Concentrating Solar Power Market Size, Witness Highest Growth in near future by 2030

The Global Concentrating Solar Power Market size is estimated to be USD 37.40 billion in 2019 and is projected to reach USD 114.42 billion by 2030 with a CAGR of 10.7% from 2020-2030.

Concentrating Solar Power is a technology that converts energy from sunlight to power a turbine for generating electricity. It uses mirrors or lenses, deployed on a large area to concentrate solar energy on the focal point of a receiver. The receiver either produces steam or hot air to drive the turbine coupled with a generator. The generator produces electricity, which is then stored in grids and is used in various applications. Concentrating solar power is completely carbon free and renewable in nature. The energy derived from concentrating solar power has wide range of industrial applications such as food processing, enhanced oil recovery, water desalination, chemical production, and mineral processing.

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Competitive Landscape

The concentrating solar power market operates in intense competitive environment and have a fragmented market players’ scenario. Some of the major market players include Atlantica Yield, BrightSource, NextEra Energy, SENER Group, Tonopah Solar, Florida Power & Light Co., NRG Energy, Acciona Energia, Reliance Power Ltd., Alphabet, FG Emvelo, ACWA Power, Solafrica Thermal Energy, Terra-Gen, Abengoa Solar and Godavari Green Energy Ltd. among others.

The gaining momentum of concentrating solar power market created lucrative opportunities for market players to make various key developments. For instance, in August 2019, Altantica Yield announced the acquisition of Abengoa’s ASI Operations. The ASI Operations provides the operation and maintenance services of the Solana and Mojave concentrating solar power plants in the United States.

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Market Segmentations and Scope of the Study:

The global concentrating solar power market share is analyzed based on technology, storage, capacity, end user and geography. Based on technology, the market is segmented into Parabolic Trough, Solar Power Tower, Linear Fresnel Reflectors, and Dish/Engine. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America is expected to dominate in the concentrating solar power market in terms of market share, owing to the increased adoption of renewable energy. According to a CSP 2030 Report published by National Renewable Energy Laboratory in January 2019, it is targeted for CSP baseload plants having a minimum 12 hours of energy storage to be $0.05 per kilowatt-hour. Moreover, presence of developed infrastructure in this region further propels the market growth.

Asia-Pacific is anticipated to be the fastest growing region for the concentrating solar power market, owing to presence of number of developing countries. These developing countries are rapidly getting industrialized and thus, the carbon emissions from these countries is estimated to grow tremendous in the coming years. There is growing awareness among the population and government on increasing pollution resulting in global warming from these countries. Hence, government of these countries are emphasizing on increasing investments to deploy infrastructure for renewable sources of energy plants.

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This release was published on openPR.