Concentrating Solar Power Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, Segmented By Technology (Parabolic Trough, Linear Fresnel, Power Tower and Dish/Engine System), By Component (Power Block, Solar Field and Thermal Energy Storage System), By End-User (Utilities, Enhanced Oil Recovery and Others) and By Region

The global concentrating solar power market is projected to register growth at a formidable rate during the forecast period, 2023-2027. The market growth can be attributed to the strict government regulations to control the increasing carbon footprint. Concentrating solar power involves the application of mirrors to concentrate sunlight, which can be later converted into heat and produce steam to drive turbine. Growing environmental concerns and rising electricity consumption has led to an increased need for finding alternative energy sources. Thus, rising government initiatives to incentivize various types of renewable energy sources such as solar, wind, hydroelectric, etc. in the form of tax credits, grants, loan programs to encourage projects and developers for maturity of renewable energy technologies on a commercial scale are likely to boost the global concentrating solar power market. Major industry players and researchers are working on to bring more advanced coating for receivers, which could reduce the amount of light reflected away and enhance the heat transfer capability with minimum losses. Moreover, greater adoption of concentrated solar power across different countries to reduce the cost of CSP systems and achieve green energy targets are expected to contribute to the growth of the global concentrating solar power market in the coming years.

The global concentrating solar power market is segmented on the basis of technology, component, end-user, and region. Based on technology, the market is segmented into parabolic trough, linear fresnel, power tower and dish/engine system. The parabolic trough system is expected to dominate the global concentrating solar power market it is one of the most advanced technologies compared to its counterparts. Geographically, the Middle East & Africa region is anticipated to lead the global concentrating solar power market during 2023-2027, owing to government initiatives towards grid scale renewable power generation. Moreover, substantial reduction in the component costs along with supportive government incentives like energy certificates and carbon credits will further boost the concentrated solar power market over the forecast period.

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Some of the leading players in the global concentrating solar power market are Solarreserve LLC, Abengoa Solar S.A., Brightsource Energy, Inc, TSK Flagsol Engineering GmbH, Frenell GmbH, Alsolen, Nexans, Siemens AG, Solastor, Nexans, ACWA Power, etc.