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Concentrated Solar Power Market to Reach $28.2 billion, Globally, by 2032 at 16.6% CAGR: Allied Market Research

The global concentrated solar panel market is experiencing growth driven by various factors such as escalating emphasis on renewable energy sources worldwide. As industries expand and the demand for sustainable energy solutions rises, concentrated solar panel technologies have become crucial in diverse sectors such as construction, utilities, and agriculture.

Wilmington, DE, Jan. 12, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Concentrated Solar Power Market by Technology (Parabolic Trough, Solar Power Tower, Fresnel Reflectors, and Dish Stirling) and End-use Industry (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global concentrated solar power market was valued at $6.1 billion in 2022, and is projected to reach $28.2 billion by 2032, registering a CAGR of 16.6% from 2023 to 2032. 

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Prime determinants of growth

The global concentrated solar power market is experiencing growth due to several factors such as surge in demand for renewable energy, rise in environmental concerns, and favorable government incentives, subsidies, and policies. However, the high initial costs of concentrated solar power hinder the market growth to some extent. Moreover, the advancements in technologies such as hybridization and system integration offer several benefits that amplify its efficiency, reliability, and overall contribution to the energy landscape. This helps to reduce dependency on non-renewable resources and offers remunerative opportunities for the expansion of the concentrated solar power market.  

Report coverage & details: 

Report Coverage Details
Forecast Period 2023–2032
Base Year 2022
Market Size in 2022 $6.1 billion
Market Size in 2032 $28.2 billion
CAGR 16.6%
No. of Pages in Report 250
Segments covered Technology, End-Use Industry, and Region. 
Drivers
  • Surge in demand for renewable energy 
  • Government incentives, subsidies, and policies 
Opportunities
  • Hybridization and system integration
Restraints
  • High cost of investment

Solar power tower segment maintains its dominance by 2032. 

By technology, the solar power tower segment held the highest market share in 2022, accounting for more than half of the global concentrated solar power market revenue and is estimated to maintain its leadership status throughout the forecast period. It offers higher efficiency in energy conversion compared to some other CSP technologies. It has the potential to achieve higher temperatures, enabling more efficient electricity generation through steam turbines. This efficiency factor makes solar power tower attractive for utility-scale power generation. In addition, ongoing research and technological advancements in materials, receiver designs, and heliostat controls have contributed to increased efficiency and reduced costs in solar power tower systems. All these factors increase the demand for the solar power tower during the forecast period. 

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The industrial segment is expected to lead the trail by 2032 

By end-use industry, the industrial segment held the highest market share in 2022, accounting for more than half of the global concentrated solar power market revenue, and is estimated to dominate during the forecast period. Industrial sectors often require uninterrupted power sources. CSP, with its ability to integrate thermal energy storage, provides a reliable and dispatchable source of energy, reducing dependence on intermittent renewables and ensuring a consistent power supply. In addition, stringent environmental regulations and corporate sustainability goals drive industries to transition towards cleaner energy sources. CSP carbon-neutral and environmentally friendly nature aligns with these objectives, making it an attractive option for reducing greenhouse gas emissions and environmental impact. 

Asia-Pacific is expected to grow faster throughout the forecast period 

By region, Asia-Pacific held the highest market share and fastest growing region in terms of revenue in 2022, accounting for more than half of the global concentrated solar power market revenue, and is estimated to maintain its leadership status throughout the forecast period. Rapid economic growth in countries like India and China has led to increased energy demands. CSP offers a viable solution to meet these escalating energy needs while reducing reliance on fossil fuels and diversifying the energy mix. In addition, various governments across the region have implemented supportive policies, incentives, and targets promoting renewable energy adoption. Initiatives such as feed-in tariffs, renewable energy targets, tax incentives, and favorable regulatory frameworks encourage CSP development.  

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Leading Market Players: - 

  • AALBORG CSP  
  • ACCIONA  
  • ACWA POWER  
  • ATLANTICA SUSTAINABLE INFRASTRUCTURE PLC.  
  • BRIGHTSOURCE  
  • FRENELL GMBH  
  • GENERAL ELECTRIC  
  • RIOGLASS SOLAR INC.  
  • SENER  
  • SIEMENS ENERGY AG 

The report provides a detailed analysis of these key players in the global concentrated solar power market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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