Concentrating Solar Power Market Growth, Size, Share, Trends, and...

Concentrating Solar Power Market Growth, Size, Share, Trends, and Forecast 2032

Posted 2024-05-29 10:11:43

Concentrating Solar Power Market

The global market for concentrated solar power was estimated to be worth USD 7.64 billion in 2023 and is expected to grow to USD 64.73 billion by the end of 2032, according to a report released by Zion Market Research. Over the course of the projected period, the market is anticipated to rise at a CAGR of 26.80%. The growth factors, barriers to growth, and effects on demand for the global concentrated solar power market are examined in this study for the period of forecasting. Additionally, it will support you as you navigate and investigate the opportunities that are emerging in the Concentrating Solar Power Market.

Global Concentrating Solar Power Market: Overview

By employing reflecting materials to focus sunlight on receivers, a technique known as concentrated solar power generates electricity. This method of producing solar electricity uses Stirling engines or turbines to convert mechanical energy into electrical energy. Benefits from concentrated solar power technology include increased efficiency, cheap investments, and thermal storage capacity. Due to these advantages, the market for concentrated solar power is growing on a global scale.

Concentrating Solar Power Market

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Global Concentrating Solar Power Market: Segmentation

The market for concentrated solar power is divided into segments based on region, technology, end-user, and component. Based on technology, the market is segmented into four categories: dish/engine systems, linear fresnel, solar tower, and parabolic trough. The market is divided into commercial, residential, and industrial segments based on the end-user. The market is divided into power blocks, solar fields, and thermal energy storage systems based on the component. Regional diversification is seen in North America, Europe, Latin America, Asia-Pacific, the Middle East, and Africa.

Global Concentrating Solar Power Market: Growth Factors

The market for concentrating solar power is expanding as a result of a number of factors, including a greater emphasis on the need to include renewable energy sources in the energy mix, the quick development of developing economies, policies that are supportive of the industry, government funding support, technological advancements, the need for newer and more sustainable energy resources, and the availability of more efficient product designs. The market is anticipated to see further growth in demand as a result of the growing need to find sustainable, environmentally friendly, and dependable power production resources; the growing requirement to provide continuous, universal access to electricity in remote areas; the ongoing rise in electricity consumption; and the strict regulations on emissions. The adoption of concentrated solar power technology is impeded by the need for huge regions for commercial-scale production, which in turn impacts the expansion of the market.

Global Concentrating Solar Power Market: Regional Analysis

Europe holds the most market share for concentrating solar power. This can be ascribed to things like the abundance of large-scale subsidies offered by public and private entities to promote the switch from conventional to renewable energy sources. Among the leading nations seeing notable expansion are the United Kingdom, Germany, and France. North America grew in step after Europe. The region enjoys a conducive growth environment due to the progress made in technology and the substantial funding provided by energy departments, particularly in the United States and Canada. The market is expanding in other regions, like Asia-Pacific and Latin America, solely due to the steady increase in market-driven energy demand. Additionally, the markets contribute a substantial portion in the Middle East and Africa.

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