Increasing integration of concentrated solar power plants with conventional power plants for hybrid power generation offers value-adding opportunities Increasing focus of governments on using renewable resources to produce energy cements
WILMINGTON, Del. , Sept. 13, 2022 /PRNewswire/ — TMR analysts estimate the concentrated solar power (CSP) market to grow at a CAGR of 20.7% during the forecast period from 2021 to 2031. The growing popularity of solar energy is fueling the growth of the concentrated solar power market, complemented by technological advancements for solar power generation. In addition, the increasing application of thermal storage systems as well as the new model of hybridization of concentrated solar power plants with thermal power plants create opportunities in the concentrated solar energy market.
Solar energy attracts the development of concentrated solar energy, being one of the more efficient and cost-effective alternatives to other traditional energy sources. To reduce the initial capital and operating costs of concentrated solar energy, the role of stakeholders is driving players to explore opportunities to serve the future demand for solar energy.
Technological advances in solar-to-electricity conversion are helping the development of solar energy in general. The high efficiency of converting solar energy into electricity for commercial applications is attracting investment and thus expanding future market prospects for concentrated solar energy.
Focusing on innovative strategies by leading players to serve the growing demand for clean energy to push boundaries. Sensible players are launching initiatives to serve the growing demand for clean energy in developing countries to reduce their carbon footprint.
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Concentrated Solar Power Market – Key Findings of the Report
Globally, solar power generation using renewable energy sources is the focus of vital energy stakeholders. To this end, governments provide funds and subsidies for the development of the necessary infrastructure for concentrated solar power plants. The increasing demand for energy in various end-use areas makes it necessary to reduce dependence on conventional energy. Governments in various developing countries supplement their commercial electricity demand with concentrated solar power. An alarming increase in global warming and greenhouse gas emissions is the development of renewable energy sources. In addition, rising costs of conventional energy and concerns about the depletion of fossil fuels provide the greatest opportunity for the concentrated solar energy market, characterized by sustainability and efficiency. Europe has a leading share of the concentrated solar power market. Increasing investments for large-scale renewable energy production and installation of concentrated solar power plants make the region the largest producer of energy under CSP technology. energy technology in commercial power plants. Parabolic trough, solar tower, and linear fresnel are the major market segments in the concentrated solar power market in terms of product. The Tower technology segment is growing exponentially due to its integration with traditional thermal power plants; dish sterling technology is being implemented in pilot projects and demonstration activities.
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Concentrated Solar Power Market – Growth Secured
The focus on increasing the share of renewable energy as growing concerns about future energy supply is driving the growth of the concentrated solar power market. Due to its cost-effectiveness and sustainability, large-scale initiatives for the development of solar energy are highlighting the growth
Concentrated Solar Power Market – Key Players
Some of the key players operating in the concentrated solar power market are;
Abengoa Solar SA GDF SUEZ BrightSource Energy Inc. Ibereolica Group NextEra Energy Resources LLC
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The concentrated solar power market is segmented as follows;
Concentrated Solar Power Market by Product
Parabolic Trough Solar Tower Line Fresnel Dish Stirling
Concentrated Solar Power Market by Region
North America Europe Asia Pacific Latin America Middle East and Africa
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