Concentrated Solar Power (CSP) Market Overview
According to a recent survey conducted by ChemView Consulting, the Global Concentrated Solar Power (CSP) Market grew at a CAGR of 18.6% between 2017-2021 and is estimated to be US$ 9,423.7Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 15.9% and is expected to reach a valuation of US$ 41,215.0Mn by 2032 end.
Governments can take action to lower the cost of CSP systems as concentrated solar power is now being used in many nations. These systems are anticipated to play a significant part in helping many countries meet their green energy goals in the upcoming years due to their numerous operational benefits and high efficiency. As a result, if installation costs are reduced, investors will come forward, and CSP will be integrated into utilities globally.
ChemView Consulting has analyzed that over the past ten years, renewable energy sources have gained attention due to the world’s increasing need for endless energy sources and the requirement to reduce carbon emissions. The global capacity was 1.3 GW at the end of 2010, but due to the expansion of CSP installations, it increased rapidly to more than 6 GW in 2019.
The parabolic trough is the most cutting-edge technology now available, which is anticipated to dominate the market. Additionally, it requires less cash than its competitors. 45.5% of the funded projects made use of the parabolic trough technology. Because of their greater effectiveness and improved capacity for storing energy, power towers are anticipated to experience a steady increase.
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Segments Covered in Report
By Technology:
- Parabolic Trough
- Power Tower
- Linear Fresnel
By Application:
- Residential
- Non-residential
- Utility
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Concentrated Solar Power (CSP) Market
- Based on the technology, the most cutting-edge technology now available, the parabolic trough, is anticipated to dominate the market. Additionally, it requires less cash than its competitors. 5% of the funded projects made use of the parabolic trough technology. Because of their greater effectiveness and improved capacity for storing energy, power towers are anticipated to experience a steady increase.
- Based on the region, with a market share of 42.1%, the demand for efficient and clean power generation technologies, the replacement of outdated power generation infrastructure, and the conversion of coal-based power plants to gas-based ones are driving the growth of the Asia Pacific market.
Competition Summary
Key companies covered in the market study are BrightSource Energy, Abengoa Solar, Siemens, Acciona, Solar Reserve, ACWA Power, Torresol Energy, Trivelli Energia , Abors Green GmbH, Parvolen CSP Technologies, Sener, Rioglass
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impact market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
About ChemView Consulting
ChemView Consulting is a leading information, market intelligence, and business consulting firm serving clients worldwide in Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging domains. In their business transformation journey, we have collaborated with global enterprises, including 70% of the largest Forbes 1000 enterprises, helping them deliver on their business ambitions. ChemView Consulting serves clients in approximately 100 countries, with its office in New York, U.S., and Pune, India.
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