May 2020, a consortium was formed between AbengoaandAcciona to build the Cerro Dominador solar thermal plant. This plant has been owned by EIG Global Energy Partners. This consortium has resulted in 46,000 tons of saltsin the melting process with a capacity of 110 MWfrom the Chilean Atacama Desert.
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