Concentrating Solar Power Market Sets New Record, Projected at $19.9 billion by 2027, Grow at a CAGR of 26.9%

According to a new market research report, the global concentrating solar power market size is estimated to be USD 6.0 billion in 2022 and is projected to reach USD 19.9 billion by 2027; it is projected to grow at a CAGR of 26.9% during the forecast period.. The key drivers for the concentrating solar power market include support from governments to enable the adoption of renewable technologies, and the integrability of CSP systems with thermal storage systems.

Key Market Players

The concentrating solar power market is served by a mix of large international players with operational presence across the globe and local players commanding a strong supply network in the domestic market. The leading players in the global concentrating solar power market include Abengoa (Spain), BrightSource Energy (US), ACWA Power (Saudi Arabia), SolarReserve (US), and Aalborg CSP (Denmark).

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=199506567

Recent Developments

In January 2022, Abengoa has completed the construction of three 200 MW parabolic trough plants as part of phase IV of the Mohammed bid Rashid Al Maktoum Solar Park mega-project outside Dubai. The company worked under a contract with the phase IV EPC contractor Shanghai Electric Group and oversaw the technology, design, engineering, and construction of the parabolic trough plants.

In June 2021, ACWA made an offtake contract with Eskom Holdings SOC Ltd and secured about USD 800 million in funding to build the largest concentrated solar power plant in South Africa. Redstone CSP is designed to have a generation capacity of 100 MW and is set to enter commercial operations in the fourth quarter of 2023. The CSP plant will have a 12-hour thermal energy storage system so that it will be able to meet the power demand of nearly 200,000 homes 24/7.

In April 2019, BrightSource Energy partnered with General Electric for the ASHALIM project, a 121 MW capacity solar field that became operational in 2019. GE was responsible for the engineering, procurement, and construction (EPC) of the solar power station, with BrightSource providing the advanced solar field technology.

In February 2019, Aalborg CSP signed an agreement with Shanghai Electric Group to supply no-leaks steam generation systems to the Dubai 700 MW CSP project

Objectives of the Study

To define, describe, segment, and forecast the concentrating solar power (CSP) market based on technology, capacity, operation type, and end user, in terms of value
To provide detailed information on the drivers, restraints, opportunities, and challenges influencing the market's growth
To provide information about value chain analysis, technology analysis, and case study analysis
To strategically analyze the CSP market with respect to individual growth trends, future expansions, and the contribution of each segment to the market
To analyze market opportunities for stakeholders and provide details of the competitive landscape of the market
To forecast the market size for five main regions, namely, North America, South America, Europe, Asia Pacific, and the Middle East & Africa
To strategically profile key players and comprehensively analyze their market ranking and core competencies*
To track and analyze competitive developments, such as contracts and agreements, investments and expansions, and product developments, in the CSP market

Enhanced Oil Recovery (EOR) segment, by end user, is expected to be the second largest concentrating solar power market during the forecast period

By end user, the concentrating solar power market has been segmented into utilities, enhanced oil recovery (EOR), and others. Enhanced Oil Recovery (EOR) is expected to be the second largest segment during the forecast period. The Enhanced Oil Recovery (EOR) segment is driven by the constant volatility in crude oil prices and the generation of cheap steam power from CSP compared to other technologies.

Request Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=199506567

Asia Pacific is expected to dominate the global concentrating solar power market during the forecast period

In this report, the concentrating solar power market has been analyzed for 5 regions, namely Asia Pacific, North America, Europe, Middle East & Africa, South America. Asia Pacific is expected to lead the market during the forecast period. The growing of renewable thermal energy schemes in the region are among the reasons for the region's significant market size.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430s
Northbrook, IL 60062
USA: +1-888-600-6441
Email: newsletter@marketsandmarkets.com

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

This release was published on openPR.