The new research study, titled ‘Concentrated Solar Power Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2020
’, published by Transparency Market Research provides a complete view of the market on the basis of technology and geography as well as in terms of volume (MW installed) and revenue (USD million).The key driver estimated to drive the global concentrated solar power (CSP) market
is the major concern about global warming and other rising environmental problems. Concentration solar power technology is increasingly being used across major regions due to its effectiveness and reliable performance on field. Due to this factor, Transparency Market Research predicts that the global concentrated solar power (CSP) market will rapidly grow and reach US$8,674.7 million by the end of 2020, from a value of US$2,507.4 million.
Driven by multiple factors such as cost-effectiveness, durability, and capability of reducing greenhouse gases in the atmosphere, TMR analysts predict the CSP market will register phenomenal growth at a 19.4% CAGR between 2014 and 2020. On the basis of volume, the market is projected to grow at a 20.3% CAGR during the forecast period 2014-2020. The report provides information on the segments of the CSP market on the basis of the different types of technology used for power generation. Concentrated solar power technology is broadly categorized into tower, parabolic trough, Fresnel, and dish Stirling.
Among all these technologies, parabolic trough is the most matured technology and is widely implemented at commercial power generation plants. Being the most dominant technology used for power generation, this market segment is expected to grow at a healthy CAGR over the forecast period. Following parabolic trough are the tower and Fresnel segments, which are widely used in various industrial and commercial sectors. Moreover, these sectors are also rapidly adopting dish stirling technology, which is widely used for demonstration and pilot projects. Rising environmental problems and growing awareness toward it across economies around the world are the key factors boosting the concentrated solar power market. High dependence on fossil fuels is expected to exhaust the fossil fuel reserves in the near future. Thus, such alarming environmental concerns and constantly increasing greenhouse gas emissions have boosted the demand for concentrated solar power technology globally.
According to the study report, the urge to explore alternative clean and sustainable sources of energy gives rise to the concentrated solar power market. Despite its high cost and the technology being in its nascent stage, industry experts are hopeful that with increased investment in research and development, concentrated solar power will be a major market in the near future. The report also covers the installed capacity of concentrated solar power technology by region.
Europe accounted for 43% of the total CSP market in 2013 and is further considered to be the leading producer of concentrated solar power technology in the coming years. The production and installation for CSP in this region is expected to grow in the 2014-2020 forecast period. Regions such as North America and Asia Pacific are also expected to witness growth in the concentrated solar power market over the forecast period.
Global Concentrated Solar Power Market: Product Segment
- Parabolic Trough
- Solar Tower
- Linear Fresnel
- Dish Stirling
Global Concentrated Solar Power Market: Regional Segment
- North America
- Asia Pacific
- Rest of the World (RoW)
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