Concentrating Solar Power Market Update: Exceeding Expectations of Key Players That Shows Promising Future
Seattle, WA -- (SBWIRE) -- 12/05/2019 -- Concentrating solar power is the technology through which electricity is produced by concentrating sunlight on receivers by using reflecting mediums. It is a solar power generation technology which transforms mechanical energy into electrical energy with the help of turbines or Stirling engines. Through concentrated solar power technology, better efficiency, low-cost investments, and thermal storage capacity benefits are obtained. These benefits have resulted in an increasing demand for the concentrated solar power market globally.
Increase in government support for the adoption of renewable technologies coupled with rise in energy demand & capability to supply power without CO2 emission drive the growth of the market. Furthermore, rise in environmental issues based on carbon emissions results in focus to decrease air pollution as well as rise in awareness of global warming. This factor is also expected to fuel the market growth.
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The global concentrated solar power market is segmented into its technology, end-user, component, and geography. On the basis of technology, the market is divided into the solar tower, parabolic trough, dish/engine systems, and linear fresnel. Based on end-user, the market is segregated into commercial, residential and industrial. On the basis of the component, the market is classified into power block, solar field and thermal energy storage system. Diversification on the basis of the region is seen into North America, Asia-Pacific, Europe, Latin America and the Middle East and Africa.
The largest share of the concentrating solar power market is held by Europe. This can be attributed to factors such as availability of vast subsidies from public and private bodies to encourage the shift to renewable from conventional power resources. Some of the major countries showing significant growth are the U.K., Germany, and France. Following the growth of Europe is North America. There is a favorable growth environment in this region owing to the technological advancements and availability of vast grants from the energy departments, especially in the U.S. and Canada. Other regions such as Asia-Pacific and Latin America are showing growth in the market purely on the basis of consistently rising market-led energy demand. Also, a fair share is provided by the markets in the Middle East and Africa.
Global Concentrating Solar Power Market, By Technology:
- Parabolic Trough
- Power Tower
- Linear Fresnel
- Dish/Engine System
Global Concentrating Solar Power Market, By Component:
- Solar Field
- Power Block
- Thermal Energy Storage System
Global Concentrating Solar Power Market, By End-User:
- Enhanced Oil Recovery
Abengoa Solar, S.A., Brightsource Energy, Inc., ACWA Power, Esolar, Inc., Solarreserve, LLC, Aalborg CSP A/S., TSK Flagsol Engineering GmbH, Alsolen, Archimede Solar Energy, Acciona Energy, Cobra Energia, Frenell GmbH, Nexans, Soltigua, Baysolar CSP, Siemens AG, Solastor
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