Concentrating Solar Power Market To Reach USD 7208 Million By 2027 at a CAGR Of 5.8% – Valuates Reports

BANGALORE, India, April 27, 2021 / PRNewswire / – Concentrated Solar Power Market is segmented by Type – Parabolic Trough, Solar Tower, Linear Fresnel, Dish / Machine Systems, By Application – Residential, Commercial, Industrial. This report covers Global Opportunity Analysis and Industry Forecast from 2021 to 2026. This report is published on Renewable Pricing Reports & amp; Alternative Energy Category.

The Global Concentrated Solar Power Market is forecast to reach USD 7208 Million by 2027, from USD 4823 Million in 2020, at a CAGR of 5.8% during 2021-2027.

The key factors driving the growth of Global Focused Solar Power Market are:

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Rising environmental concerns about carbon emissions and efforts to reduce air pollution are expected to drive the growth of the concentrated solar power market. Carbon emissions are rising in the atmosphere, and this is one of the main anthropogenic causes of climate change. Burning fossil fuels such as oil, coal and gas, as well as cutting down and burning wood, are the main sources of carbon emissions. This, in turn, increases the use of a renewable energy source that is driving the concentrated growth of the solar power market size.

Many countries are looking for systems that are highly effective and provide a significant amount of power as part of their efforts to reduce carbon emissions. Concentrated solar power plants, rather than solar photovoltaics, can produce power with higher efficiency and lower operating costs, making them the best option. These systems are also scalable to large capabilities and can use thermal storage to match supply and demand.

Furthermore, the dispatchability feature is expected to boost the size of a focused solar power market. Current PDC plants have the ability to store thermal energy for up to 16 hours, allowing their output profile to match the demand profile. When and where renewable energy reaches high penetration rates, deliverability becomes increasingly vital.

However, the high costs associated with intensive solar power generation may limit market growth.

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Based on type, The parabolic trough technology segment is the most profitable during the forecast period. One of the oldest systems for generating electricity from intense solar power is the parabolic trough. All current parabolic trough plants are “hybrids,” meaning they use fossil fuels to supplement solar production during periods of low solar radiation.

Based on application, the industrial segment is expected to be the most profitable during the forecast period.

Region-based, Europe is expected to be the most profitable region due to the increasing adoption of solar-intensive panels. Moreover, strict government rules in the region are expected to further boost market growth.

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– The global Dissolved Salt and Concentrated Solar Energy (CSP) Thermal Storage market is forecast to reach USD 29810 million by 2027, from USD 8003.5 million in 2020, at a CAGR of 24.5% during 2022-2027. Thermal Storage of Dissolved Solar Energy and Concentrated Solar Power (CSP) is in its infancy when compared to the other renewable power generation technologies, with 995 MW of CSP installed worldwide in 2016. It will the cost of building CSP systems decreases from 3.50 USD / W in 2016 to 2.53 USD / W in 2022, which will depend on the rate of growth in use of PDC.

– The size of the global solar energy market was sold at USD 52.5 billion in 2018 and is projected to reach USD 223.3 billion by 2026, growing at a CAGR of 20.5% between 2019 and 2026. Growth of the solar energy market is driven increasing environmental pollution and providing government incentives & amp; tax rebates to install solar panels. In addition, the reduction in the water footprint associated with solar energy systems has boosted demand in the power generation sectors. Demand for solar cells has gained major traction due to a surge in roofing installations, followed by an increase in applications in the architectural sector. Furthermore, the demand for parabolic troughs and solar power towers in generating electricity is expected to increase the demand for solar intensive power systems.

– Global Solar PV market size is projected to reach USD 53270 Million by 2026, from USD 46630 Million in 2019, at a CAGR of 1.9% during 2021-2026. China is still the largest market in the global Solar PV market, about 50% of market share in 2015, annual production is more than double the production of any single country and capacity is expanding in the years this is almost 60% in China. Since the anti-dumping duties took place, the competitive status has already turned white-hot, with the price declining, the gross margins of the industry as a whole narrowing and to some degree stagnant. The price of the raw material is also uncertain, at present; the raw material has a growth tendency.

– The size of the global renewable energy market was sold at USD 928.0 Billion in 2017 and is expected to reach USD 1,512.3 Billion by 2025, registering a CAGR of 6.1% between 2018 and 2025.Asia-Pacific emerged as a renewable energy market leader in 2017, and its dominance is expected to continue over the forecast period. In terms of end-user, due to rapid industrialization, the industrial and residential segments are expected to dominate the Asia-Pacific market. China is projected to account for the highest market share on the Asia-Pacific renewable energy market and is predicted to dominate the market during the forecast period. China aims to reduce its reliance on fossil fuels by embracing renewable energy for electricity generation.

– Solar Power Tower Market Concentrated by Product Type: Less than 50 MW, 50 MW to 99 MW, 100 MW and above, Application: Utilities, Process Heating, Others, by key players, by Regions: North America, Europe , China and Japan, etc.

– Concentrate Solar Collectors Market by Product Type: Flat Plate Collector, Empty Tube Collector, Solar Air Collector, Other, Application: Space Heating Applications, Process Heat Applications, Other, by key players, by Regions: North America, Europe, China and Japan, etc.

– Low Iron Glass for Concentrating Solar Power (CSP) Market by Product Type: Purity 99. 9%, Purity 99. 99%, Other, Application: Construction of Curtain Wall, PV Roof, Other, by key players, in by Regions: North America, Europe, China and Japan, etc.

– Non-Concentrated Solar Collectors Market by Product Type: Copper Absorption Plate, Aluminum Absorption Plate, Steel Absorption Plate, Application: Residential, Commercial, Industrial, by key players, by Regions: North America, Europe, China and Japan, etc.

– Global Clean Green Energy Market by Clean Green Energy, Product Type: Solar Energy, Hydro & amp; Ocean Energy, Wind Energy, Hydrogen Energy, Bioenergy, Others, Application: Electric Power, Traffic, Food & Beverage, Construction, Automation, Other, by key players, by Regions: North America, Europe, China and Japan, and etc.

– Global Wave and Tidal Energy market size is forecast to reach USD 12430 Million by 2026, from USD 6970 Million in 2020, at a CAGR of 10.1% during 2021-2026. The focus on developing new renewable energy resources has increased to reduce carbon emissions and provide consistent power to the growing demand for power.

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