WASHINGTON, June 09, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Concentrated Solar Power Market finds that increasing concerns over carbon emissions & exertions to decrease air pollution, stringent government regulations to reduce the carbon footprint, and potential benefits offered to enhance the adoption of alternative sources of energy are some factors that augment the growth of the Concentrated Solar Power Market in recent years.
The Global Concentrated Solar Power Market revenue is expected to reach a value USD 8.04 Billion in the year 2028.
The Global Market revenue stood at a value USD 4.71 Billion in the year 2021 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 9.3% during the forecast period; states Vantage Market Research, in a report, titled “Concentrated Solar Power Market Size, Share & Trends Analysis Report by Technology (Solar Power Tower, Linear Concentrating Systems, Stirling Dish technology), by Type (Stand-alone Systems, With Storage), by Capacity (Less than 50 MW, 50 MW to 99 MW, 100 MW and above), by End user (Utilities, EOR, Others (process heating, etc.), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Driver:
Growing Environmental Issues over Carbon Emission and Efforts to Reduce Air Pollution Drives the Market
There are growing carbon emissions in our surroundings. That's one of the top anthropogenic reasons for climate change. This carbon emission is prompted specifically because of the burning of fossil fuels including oil, coal, and fuel line, or the slicing down & burning of trees. Various concrete steps such as keeping electricity in a domestic or office, buying transportable gas boxes which might be categorized as “spill-proof,” using public transportation, and the use of renewable assets of electricity contribute to the reduction of pollution. Other assets, inclusive of solar energy, wind energy, hydroelectricity, tidal electricity, geothermal energy, and biomass energy, are being undertaken to lessen air pollution. Hence, these are some of the factors propelling the growth of the Concentrated Solar Power Market in coming years.
Higher Efficiency and Low Operating Cost as Compared to Solar PV to Aid Growth
Various nations are putting in robust efforts to reduce carbon emissions. They're searching out exceedingly efficient systems that produce a massive quantity of power. Concentrated solar power plants can stand because the fine viable answer for this is those that can power era with better efficiencies and decrease working prices compared to solar PV. Also, those structures can use thermal storage to match the supply-demand and are scalable to massive capacities. Power generation from solar PV in 2020 is estimated to have increased by a record 156 TWH, marking a 23% growth from 2019. Solar PV accounted for 3.1% of global electricity generation, and it remains the third-largest renewable electricity technology behind hydropower and onshore wind after overtaking bioenergy in 2019.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Concentrated Solar Power market is predicted to grow at a CAGR of roughly 3.2% during the forecast period.
- The Concentrated Solar Power market was estimated to be worth roughly USD 48.7 Billion in 2021 and is expected to reach USD 58.8 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Concentrated Solar Power market.
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Segmentation of the Global Concentrated Solar Power Market:
- Technology
- Solar Power Tower
- Linear Concentrating Systems
- Stirling Dish Technology
- Type
- Stand-Alone Systems
- With Storage
- Capacity
- Less than 50 MW
- 50 MW to 99 MW
- 100 MW and above
- End User
- Utilities
- EOR
- Others (Process Heating, etc.)
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The Report on Concentrated Solar Power Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
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Regional Analysis:
Asia Pacific Holds Largest Market Share
Asia Pacific is expected to dominate the growth of the Concentrated Solar Power Market in 2021. This surge is measured owing to the favourable government policies across numerous nations in the region. Other than Asia Pacific, the majority of the demand is expected to come from countries like Spain, Germany, the United Kingdom, etc, which is also expected to witness the maximum growth of the Concentrated Solar Power Market in this region.
List of Prominent Players in the Concentrated Solar Power Market:
- Abengoa
- BrightSource Energy
- ACWA Power
- Aalborg CSP
- Solar Reserve
- Acciona
- Soliterm Group
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on "Concentrated Solar Power Market Size, Share & Trends Analysis Report by Technology (Solar Power Tower, Linear Concentrating Systems, Stirling Dish technology), by Type (Stand-alone Systems, With Storage), by Capacity (Less than 50 MW, 50 MW to 99 MW, 100 MW and above), by End user (Utilities, EOR, Others (process heating, etc.)), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/concentrated-solar-power-market-121826
Recent Developments:
May 2020: Abengoa formed a consortium with Acciona to build the Cerro Dominador solar thermal plant owned by EIG Global Energy Partners. The consortium has led the melting process of 46,000 tons of salts from the Chilean Atacama Desert having a capacity of 110 MW.
March 2020: Shouhang High-tech Energy Technology Co., Ltd (Shouhang) signed the Cooperation Agreement on Investment with the government of Gansu Province for the Jinta 100MW Molten Salt Tower Concentrating Solar Power Project. The project is expected to be completed by the end of 2021.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Concentrated Solar Power Market?
- How will the Concentrated Solar Power Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Concentrated Solar Power Market?
- What is the Concentrated Solar Power market drivers and restrictions?
- What will be the CAGR and size of the Concentrated Solar Power Market throughout the forecast period?
This market titled “Concentrated Solar Power Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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