11.4 C
Berlin

Revenue of Concentrated Solar Power Market Estimated at US$ 69.7 Bn by 2031

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).

Revenue of Concentrated Solar Power Market Estimated at US$ 69.7 Bn by 2031
Dubai concentrated solar power

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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

You Might Also Like

Popular Posts

Module shipment ranking 2022: Top 10 manufacturers shipped 240 GW globally

In 2022, the top 10 Chinese manufacturers have shipped over 240 GW modules globally, up 60% and occupying over 90% of global demand, according...

Is solar module recycling really as attractive as it looks?

Since the first batch of modern module manufacturers were put into production around 2002, China has ranked first in the world in terms of...

China’s Yunnan takes special regulation on new energy production safety, may lead to slight impact on solar industry chain

China’s South Yunnan Provincial Emergency Management Department recently has issued the "Special Work Plan for the Safety Production Rectification of Enterprises in the Industrial...

JA Solar to ramp up 50 GW wafer cell

JA Solar announced on March 22 to expand the company's integrated production capacity with 20 GW of silicon wafers and 30 GW of cells...

Renewable energy achieved 9.6% growth despite energy crisis, set record high

By the end of 2022, the global installed capacity of renewable energy power generation has reached 3,372 GW, and the renewable energy stock has...

TCL Zhonghuan may rise and shine this year for grasping high-purity quartz

TCL Zhonghuan Semiconductor (Zhonghuan)'s net profit increased by 69% last year, but due to the high price of silicon materials, its advantages were not...
Join Our Newsletter

Latest article

AikoSolar to complete 43.5GW cell module within the year

AikoSolar recently has released its annual report 2022, showing outstanding financial results, including significantly improved profitability and record high operating income and net profit,...

TCL Zhonghuan may rise and shine this year for grasping high-purity quartz

TCL Zhonghuan Semiconductor (Zhonghuan)'s net profit increased by 69% last year, but due to the high price of silicon materials, its advantages were not...

Why solar installation exceeds expectation in off-season?

In 2022, due to the impact of the pandemic and the high price of silicon materials, the domestic demand for solar installation was suppressed....

Is solar module recycling really as attractive as it looks?

Since the first batch of modern module manufacturers were put into production around 2002, China has ranked first in the world in terms of...

Upcoming Event

Solar Focus | Meet the Surging Solar Power Needs in Spain

On March 30, Solarbe Global will invite experts from S&P Global Commodity Insights, JA Solar and Aquila Capital to discuss the opportunities and challenges in solar PV deployment in Spain.