Concentrated Solar Power Market to Advance at CAGR of 20.7% during Forecast Period; TMR Study

- Massive push by governments to spur commercial generation of electricity bolstering financing of concentrated solar power projects; Asia Pacific and North America expected to be lucrative markets

- Implementation of hybrid concentrated solar thermal power systems with conventional power plants to reduce capital and operating costs, expanding lucrative avenues in concentrated solar power market

ALBANY, N.Y., Jan. 31, 2022 /PRNewswire/ -- The growing installation of concentrated solar power (CSP) plants has accelerated the pace of generation of hybrid energy. The growing traction of photovoltaic (PV) cells for supporting intermittent renewable sources in several regions globally has bolstered investments in the concentrated solar power market. The global valuation of the market is projected to reach US$ 69.7 Bn by the end of the forecast period (2021–2031).

The increasing number of utility-scale projects has enriched the value chain of the concentrated solar power market to cater to the ever-rising demand for electricity. Governments have been offering subsidies and collaborating with commercial collaborators for incentivizing concentrated solar power plants. This has helped reduce the OPEX and CAPEX of industry stakeholders, assert the analysts in the TMR study on the concentrated solar power market.

The need for on-demand energy is driving demand for low-cost thermal energy storage technologies, thereby impelling the installation of concentrated solar power plants. The growing trend of harnessing concentrated solar power systems in generating hybrid energy is broadening profitable avenues, finds the in-depth TMR study on the concentrated solar power market.

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Key Findings of Concentrated Solar Power Market Study

• Rising Production of Renewable Energy to Offer Revenue Gains: The increasing penetration of renewables into power generation has propelled revenue from installation of concentrated solar power plants. The application of photovoltaic (PV) cells for generating electricity from solar power has been steadily growing, underpinning lucrative avenues in the concentrated solar power market. Advancements in technologies used for solar thermal energy storage have extended the avenue for companies in the concentrated solar power market.
• Adoption of Parabolic Trough Systems to Generate Profitable Opportunities: The sales of parabolic troughs have been growing substantially, and the segment is projected to hold a major share among all products in the concentrated solar power market. Remarkable pace of commercialization of parabolic troughs has spurred the revenue generation. Furthermore, new technologies are being used for boosting solar-to-electric conversion, thereby opening new frontiers, assert industry experts.
• Hybridization of CSP Plants with Traditional Thermal Plants Drives Revenue Potential: The implementation of solar-fossil hybrids has risen, thus imparting an impetus to revenues of the concentrated solar power market. Of note, the trend of hybridization of these plants with traditional thermal plants and conventional fossil fuel power plants has helped lower the cost of installation of CSPs. This has boosted cost-effectiveness and sustainability of CSP systems.

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Concentrated Solar Power Market: Drivers

• Considerable efforts by governments in emerging economies for producing clean energy for meeting the objectives of low-carbon economy is a key driver of the concentrated solar power market.
• Advancements in grid-scale energy storage and rapid penetration of share of intermittent renewable sources are extending the horizon for investors and other industry stakeholders.

Concentrated Solar Power Market: Regional Growth Dynamics

• Europe has emerged as the leading producer of power using CSP plants, and opportunities the regional market is anticipated to rise significantly during the forecast period
• In recent years, investors have increasingly focused on tapping into emerging revenue streams in the Asia Pacific and North America concentrated solar power markets.
• Particularly, in Asia Pacific, the installation of CSP plants is expected to grow rapidly, thereby spurring profitable opportunities for market stakeholders.

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Concentrated Solar Power Market: Key Players

Some of the well-entrenched players in the concentrated solar power market are BrightSource Energy, Inc., NextEra Energy Resources, LLC., GDF SUEZ, Ibereolica Group, and Abengoa Solar S.A.

Global Concentrated Solar Power Market: Segmentation

Concentrated Solar Power Market, by Product

• Parabolic Trough
• Solar Tower
• Linear Fresnel
• Dish Stirling

Concentrated Solar Power Market, by Region

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Russia & CIS
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• ASEAN
• Rest of Asia Pacific
• Latin America
• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa
• GCC Countries
• South Africa
• Rest of Middle East & Africa

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