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The global concentrated solar power market size is projected to reach USD 119.52 billion by the end of 2028. The rising awareness regarding the use of natural energy sources over traditional power sources will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled “Concentrated Solar Power (CSP) Market Size, Share & COVID-19 Impact Analysis, By Technology (Parabolic Trough, Power Tower, Linear Fresnel), By Application (Residential, Non-Residential, Utility) and Regional Forecasts, 2021-2028,” the market was worth USD 37.25 billion in 2020 and will exhibit a CAGR of 16.2% between 2021 and 2028.
Concentrated solar power is a concept used to maximize solar energy use for applications that previously used conventional fuel. The primary purpose of CSP is to enhance the harnessing of solar power and minimize the effects of undesirable carbon emissions across the world. The increasing awareness regarding environmental pollution and the efforts taken to implement solar-driven vehicles and equipment will have a huge impact on the growth of the global market in the foreseeable future. Accounting for the availability of government subsidies and the low cost of CSP-driven equipment, several companies are operating on a global scale. The massive investments in CSP are consequential to the exceptional benefits that it offers and applications in diverse industry verticals.
Abengoa’s Contract with ENCE Energia will have a Massive Global Impact
The report highlights a few of the major industry developments of recent times and discusses their impact on the market growth. Accounting for the increasing awareness regarding environmental pollution and the adverse effects of excessive carbon emissions, several efforts are being taken to maximize the use of concentrated solar power across the world. Subsequently, there have been numerous company mergers in recent times that are consequential to the massive potential held by the concept. In January 2020, Abengoa Solar announced that it had bagged a contract from the ENCE Energia to operate and maintain the 50 MW Termollano parabolic trough solar thermal plant. This contract aims to provide materials, resources, and necessary operations for the solar-thermal plant. The report highlights a few of the other company collaborations of recent times and discusses their impact on the growth of the market in the coming years.
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Improving Efficacies and Reducing Costs have Given Manufacturers the Edge Over Solar PV Companies
The whole idea behind the implementation of concentrated solar power is to maximize the harvested total energy. The use of AI and machine learning concepts helped overcome the losses incurred in traditional solar PV cells. Moreover, the reduced costs of this solar power will also help the companies grow rapidly in the coming years. The presence of numerous government subsidies associated with CSP use will emerge in favor of concentrated solar power market growth.
Siemens and Abengoa are Among the Leading Companies in the Market
Accounting to the massive potential held by solar power across the world, the market is highly competitive. The use of CSP is not constrained to any limitations, and it can be implemented almost anywhere in the world. Keeping this in mind, companies have taken huge steps to capitalize on the widespread potential held by CSP. Among the major companies in the market, Siemens and Abengoa Solar have emerged as the leading companies on the global stage.
List of companies profiled in the report:
Further Report Findings:
The global market is segmented into:
Volume (MW) & Value (USD Billion)
By Technology, Application, and Region