Industry Background:
Concentrating solar power which is also known as concentrating solar power, concentrated solar thermal as well as CSP. These systems generate solar power by using lenses, mirrors which are placed in a concentrates larger area of sunlight. Then the solar energy gained through mirrors and lenses consume solar energy and then the solar energy is converted into the thermal energy which is later converted to electrical energy. Due to increasing awareness about the renewable energy sources the global concentrating solar power market will show a favorable growth in the forecasting years.
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
High Growth Market | Asia-Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | Abengoa Solar (Spain), Aalborg CSP (Denmark), ACWA Power (Saudi Arabia), Bright Source Energy (United States), Esolar Inc. (United States), NextEra Energy Resources LLC (United States), Ibereolica Group (Spain), Engie (France), TSK Flagsol (Germany) and SCHOTT Solar AG (Germany) |
According to AMA, the market for Concentrating Solar Power is expected to register a CAGR of 20.6% during the forecast period to 2028. This growth is primarily driven by Up surging Demand for Renewable Energy Sources such as Solar Energy and Wind Energy and Increasing Generation of Electrical Energy from Solar Energy.
Globally, a noticeable market trend is evident Declining Cost Curves for Renewable Energy Deployments
The Energy & Resources sector in the Europe region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Manufacturers, such as Abengoa Solar (Spain), Aalborg CSP (Denmark), ACWA Power (Saudi Arabia), Bright Source Energy (United States), Esolar Inc. (United States), NextEra Energy Resources LLC (United States), Ibereolica Group (Spain), Engie (France), TSK Flagsol (Germany) and SCHOTT Solar AG (Germany), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
On 4 April 2018, Aalborg CSP has minimized the price gap between fossil fuels as well as solar heat in order to meet the increasing demand for cheaper and cleaner energy solutions. Moreover, The Company has optimized its concentrated solar power technology (CSP), which has resulted in significant cost reduction.
Regulatory Insights:
Since January 2011, The National Tariff Policy (NTP) of India 2006 requires the State Electricity Regulatory Commissions (SERCs) to fix a minimum percentage of Renewable Purchase Obligation (RPO) from such sources taking into account availability of such resources in the region and its impact on retail tariffs and procurement by distribution companies at preferential tariffs determined by the SERCs. NTP has further elaborated on the role of regulatory commission; mechanism for promoting renewable energy and
Influencing Trend:
Declining Cost Curves for Renewable Energy Deployments and Increasing Automation in Solar Energy Infrastructures
Market Growth Drivers:
Up surging Demand for Renewable Energy Sources such as Solar Energy and Wind Energy and Increasing Generation of Electrical Energy from Solar Energy
Challenges:
Expensive and Complex Solar Energy Storage and Inclusion of Toxic and Hazardous Materials in Manufacturing Solar Photovoltaics
Restraints:
High Cost of Solar Energy Conversion Panels and Working Efficiency Differs by Weather Conditions
Opportunities:
Growing Government Assistance for Concentrated Solar Energy Projects and Increasing Adoption of Concentrated Solar Energy in Numerous Applications
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Manufacturers landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Concentrating Solar Power Market
- Analysis about New Entrants in Concentrating Solar Power Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Concentrating Solar Power Study Sheds Light on
The Concentrating Solar Power Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Concentrating Solar Power industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Concentrating Solar Power industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.