According to the report published by Allied Market Research, the global concentrated solar power market was pegged at $3.79 billion in 2018 and is projected to garner $8.04 billion by 2026, growing at a CAGR of 10.3% from 2019 to 2026.
Increased demand for renewable energy and the discovery of innovative ways to utilize solar energy in emerging countries have boosted the growth of the global concentrated solar power market. However, high initial investment hampers market growth. On the contrary, supportive government initiatives and the emergence of awareness programs are expected to create lucrative opportunities in the near future.
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The global concentrated solar power market is divided on the basis of technology, end-user industry, and geography. Based on technology, the market is segmented into the parabolic trough, solar power tower, Fresnel reflectors, and dish Stirling. The parabolic trough segment dominated the market in 2018, contributing more than three-fifths of the market and is expected to maintain its dominance throughout the forecast period. However, the solar power tower segment is expected to register the fastest CAGR of 12.5% during the study period.
On the basis of the end-user industry, the market is bifurcated into residential, commercial, and industrial. The industrial sector held the largest share in 2018, accounting for more than two-fifths of the market. Moreover, the segment is anticipated to manifest the fastest CAGR of 10.6% from 2019 to 2026.
The global concentrated solar power market is analyzed across various regions such as North America, Europe, Asia-Pacific, and MEA. The market across Europe held the largest share in 2018, contributing more than two-fifths of the market share. However, the market across MEA is estimated to register the fastest CAGR of 11.7% during the study period.
The key players contributing in the global concentrated solar power market growth include Abengoa, Acciona, SolarReserve, BrightSource Energy, ACWA Power, GE Energy, Suntrace, SCHOTT, Frennel GMBH, and Siemens.
Key Findings of Concentrated Solar Power Market:
- The Industrial segment of concentrated solar powers market is predicted to grow with a CAGR 10.6% during 2019-2026.
- The Solar Power Tower segment is expected to grow with the highest CAGR in the global Concentrated Solar Power market size in terms of revenue, over the projected period.
- The Europe region held a share of over 41% in 2018 and is projected to grow to 10.1% by 2026.
- The qualitative data in the report aims on the concentrated solar power market trends, dynamics, and developments in the concentrated solar power industry while the quantitative data provide information of the size in terms of revenue.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. 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.
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