Unprecedented Growth Projections for Concentrating Solar Power Market, Anticipated to Surpass USD 114.42 Billion by 2030 with a Remarkable CAGR of 10.7%

According to Next Move Strategy Consulting, the concentrating solar power (CSP) market is poised for extraordinary growth, projected to reach an impressive USD 114.42 billion by 2030, propelled by a compelling CAGR of 10.7%. This forecast, rooted in extensive market analysis, underscores the industry's significant momentum and transformative potential in reshaping the future of sustainable energy.

Market Dynamics:

The concentrating solar power market, a cornerstone within the renewable energy sector, is intricately influenced by factors such as technological innovations, government initiatives, environmental concerns, and the global shift towards clean energy alternatives. Key stakeholders encompass solar technology providers, project developers, investors, and regulatory bodies. Success in this market hinges upon factors like technological efficiency, regulatory support, project scalability, and cost competitiveness.

Key Drivers:

Growing Embrace of Clean Energy Solutions:

The escalating global focus on clean energy solutions is a primary driver propelling the concentrating solar power market. As nations worldwide commit to reducing carbon footprints and achieving sustainable development goals, the inherent capacity of CSP to harness solar energy efficiently positions it as a linchpin in the renewable energy landscape. The technology's capability to generate electricity with minimal environmental impact aligns seamlessly with the escalating demand for sustainable and eco-friendly energy sources.

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Advancements in Solar Thermal Technologies:

Pivotal to the market's growth is the continuous evolution and refinement of solar thermal technologies employed in CSP systems. Innovations such as molten salt storage, advanced mirrors, and improved receiver designs enhance the efficiency and cost-effectiveness of CSP projects. The ongoing quest for higher temperature thresholds and improved energy storage solutions amplifies the appeal of CSP, positioning it as a reliable and scalable source of renewable power.

Global Commitment to Reduce Carbon Emissions:

The worldwide commitment to combat climate change and reduce carbon emissions serves as a robust catalyst for the expansion of the concentrating solar power market. Governments, industries, and communities are increasingly recognizing the imperative to transition from fossil fuel-dependent energy sources to sustainable alternatives. CSP's ability to generate clean electricity, coupled with its inherent energy storage capabilities, makes it a pivotal player in achieving ambitious climate targets and fostering a sustainable energy future.

Challenges:

The requirement of high capital cost for deploying concentrating solar power generation plants is anticipated to hinder the market growth. Some of the challenges poised by the installation of a concentrating solar power generation plant include the availability of large area in high solar radiation zones, access to water resources, and an accessible transmission grid.

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Future Outlook:

Increased adoption and acceptance of concentrating solar power projects by leading market players coupled with strategic collaborations among players is expected to create lucrative opportunities in the concentrating solar power market in the coming years. The new projects of concentrating solar power plants explore new system designs with innovative concepts for collector and receiver, heat transfer fluids, thermal storage, and power cycle subsystems for new applications. Additionally, concentrating solar power plants can supply solar power on-demand through the existing thermal storage, and thus, assisting to tackle grid integration challenges associated due to variability of solar energy supply after sunsets.

Market Segmentation:

The global concentrating solar power market is meticulously examined across various parameters, including technology, storage, capacity, end user, and geography. In terms of technology, the market is categorized into Parabolic Trough, Solar Power Tower, Linear Fresnel Reflectors, and Dish/Engine. Storage options include both 'with Storage' and 'without Storage.' Capacity segments range from 50 MW, 50-99 MW, to 100 MW & Above. The end-user perspective encompasses residential, commercial, and industrial sectors. Geographically, the market is scrutinized in North America, Europe, Asia-Pacific, and the Rest of the World. The comprehensive breakdown and analysis of these segments provide insights into the dynamics shaping the Concentrating Solar Power market.

Regional Dominance:

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 the 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, the 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 the presence of several developing countries. These developing countries are rapidly getting industrialized and thus, the carbon emissions from these countries are estimated to grow tremendously in the coming years. There is growing awareness among the population and government on increasing pollution resulting in global warming from these countries. Hence, governments of these countries are emphasizing on increasing investments to deploy infrastructure for renewable sources of energy plants.

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Competitive Landscape:

The competitive landscape features key players such as Abengoa, Acciona SA, ACWA Power, Atlantica Yield PLC, Brightsource Energy Inc., Frenell GMBH, General Electric, Siemens AG, Suntrace GMBH, Solarreserve LLC, FG Emvelo, Solafrica Thermal Energy, TerraGen, Godavari Green Energy Ltd., NRG Energy and others. These industry leaders are actively contributing to the market's growth through technological innovations, strategic partnerships, and investments in large-scale CSP projects.

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About Next Move Strategy Consulting:

Next Move Strategy Consulting is an independent and trusted third-platform market intelligence provider committed to delivering high-quality market research reports. We assist multinational companies in gaining a competitive edge and expanding their industry presence by capturing a larger market share. Our research methodology combines primary research, secondary research, data mining, and data analytics to deliver reliable insights.

Over a decade, we have served over 1,000 global customers, including 90% of Fortune 500 companies. Our analysts constantly monitor high-growth markets and uncover hidden opportunities in various sectors. We offer top-quality syndicated and custom research reports across ten different industry verticals, catering to your unique business needs. Our industry-standard delivery solutions, from pre-consultation to after-sales services, ensure an exceptional client experience and support informed strategic decision-making.

This release was published on openPR.