Concentrating Solar Power Market is expected to generate a revenue of USD 12.9 Billion by 2028, Globally, at 9.96% CAGR: Verified Market Research®
The market report is a good combination of qualitative and quantitative data that highlights significant market changes, obstacles that business and the competition must overcome, as well as new possibilities and trends in the global Concentrating Solar Power Market
JERSEY CITY, N.J., Jan. 20, 2023 /PRNewswire/ -- Verified Market Research® recently published a report, "Concentrating Solar Power Market" By Technology (Parabolic Trough, Power Tower, Linear Fresnel, Dish), By Application (Utility, EOR, Desalination), and By Geography.
As per the deep research carried out by Verified Market Research®, the global Concentrating Solar Power Market size was valued at USD 6.08 Billion in 2020 and is projected to reach USD 12.9 Billion by 2028, registering a CAGR of 9.96% from 2021 to 2028.
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Global Concentrating Solar Power Market Overview
A concentrated solar power system uses mirrors to concentrate the sunlight into a beam of temperature ranging from 400 and 1,000 °C. This high temperature is used in the power generation process to heat water and then to convert it into steam for operating the generator turbines. Based on the requirements, the mirrors used in the system vary in shape and size.
An increase in government support for the adoption of renewable technologies coupled with rising energy demand & capability to supply power without CO2 emission drives the growth of the market. Furthermore, the rise in environmental issues based on carbon emissions results in a focus to decrease air pollution as well as an increase in awareness of global warming. This factor is also expected to fuel market growth. However, the high cost incurred during concentrated solar power energy production hampers the market growth during the forecast period. Moreover, an increase in investment from different industries in renewable sources and an increase in acceptance of heat storage systems are the factors that represent great opportunities for the market.
The market growth is attributed to growing conservational concerns over carbon emissions and exertions to decrease air pollution. Stringent government strategies to restrain the growing carbon footprint, coupled with monetary benefits presented to enhance the adoption of alternative sources of energy, are projected to boost the market growth. However, concentrated solar power technology is money intensive, which may demonstrate to be a limit to its adoption, unless and until reinforced by the government regulatory and institutional authorities. The global CSP market is expected to grow at a higher rate during the projected period owing to the need to decrease the carbon emission in the troposphere. Solar power is used as an afordable source for power generation and it aids to reduce energy bills as well as carbon dioxide emissions.
Verified Market Research® narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements that interests the client. The "Global Concentrating Solar Power Market" is mainly bifurcated into sub-segments which can provide classified data regarding the latest trends in the market.
The "Global Concentrating Solar Power Market" study report will provide valuable insight with an emphasis on the global market. The major players in the market are Abengoa, BrightSource Energy Inc., Siemens Energy, Acciona, Aalborg CSP, TSK Fl, ACWA POWER, INITEC Energía, Torresol Energy, Enel Spa.
Based on the research, Verified Market Research® has segmented the global Concentrating Solar Power Market into Technology, Application, and Geography.
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