Concentrated Solar Power Market Trends 2012 – 2020
Concentrated Solar Power Market Poised to Register 19.4% CAGR Owing to Escalating Demand for Alternative Energy
The global concentrated solar power (CSP) market will register phenomenal growth at a 19.4% CAGR between 2014 and 2020. In 2013, the global concentrated solar power market was worth US$2,507.4 million, however, driven by multiple factors, the market is projected to reach US$8,674.7 million by the end of 2020. The report is titled “Concentrated Solar Power Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 – 2020”. It provides exhaustive details about the present market dynamics and how incumbent trends are likely to impact future course of action in the market.
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The report identifies rapidly escalating demand for power from the industrial, residential, and commercial sectors as the primary growth driver of the concentrated solar power market. Rapidly exhausting fossil fuel reserves are raising alarm globally. Moreover, the dependence on fossil fuel for all these years has exacerbated environmental concerns and greenhouse gas emission. Such factors, together with the escalating price of generating power from fossil fuels, are anticipated to boost the demand for concentrated solar power globally. According to the report, the rising environmental consciousness across economies around the world compelling them to reduce carbon emission and the urge to explore alternative clean and sustainable sources of energy will boost demand from the global concentrated solar power market. However, reliance on indigenous technologies to harness solar power will emerge as a major challenge for the industry. In addition, high cost of harnessing solar power will curb market growth to an extent. Nevertheless, industry experts are hopeful that with increased investment in research and development, the challenge pertaining to immature technology and high cost can be significantly addressed.
The CSP market is segmented into tower, parabolic power, dish sterling, and fresnel, on the basis of technology. The report projects growth at a 20.3% CAGR for the market on the basis of volume over the forecast period. Geography-wise, the market for concentrated solar power is segmented into Europe, Asia Pacific, North America, and Rest of the World. Europe accounted for 43% of the total CSP market in 2013. The region, therefore, dominated the market and is expected to register a whopping 20.2% CAGR during the forecast period. In the same year North America was noted as the second largest market for CSP, accounting for a 31.21% share of the total market. According to the report, the CSP market in North America will register a 22% CAGR between 2014 and 2020. Asia Pacific, meanwhile, accounted for 15.08% of the global CSP market in 2013. The region will exhibit growth at a 19.5% CAGR during the forecast period. Emerging economies in Asia Pacific such as India and China are expected to witness a surge in demand for CSP in the next couple of years.
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Key participants of the market identified by the report include NextEra Energy, LLC., Abengoa Solar, S.A., SolarReserve LLC., GDF SUEZ, BrightSource Energy, Inc., Acciona, S.A., and Ibereolica Group.
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