Concentrated solar power (CSP) market is estimated to rise at a CAGR of 20.7% from 2021 to 2031, said a report by Transparency Market Research (RMR).
The growing popularity of solar energy, complemented by technological advancement for producing solar energy is fuelling the growth of concentrated solar power market.
Furthermore, rising deployment of heat storage systems, as well as new model of hybridization of concentrated solar power plants with thermal power plants is creating opportunities in the concentrated solar power market.
The report found that, the production of energy using renewable sources is the focus of energy stakeholders, of which solar energy is vital.
To this end, governments are providing funds and subsidies for developing necessary infrastructure for concentrated solar power plants.
Europe accounts for leading share of the concentrated solar power market. Large scale renewable energy generation, and rising investments for installation of concentrated solar power plants makes the region top producer of power within CSP technology.
The report also noted several key players in the concentrated solar power market, which are Abengoa Solar S.A., GDF SUEZ, BrightSource Energy Inc., Ibereolica Group, and NextEra Energy Resources LLC.
The concentrated solar power market is segmented into four technologies, including Parabolic Trough, Solar Tower, Linear Fresnel, and Dish Stirling.
Parabolic trough technology is expected to account for key share of the concentrated solar power market, due to rising deployment of concentrated solar power technology in commercial power plants.
Trailing parabolic trough, solar tower and linear fresnel are key market segments in the concentrated solar power market in terms of product.
Tower technology segment is rising at an exponential rate owing to its integration with traditional thermal power plants; dish sterling technology finds application in pilot projects and demonstration activities, said the report.