Global Concentrating Solar Power Market Growing: Projected to Touch USD 8.40 Billion During the Forecast Period
Published | April 2021
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global concentrating solar power market was worth USD 3.25 in the year 2020. The market is estimated to grow at the CAGR of 14.6%, earning revenue of around USD 8.40 Billion by the end of 2027. The growing demand for renewable energy sources to power various economic and non-economic operations as well as the government support and initiatives towards adoption & generation of renewable energy resources are contributing to the growth of the global concentrating solar power market.
Growing Concerns Towards Carbon Emission will Help the Concentrating Solar Power Market Growth
The rising temperature of the earth’s atmosphere and growing concerns about carbon emissions are heating the discussion surrounding sustainability. We need to transition to renewable energies and resources at a much faster rate for sustainability and to reduce our carbon footprints. Governments from various countries are encouraging the use of advanced technologies to achieve this. Concentrating solar power is a big name here because it provides energy generation options that don't emit CO2. This factor is playing a crucial role in the market growth. With growing acceptance and adaptability towards heat storage systems, opportunities for solar power are becoming more viable across the globe.
Growing Investments in Large-Capacity Plant Construction Driving the Market Growth
The construction of solar power plants is attracting more and more private investments. Therefore, the demand for concentrating solar power is spiraling up. The expenses incurred during the installation of these are also going down, which is working in favor of the market growth. With the expansion of renewable energy sources, various industrial sectors are becoming more receptive to adopting clean energy options. This factor is contributing greatly towards attracting more private investments for the infrastructural development of the concentrating solar power plant setups. Various other options that come with the application of these plants, such as the generation of high-temperature steam, electricity, and heat storage systems, are also favoring the adoption of these technologies.
The Commercial Segment is Expected to Witness Surge in the Forecast Period
The commercial segment of concentrating solar power has been playing catch-up until now due to the high cost of CSPs. However, with the gradual shift and increasing trend towards renewable energy sources, the companies are choosing to invest more in CSPs. The private sector and commercial space owners are realizing that solar power has more to offer than its high costs. They have realized that the price and installation charges are one-time expenses that will pay off in the long run. Moreover, it will also help them save money on their electricity bills. As a result of these factors, the commercial segment is expected to grow at a rapid pace during the forecast period.
Global Concentrating Solar Power Market: Regional Market
Geographically, the global concentrating solar power market is segmented into North America, Europe, the Asia-Pacific, Latin America, and the Middle East and Africa. Europe covers the largest market share, followed by North America. However, according to estimates, the Asia-Pacific region is growing at a very impressive rate with increasing demand for the concentrating solar power market. China and India are driving the market forward with government initiatives in various solar projects and investments in renewable energy resources. These initiatives are being undertaken in order to ensure a continuous supply of electricity to fuel economic activities.
Impact of COVID-19 on the Global Concentrating Solar Power Market
The ongoing COVID-19-induced pandemic has drastically affected the concentrating solar power market. Due to lockdown, all the construction activities were paused, which halted solar power installations. The industries were shut down, and as a result, production could not continue. Production was also hampered by a lack of manpower caused as a result of strict social distancing norms.
Furthermore, the governments of various countries had to block all supply chains in order to prevent the spread of viruses through materials from affected countries. As a result, demand for concentrating solar power has significantly decreased. It is expected that the market will take some time to recover from the crisis.
The leading players in the global concentrating solar power market are Rioglass, BrightSource Energy, Abors Green GmbH, Trivelli Energia, Parvolen CSP Technologies, Siemens, Sener, Torresol Energy, Abengoa Solar, Solar Reserve, Acciona, Enel Spa, ACWA Power, INITEC Energia, Aalborg CSP, Cobra Energia, TSK Flagsol Engineering GmbH, eSolar, GE Renewable Energy, and other prominent players.
The global concentrating solar power market is dominated by giants like Abengoa Solar, Siemens, Acciona, etc. They enjoy high demand in certain regions such as Europe and North America. With continuous technological advancements, the market players are launching innovative products which are also cost-efficient and offer convenient installation to attract more customers. Additionally, the market is also yielding a good number of private investments as renewable energy resources carry great potential in the long run. This will open several opportunities for the concentrating solar power market.
Don’t miss the business opportunity of the global concentrating solar power market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global concentrating solar power market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global concentrating solar power market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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