A lead analyst at AMR highlighted that the concentrated solar power market in MEA is anticipated to grow at the fastest CAGR during the forecast period.
Allied Market Research published a research report on the concentrated solar power market. The findings of the report states that the global market for concentrated solar power generated $3.79 billion in 2018, and is projected to reach $8.04 billion by 2026, growing at a CAGR of 10.3% from 2019 to 2026. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
The report provides detailed insights on drivers, restrains, and opportunities to help the market players in devising several growth strategies. Extensive initiatives taken by the government to support the adoption of renewable technologies, increase in awareness about environmental issues related to carbon emissions, surge in air pollution levels and global warming, and rise in energy demand to supply power without CO2 emission are expected to drive the growth of the global concentrated solar power market. On the other hand, exorbitant cost of concentrated solar power energy production is expected to impede the growth to some extent. However, significant boom in investment from different industries for the adoption of renewable sources is expected to create tremendous opportunities for the growth of the industry.
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The report provides a detailed scenario of the impact of the Covid-19 pandemic on the concentrated solar power market globally. The outbreak of coronavirus has had a negative impact on the growth of the global concentrated solar power market, owing to the prevalence of lockdowns in various countries across the globe. Lockdowns led to the closure of all industries, including those of concentrated solar power, due to the stringent restrictions imposed by the government to curb the spread of the virus. In addition, adverse disruptions in the import and export of solar trackers and other equipment due to strict regulations further aggravated the impact on the market. However, the market is expected to recoup soon.
“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. Ivanpah Solar Electric Generating System is one of the known concentrated solar power plant in the U.S. The Ivanpah facility has 392-megawatt solar generation plant consisting of 173,500 heliostats and three power towers with the capacity to offer clean, sustainable power to over 100,000 American homes. With more and more increasing use of solar energy as a renewable source of energy to reduce dependence on coal, the demand for concentrated solar power is expected to increase during the forecast period,” says Eswara Prasad, Manager, Energy & Power at Allied Market Research.
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The report offers detailed segmentation of the global concentrated solar power market based on technology, end-user industry and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue generating segments to accomplish growth in the future.
Based on technology, the parabolic trough segment held the highest market share in 2018, garnering more than three-fifths of the global market. The solar power tower segment, on the other hand, is predicted to cite the fastest CAGR of 12.5% during the forecast period.
Based on end-user industry, the industrial sector held the majority share in 2018, holding more than two-fifths of the global market. In addition, the same segment is expected to exhibit the fastest CAGR of 10.6% during the forecast period. The report also analyses other segment including residential and commercial sectors.
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Based on region, the market across Europe held the lion’s share in 2018, garnering more than two-fifths if the global market. The MEA region, on the other hand, is expected to cite the fastest CAGR of 11.7% during the forecast period.
The key players of the market analysed in the global concentrated solar power market report include Siemens AG, General Electric, Suntrace GmbH, Solarreserve, LLC, Abengoa, Acciona S.A., Frenell GmbH, ACWA Power, Atlantica Yield Plc, and Brightsource Energy, Inc.
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