Albany, NY -- (SBWIRE) -- 04/21/2015 -- The primary use of solar energy is to generate electricity, which can be done in two ways - making use of solar concentrators and through photovoltaic systems. The main motive of this process is to transform solar energy into the kind of imminent photons which can be used as serviceable electricity. Solar concentrators are utilized to focus sunlight in a photovoltaic system or in solar thermal form. CSP - concentrated solar power technique – makes use of tracking devices that are equipped with mirrors which further focus sunlight from relatively large areas onto a small focusing area. This technique also helps generate heat, which can also be utilized for the generation of electricity.

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Concentrated solar power (CSP) is divided into three parts that are power block, solar field, and thermal energy storage. As per the process, solar fields comprise of chains of parabolic mirrors organized in a distributed structure. Owing to this, the heating fluid from individual dishes is shifted to a central conversion unit. The heating fluid is later shifted to the power block system, in which the fluid is utilized for the procedure of boiling water. The steam generated in this process is used in the generation of electricity.

The global concentrated solar power market for product segment is classified as per the technologies being used for power generation. Some of the technologies are parabolic trough, dish stirling, linear fresnel, and solar tower. Out of all the technologies used, the parabolic trough technology is believed to be the most advanced and supported by technological infrastructure, and is widely used on a commercial basis for power generation.

Global Concentrated Solar Power Market to Be Driven By Rising Awareness of Global Warming

The global concentrated solar power market is experiencing rapid growth due to the tremendous concerns over future energy supply. Government of various countries are taking initiatives and supporting policies to generate or increase awareness about the increasing global warming thanks to greenhouse gas emissions. The rapidly rising prices of conventional energy sources such as petroleum are forcing consumers to adopt solar energy, in conjunction with other renewable forms of energy, in the future. The global concentrated solar power market is estimated to reach US$86674.7 million in 2020, a stunning leap from its valuation of US$2507.4 million in 2013. The market is anticipated to rise at a CAGR of 19.4% between 2014 and 2020.

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Europe Leads Global Concentrated Solar Power Market for Product Segment

The global concentrated solar power market is further divided geographically into the four prominent sections of Asia-Pacific, Europe, North America, and RoW (Rest of the World). As per the research, Europe had dominated the global concentrated solar power market by recording a market share of around 43% in 2013. Moreover, it is anticipated that Europe will show a remarkable growth at a 20.2% CAGR between 2014 and 2020. Europe was followed by North America, which recorded a share of 31.21% in 2013, and is believed to rise at a healthy CAGR of 22% between 2014 and 2020. North America experienced this huge amount of rise thanks to the rising demand for clean energy.

Asia Pacific also supported the growth of the concentrated solar power market by accounting for around 15.08% of the global market in 2013. The market for concentrated solar power is anticipated to grow at a 19.5% CAGR from 2014 to 2020. Considering the rise in regulatory interventions, countries like India and China are expected to experience a massive growth in the demand for concentrated solar power in the forecast period.

Many of the prominent players in the global market are putting an emphasis on Asia-Pacific and North America due to their strong growth prospects. Some of the prominent players in the global concentrated solar power are GDF SUEZ, Ibereolica Group, Abengoa Solar, S.A., BrightSource Energy, Inc., SolarReserve LLC., Acciona, S.A., and NextEra Energy, LLC.

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