Solar Power Market To Reach USD 7208 Million By 2027

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The Concentrating Solar Power Market is segmented by Type – Parabolic Trough, Solar Tower, Linear Fresnel, Dish/Engine Systems,  By Application – Residential, Commercial, Industrial. This report covers Global Opportunity Analysis and Industry Forecast from 2021 to 2026. This report is published on Valuates Reports in the Renewable & Alternative Energy Category.

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

Major factors driving the growth of Global Concentrating Solar Power Market are :

  • Environmental concerns over carbon emissions and efforts to reduce air pollution.
  • Governments policy to enable adoption of renewable technologies.
  • Integrability of CSP systems with thermal storage systems, higher efficiency and low operating cost as compared to Solar PV to aid growth of the Solar Power market.

TRENDS INFLUENCING THE GROWTH OF CONCENTRATING SOLAR POWER MARKET SIZE

Growing environmental concerns over carbon emission and efforts to reduce air pollution are expected to drive the growth of the concentrating solar power market. Carbon emissions are rising in the atmosphere, and this is one of the primary anthropogenic causes of climate change. The combustion of fossil fuels such as oil, coal, and gas, as well as the cutting down and burning of trees, are the primary sources of carbon emissions. This, in turn, is increasing the use of a renewable source of energy which is driving the growth of concentrating solar power market size.

Several countries are looking for systems that are highly effective and provide a significant amount of power as part of their attempts to minimize carbon emissions. Concentrated solar power plants, as opposed to solar PV, are capable of producing power with higher efficiencies and lower operating costs, making them the best possible option. These systems are also scalable to large capacities and can use thermal storage to match supply and demand.

Furthermore, the dispatchability feature is expected to boost concentrating solar power market size. Current CSP plants have the ability to store thermal energy for up to 16 hours, allowing their output profile to fit the demand profile. When and where renewable energies reach high penetration rates, dispatchability will become increasingly essential.

However, the high costs associated with concentrated solar power energy production might limit the market growth.

GROWTH OF CONCENTRATING SOLAR POWER MARKET SHARE:

Based on type, The parabolic trough technology segment is the most lucrative during the forecast period. One of the oldest systems for generating electricity from concentrated solar power is the parabolic trough. All current parabolic trough plants are “hybrids,” meaning they use fossil fuel to augment solar generation during times of low solar radiation.

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

Based on region, Europe is expected to be the most lucrative region due to the increased adoption of concentrated solar panels. Furthermore, stringent government rules in the region are expected to further bolster the market growth. 

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