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The global concentrated solar power market is estimated to be valued at US$ 5.29 Bn in 2023 and is expected to exhibit a CAGR of 10.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Concentrated solar power refers to the technology that uses mirrors or lenses to concentrate a large amount of sunlight onto a small area. This concentrated sunlight is then used to generate heat, which in turn is used to produce electricity through conventional steam turbines. The key advantage of concentrated solar power is its ability to store thermal energy, thus enabling continuous power generation even during periods of low sunlight. With the increasing need for clean and sustainable energy sources, concentrated solar power has gained significant attention in recent years.
Market key trends:
One key trend in the Concentrated Solar Power Market Growth is the increasing investments in the renewable energy sector. Governments and private organizations around the world are recognizing the potential of concentrated solar power as a viable alternative to conventional energy sources. This has led to a surge in investments in concentrated solar power projects, driving market growth. Moreover, favorable government policies and incentives further support the growth of the concentrated solar power market.
In summary, the global concentrated solar power market is expected to witness high growth in the coming years, driven by increasing investments in the renewable energy sector. The market offers significant advantages, such as thermal energy storage and sustainable power generation, making it an attractive option for clean energy production.
PEST Analysis:
Political: The political landscape plays a significant role in the concentrated solar power market. Government policies and regulations towards renewable energy sources are key factors that impact the growth of the market. For example, favorable government policies such as feed-in tariffs and tax incentives can encourage the adoption of concentrated solar power technology.
Economic: The economic aspect of the concentrated solar power market is influenced by factors such as investment trends, cost competitiveness, and financial incentives. The cost of installing concentrated solar power systems has decreased over the years, making it more economically viable. Additionally, the market presents opportunities for job creation and economic development in regions where these projects are implemented.
Social: Increasing awareness and concern about climate change and environmental sustainability have led to a growing acceptance of renewable energy sources, including concentrated solar power. Social factors such as public perception, consumer preferences, and social acceptance play a crucial role in the adoption of this technology. Concentrated solar power projects are often seen as a clean and sustainable energy solution.
Technological: Technological advancements have greatly contributed to the growth of the concentrated solar power market. Innovations in solar collector design, heat transfer fluids, and energy storage technologies have improved the efficiency and competitiveness of concentrated solar power systems. Additionally, research and development efforts are focused on integrating concentrated solar power with other renewable energy technologies for a more sustainable energy mix.
Key Takeaways:
The global concentrated solar power market is expected to witness high growth, exhibiting a CAGR of 10.8% over the forecast period from 2023 to 2030. This growth can be attributed to increasing government support and favorable policies promoting renewable energy sources. Additionally, the declining costs of concentrated solar power systems make them an attractive option compared to conventional energy sources.
In terms of regional analysis, the fastest-growing and dominating region in the concentrated solar power market is expected to be North America. The region has a favorable regulatory environment, supportive government policies, and a strong focus on reducing carbon emissions. The increasing investments in renewable energy projects, along with technological advancements, are likely to drive the growth of the market in this region.
Key players operating in the concentrated solar power market include Siemens AG, General Electric, Abengoa, Acciona S.A., Atlantica Yield plc., Suntrace GmbH, BrightSource Energy, Inc., SolarReserve, LLC., ACWA Power, and Frenell GmbH. These key players contribute to the market’s growth through technological advancements, collaborations, and strategic partnerships. They play a vital role in developing and implementing concentrated solar power projects worldwide.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
