Rise in demand for renewable energy and discovery of innovative ways to utilize solar energy in emerging economies drive the growth in the global concentrated solar power market
PORTLAND, Oregon, July 18, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Concentrated Solar Power Market Analysis, by Technology (Parabolic Trough, Solar Power Tower, Fresnel Reflectors, and Dish Stirling) and End-User Industry (Residential, Commercial, and Industrial): Opportunity Analysis and Industry Forecast, 2019-2026." According to the report, the global concentrated solar power market generated $3.79 billion in 2018 and is estimated to reach $8.04 billion by 2026, registering a CAGR of 10.3% from 2019 to 2026.
Rise in demand for renewable energy and discovery of innovative ways to utilize solar energy in emerging economies drive the market growth. However, huge initial investments hinder the growth in the market. On the other hand, supportive government initiatives and advent of awareness programs create new opportunities in the industry.
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Parabolic trough segment to maintain its leadership status throughout the forecast period
Based on technology, the parabolic trough segment held the major share in 2018, contributing more than three-fifths of the total share, and is expected to maintain its leadership status throughout the forecast period. This is due to its prominence in usage as "hybrids" and utilization of fossil fuels for supplementing the solar output during low solar radiation. However, the solar power tower segment would register the highest CAGR of 12.5% from 2019 to 2026, owing to higher efficiency and better energy storage capability as compared to other technologies. Moreover, it provides convenience as reflectors can be adjusted to gain maximum exposure instead of the entire tower. The report also analyzes Fresnel reflectors and dish stirling.
Industrial sector to offer lucrative opportunities
On the basis of end user industry, the industrial sector accounted for more than two-fifths of the total market share in 2018, and is expected to maintain its dominance throughout the forecast period. Moreover, this segment is estimated to register the highest growth rate with a CAGR of 10.6% from 2019 to 2026. This is due to demand for clean energy outlook with growth in industrialization and economic & environmental benefits of utilization of solar energy. The research also analyzes residential and commercial segments.
Europe to maintain its dominating position by 2026
Europe contributed to the major share in 2018, accounting for more than two-fifths of the total market share, and will maintain its dominating position by 2026. This is attributed to rise in usage of CSP technology and supportive national policies. However, MEA would grow at the highest rate with a CAGR of 11.7% from 2019 to 2026, owing to increase in investments and initiation of awareness & knowledge projects in the region.
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Torchbearers of the industry
Leading market players analyzed in the research include Abengoa, SolarReserve, Acciona, ACWA Power, BrightSource Energy, Suntrace, GE Energy, Frenell GMBH, SCHOTT, and Siemens.
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