According to a recent market research report published by Transparency Market Research, the global concentrated solar power market is estimated to expand robustly at a CAGR of 19.4% in terms of value, during the period between 2014 and 2020. The report, titled “Concentrated Solar Power Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020,” projects the global concentrated solar power market to be worth US$8.67 bn by 2020. The overall market was valued at US$2.51 bn in 2013. In terms of volume, the market is anticipated to expand at a CAGR of 20.3% during the forecast period.
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The report points out that the rising awareness about global warming, coupled with increasing greenhouse gas emissions, is fuelling demand from the concentrated solar power market. Rising prices of conventional energy and concerns over future energy supply will drive the growth of the global concentrated solar power market. Government support and incentives are expected to further boost the market growth during the forecast period. However, the high cost of electricity generation is expected to undermine the growth of the market. The generation of power through solar energy is still at its nascent stage due to the lack of advanced technology. The overall market has a huge opportunity to grow with the adoption of heat storage systems and hybridization of concentrated solar power plants with conventional thermal plants.
On the basis of product type, the report segments the global concentrated solar power market into linear Fresnel, solar tower, parabolic trough, and dish stirling. The demand for the parabolic trough technology is the highest across commercial power plants as it has matured the most. This segment is also expected to register the fastest growth in the market during the forecast horizon, followed by the linear Fresnel and solar tower technologies. A number of industrial and commercial power plants are increasingly adopting dish stirling technology to initiate pilot projects for future benefits.
The report studies the global concentrated solar power market across four key regions: North America, Europe, Asia Pacific, and Rest of the World. Europe is anticipated to lead the overall market in terms of usage, new projects, and number of installations. During the forecast period, the markets in Asia Pacific and North America are expected to witness rapid growth owing to the growing concerns over the scarcity of the conventional resources.
Describing the competitive hierarchy, the report profiles some of the key players in the global concentrated solar power market such as Areva Solar, Abengoa Solar S.A., SkyFuel Inc., eSolar Inc., BrightSource Energy Inc., Acciona S.A., SolarReserve LLC, Solar Millennium AG, SCHOTT Solar AG, TSK Flagsol, GDF SUEZ, Ibereolica Group, and NextEra Energy Resources LLC. The report further provides insightful information about the key players including their business strategies, product portfolio, and recent developments.
Global Concentrated Solar Power Market has been segmented as:
Global Concentrated Solar Power Market: Product Segment
Global Concentrated Solar Power Market: Regional Segment
-Rest of the World (RoW)
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