Pune, India, May 09, 2022 (GLOBE NEWSWIRE) — The global concentrated solar power market size is projected to reach USD 119.52 billion by 2028, exhibiting a CAGR of 16.2% during the forecast period. The presence of several large scale companies in this sector will have a huge impact on the growth of the market in the forthcoming years. The rising awareness regarding the use of natural energy sources over traditional power sources will favour concentrated solar power (CSP) market growth. According to a report published by Fortune Business Insights, titled “Concentrated Solar Power Market, 2021-2028,” the market was worth USD 37.25 billion in 2020.
The report offers a 360-degree overview of the market and emphasizes significant factors promoting, repelling, challenging, and creating opportunities for the market in the forecast duration. The report also lists the names of key players operating in the market and the strategies adopted by them to earn the lion’s share in the market. It also offers interesting insights into the market, current market trends, and major industry developments of the market. The report also discusses the table of segmentation in detail and lists the names of the leading segment with its attributed factors. It is available for sale on the company website.
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Based on technology, the concentrated solar power market is classified into the parabolic trough, power tower, and linear Fresnel.
Based on application, the market is divided into residential, non-residential, and utility. Parabolic trough is expected to hold the largest share during the forecast period because it requires less capital investment than its counterparts.
Geographically, the concentrated solar power market is segmented into across five key regions, including North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Market Driving Factors:
High Adoption of Solar Energy to Bolster Business
Concentrated solar power allows the concentration of solar energy with the help of mirrors that are placed in a particular manner. The ability of this concept to maximize the use of solar energy and avoid wastage, as well as improved efficacy, will fuel the demand for the product across the world.
The rising awareness regarding the adverse effects of excessive carbon emission has created a subsequent demand for maximizing the use of solar energy. The increasing environmental pollution and the efforts taken to curb the emission of harmful gases will lead to the wider adoption of concentrated solar power in several countries across the world. The presence of several large scale companies in this sector, driven by the massive potential held by the product across the world, will have a massive impact on concentrated solar power market in the foreseeable future.