Concentrating Solar Power Market explored in latest research
Global Concentrating Solar Power Market: Overview
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.
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Global Concentrating Solar Power Market: Segmentation
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 in North America, Asia-Pacific, Europe, Latin America and the Middle East and Africa.
Global Concentrating Solar Power Market: Growth Factors
The concentrating solar power market is a growing market owing to factors such as increased focus on the inclusion of renewable sources in the energy mix, rapid developments made in the developing economies, supportive government policies, fiscal support from governments, technology development, demand for more sustainable and newer energy resources and the availability of more efficient product designs. The demand is expected to rise further in the market due to the increasing need for finding environment-neutral, sustainable and reliable power production resources, increasing need to provide continuous and universal access to electricity in the remote areas, constant rise in electricity consumption and stringent regulations on the emissions. However, the requirement of large areas for the commercial-scale production acts as a hindrance to the adoption of the concentrated solar power technology which consequently affects the market growth.
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Global Concentrating Solar Power Market: Regional Analysis
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.
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Global Concentrating Solar Power Market: Competitive Players
Some of the major companies in the concentrating solar power market include LLC., Abengoa Solar S.A. NextEra Energy Resources, TSK Flagsol, Areva Solar, GDF SUEZ, SCHOTT Solar AG, Ibereolica Group, Acciona S.A., Solar Millennium AG, SkyFuel Inc., BrightSource Energy Inc., eSolar Inc.
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