Concentrating Solar Power Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global Concentrating Solar Power Market: Overview
Concentrating solar power (CSP) refers to the solar power generation technology that produces electricity by focusing sunlight on receivers with the help of reflecting mediums. The sunlight is used to heat the receivers to a high temperature. The heat thus collected is first transformed into mechanical energy with the help of Stirling engines or turbines and then to electricity. The concentrating solar power technology is more beneficial than the solar photovoltaic technology, which directly converts sun’s rays into electricity using semiconductor materials.
The CSP technology fares well than the PV technology in terms of higher efficiency, lower cost of investment, and thermal storage capacity than enables the generation of power even after sunset and cloud cover. The technology also features a better capability to operate in a hybrid setup with other fuels to be able to effectively supply power during nights.
Global Concentrating Solar Power Market: Drivers and Restraints
In the past few years, increased focus on the inclusion of renewable sources in the energy mix of most developing and developed economies has been the key factor to have boosted the overall rate of development in the field of concentrating solar power. Supportive government policies, technology development and the availability of more efficient product designs, fiscal support from governments in developed economies, and purely market-led demand for newer and more sustainable energy resources in developing economies have also collectively driven the market.
In the next few years, the market is expected to exhibit growth at a remarkable pace as a number of factors contribute to the increased need for finding sustainable, environment-neutral, and reliable power production resources. The market is expected to benefit from the constant rise in electricity consumption across the globe, the focus of developing economies on providing universal and continuous access to electricity to remote areas, and stringent emission regulations. However, for commercial-scale production, the requisition of large areas is sometimes a drawback that hinders the adoption of the CSP technology in some regions.
Global Concentrating Solar Power Market: Regional Overview
From a geographical perspective, Europe is presently the leading contributor to the global concentrating solar power market owing to the availability of vast subsidies from private and public bodies to encourage the shift from conventional power resources to renewables. North America has also ramped up its solar energy capacity in the past few years and features a conducive growth environment for the concentrating solar power technology, thanks to vast grants from the energy departments of countries such as the U.S.
Global Concentrating Solar Power Market: Market Potential
In the next few years as well, Europe and North America will continue to account for a significant share in the global market for concentrating solar power. Nevertheless, undersupplied and developing regions such as Asia Pacific and Latin America will be the ones to look out for opportunities with strong returns. In contrast to the heavily subsidized markets in North America and Europe, the market in Asia Pacific and Latin America will be driven purely on the basis of the constantly rising market-led energy demand.
Industry analysts estimate that the established and world’s leading renewables market, Europe, will add nearly 109 GW of renewables to its electricity grid by 2020. India, on the other hand, featuring an increasingly developing and rapidly expanding market for renewables, aims to add 140 GW to its energy mix by 2022. This denotes a compelling opportunity for companies in the concentrating solar power market.
Global Concentrating Solar Power Market: Competitive Dynamics
Owing to stiff competition from solar PV systems, which still continue to take a significant chunk of the global solar power industry owing to the vast reduction in their costs over the years, the market for concentrating solar power witnessed few players. The market dynamic is however, changing at a rapid pace and a decent number of companies are entering the global space. Some of the leading players presently operating in the global concentrating solar power market are NextEra Energy Resources, LLC., GDF SUEZ, TSK Flagsol, Ibereolica Group, SCHOTT Solar AG, Solar Millennium AG, Acciona S.A., BrightSource Energy, Inc., SkyFuel, Inc., eSolar, Inc, Areva Solar, and Abengoa Solar, S.A.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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