The concentrated solar power consumption is mainly driven by the growing demand for electricity in developing economies. In developed economies like the U.S., roughly 1,815 megawatts (MWac) of CSP plants are in operation.
Concentrated Solar Power (CSP) Market Report, published by Allied Market Research, forecasts that the global Concentrated Solar Power market was valued at $ 3,793.0 million in 2018 and is projected to reach $ 8,046.7 million by 2026, growing at a CAGR of 10.3% from 2019 to 2026. The MEA region accounted for nearly 21.0% market share in 2018.
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The thermal energy focused in a CSP plant can be used and stored to produce electricity when needed. Growing government support to adopt renewable technologies is expected to boost the demand for concentrated solar power plants. The rise in energy demand & concentrated solar power capability to supply dispatchable power also drives the growth of the market.
Based on technology, the parabolic trough segment held the major share in 2018, contributing more than three-fifths of the total share, and is expected to maintain its leadership status throughout the forecast period. This is due to its prominence in usage as “hybrids” and the utilization of fossil fuels for supplementing the solar output during low solar radiation.
Europe contributed to the major share in 2018, accounting for more than two-fifths of the total market share, and will maintain its dominating position by 2026. This is attributed to rise in usage of CSP technology and supportive national policies. However, MEA would grow at the highest rate with a CAGR of 11.7% from 2019 to 2026, owing to increase in investments and initiation of awareness & knowledge projects in the region.
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On the basis of end user industry, the industrial sector accounted for more than two-fifths of the total market share in 2018, and is expected to maintain its dominance throughout the forecast period. Moreover, this segment is estimated to register the highest growth rate with a CAGR of 10.6% from 2019 to 2026. This is due to demand for clean energy outlook with growth in industrialization and economic & environmental benefits of utilization of solar energy.
Key Findings of the Concentrated Solar Power Market:
- The Industrial segment of the concentrated solar power market is predicted to grow with a CAGR of 10.6% during 2019-2026.
- The Solar Power Tower segment is expected to grow with the highest CAGR in the global Concentrated Solar Power market size in terms of revenue, over the projected period.
- The European region held a share of over 41% in 2018 and is projected to grow to 10.1% by 2026.
The key players contributing in the global concentrated solar power market growth include Abengoa, Acciona, SolarReserve, BrightSource Energy, ACWA Power, GE Energy, Suntrace, SCHOTT, Frennel GMBH, and Siemens.
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